Trinidad & Tobago hosts historic CAF Board of Directors meeting

CAF – Development Bank of Latin America and the Caribbean held its Board of Directors meeting in Port of Spain, Trinidad and Tobago, approving USD 1.09 billion for strategic operations in Brazil, Colombia, Uruguay and Chile. The 186^th meeting, chaired by Trinidad and Tobago, consolidates the institution's commitment to sustainable development, climate action and the modernization of critical infrastructure throughout the region. Presided over by Mr. Larry Howai, Governor of the Central Bank of Trinidad and Tobago, on behalf of the Minister of Finance, the Honourable Dave Tancoo, it was the first Board meeting to take place in the English-speaking Caribbean and the first to adopt a hybrid format. As Chair of the CAF Board of Directors, Trinidad and Tobago also hosted a meeting of the development bank’s technical committee in Port of Spain on Thursday.

The operations approved by the Board will be allocated to transformative projects that include the reactivation of the Colombian railway system, the strengthening of water security in the Montevideo Metropolitan Area, urban modernization in Brazil, and the expansion of credit lines to promote SMEs and green projects in Chile.

"The operations approved today, which include resilient infrastructure projects and sustainable development programs, demonstrate that CAF is responding with agility and creativity to the most urgent challenges in our region: climate change, the modernization of critical infrastructure and the improvement of the quality of life of millions of citizens. This Board not only mobilizes significant resources but also marks a turning point in regional integration and in our shared approach to sustainable development," said Sergio Díaz-Granados, CAF's Executive President.

Approved operations:

• Brazil: Comprehensive urban development in Cabo de Santo Agostinho

CAF approved USD 96 million for the “Infrastructure and Urban Development Program – Cabo de Santo Agostinho/PE,” an initiative that will benefit more than 200,000 residents through strategic investments in urban mobility, basic sanitation, social infrastructure, and climate resilience measures.

• Colombia: Reactivation of rail transport

The Board of Directors approved USD 300 million for the "Program to Support Railway Reactivation, Sustainable Mobility and Logistics Efficiency in Colombia". This strategic program will support the reactivation of the Colombian railway system, the electrification of public transport and the reduction of logistics costs, strengthening the country's competitiveness and contributing significantly to the reduction of carbon emissions.

• Uruguay: Water security for 2 million people

CAF will allocate USD 130 million for the construction of the Dam on the Casupá stream in the Santa Lucía River Basin. This strategic project will strengthen the drinking water supply of the Montevideo Metropolitan Area until 2045, benefiting 60% of the Uruguayan population. The infrastructure will have a storage capacity of 118 million cubic metres and will ensure supply during periods of severe drought.

• Colombia: Airport and air navigation modernization

The Board of Directors approved an increase of USD 60 million in financing to Aerocivil, reaching a total of USD 300 million to modernize the country's airport and air navigation system. The resources will allow the implementation of advanced navigation technologies, the expansion of strategic regional airports and the creation of a project management office.

• Chile: Promotion of SMEs and green projects

CAF approved an increase of USD 100 million in the revolving credit line to Banco Estado de Chile, reaching a total amount of USD 300 million. The resources will be used to strengthen access to financing for micro, small and medium-sized enterprises (MSMEs), with an emphasis on women-led enterprises, energy efficiency projects, green businesses and sustainable social housing.