Economic Integration in the Caribbean

The Economic Development Report prepared by the Development Bank of Latin America and the Caribbean (CAF) was presented, and in its presentation it was assured that the collaboration will transcend the current shareholder countries.

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The objective is to expand its operations in the region and this expansion will have a novelty, since in March of this year, for the first time CAF will assist countries that do not belong to its membership, and to facilitate the development of the initiative, they will be exempted from technical assistance, which will be non-refundable. The chosen area is the Caricom economic area.

In the context of this organization, they held meetings with the prime ministers of Finance of the countries to learn more about their development needs and priorities, and to respond to the growing interest in joining CAF as shareholders.

Bringing the Caribbean closer to the CAF is a priority, said the executive director, who pledged to contribute to the protection of citizens from phenomena such as hurricanes.

CAF will also facilitate the mobilization of financing to help resilience in the region, through centers such as the Blue Green Bank.

More than a bank, CAF is an institution that amplifies the voice of the region and is committed to promoting sustainable development and inclusive growth, Díaz-Granados said. He also acknowledged that the bank is aware that it needs more data to guide more development policies, and called it one of the biggest challenges they face in their work with the nations of the area.

Last November, CAF opened its regional office for the Caribbean in Port of Spain and is working on the installation of an office for Barbados and the Eastern Caribbean islands.

The institution presents itself as a bank committed to improving the quality of life of all Latin American and Caribbean people. Its actions promote sustainable development and regional integration.

It provides advice and financial support to the public and private sectors of its main shareholders.

The bank was constituted in 1970 and consisted of 20 countries, 18 Latin American and Caribbean, Spain and Portugal, and 13 private banks in the region.