Antigua and Barbuda has been admitted to the membership of the development bank of Latin America and the Caribbean, otherwise known as CAF.

The bank announced that its board of directors met recently in Lima, Peru, and approved the expansion of its shareholder base in order to incorporate Antigua and Barbuda as “Class C” shares member.

The authorisation of Antigua’s membership follows on the heels of CAF’s approval of The Bahamas, The Commonwealth of Dominica, and Grenada as class C share members in March this year. Those countries joined Trinidad and Tobago, Jamaica and Barbados as Caribbean members of CAF.

According to CAF’s board of directors, Antigua’s admission will allow the country to access the technical, financial, and knowledge services that the organisation to its members to improve their citizens’ quality of life.

“Antigua and Barbuda’s interest in joining CAF reflects the growing influence we are having in the Caribbean and throughout the region. Our new approach is providing a fresh perspective to an institution originally founded by six Andean countries —  Bolivia, Chile, Colombia, Ecuador, Peru, and Venezuela —  which, 56 years later, has expanded to include 21 shareholder countries and stands as one of the leading sources of multilateral financing in the region,” executive president of CAF Sergio Díaz-Granados stated.

Two years ago CAF initiated steps towards closer engagement with the Caribbean with the establishment of the Caribbean Regional Office headquartered in Trinidad and Tobago. Through that office CAF has embarked on programmes for green growth, biodiversity preservation and climate action, sustainable tourism, resilient infrastructure, water, food, and energy security, among others.

With an ambitious agenda to foster regional integration and promote sustainable and inclusive development in the Latin America and the Caribbean, CAF is committed to providing development assistance to address the unique needs of Caribbean islands and small states, which are disproportionately affected by the impacts of climate change

Within the framework of the Bridgetown Initiative, CAF has already committed US$15 million in support of the Blue-Green Bank, led by Barbados.