The Development Bank of Latin America and the Caribbean (CAF) has approved the incorporation of St. Vincent and the Grenadines as a Series C shareholder country, expanding the bank’s development financing reach in the Caribbean.

The decision was taken during CAF’s Board of Directors meeting in Lima, Peru. At the same meeting, the Board approved US$1.130 billion for new regional operations focused on water security, citizen security, disaster response capacity and debt management.

The session also marked Trinidad and Tobago’s handover of the Chairmanship of the Board to Uruguay, concluding its term and its role as the first English-speaking CARICOM nation to preside over the Board.

With shareholder status, St Vincent and the Grenadines will gain access to CAF’s financing instruments, technical cooperation and knowledge programmes tailored to the needs of small island developing states.

The approval follows similar decisions regarding Dominica, Saint Lucia, Haiti and Saint Kitts and Nevis, which are at various stages of completing their incorporation processes.

CAF said the moves reflect its commitment to providing agile and flexible financing to CARICOM countries in support of regional integration and sustainable development.

CAF Executive President Sergio Díaz-Granados welcomed the decision.

“St. Vincent and the Grenadines is joining a development bank that understands the realities of Caribbean small states and the development challenges of multi-island states, in particular. We are indeed pleased to deepen our partnership with St. Vincent and the Grenadines and are committed to providing practical, tailored financing solutions so that the government can deliver on its promise to the communities in the various islands,” he said.

“CAF is continuing to deepen its engagement in the region to support climate-resilient infrastructure, productive transformation, as well as sustainable and inclusive growth. We are pleased to welcome St. Vincent and the Grenadines into our CAF family of shareholder countries.”

Since opening its Regional Office for the Caribbean in 2022, CAF has more than tripled its Caribbean shareholder membership.

The bank has also increased grant funding and investments across the region in areas such as water security, energy transition, digital transformation, heritage tourism, technical and vocational education, private sector development, and the blue and green economy.