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Government of Barbados

Partnering for Sustainable Development

The CAF – the Latin American Development Bank – promotes a sustainable development model through credit operations, non- reimbursable resources, and support in the technical and financial structuring of projects in the public and private sectors of Latin America and the Caribbean.

One such Caribbean country that sought membership within the bank was Barbados. As a CAF member Barbados would benefit from an alternative source of concessional financing so that it could execute its operations, particularly infrastructure and tourism projects.

However, to become a shareholder country Barbados needed a membership fee. At the time Barbados was experiencing a shrinking economy due to the global down turn and could not afford that expenditure. Fortunately, through short term financing from First Citizens the Barbados government was able to achieve ‘C’ membership status. As a category ‘C’ member of the CAF, the country would be able to borrow four or eight times the amount invested, monies that could be used for infrastructure and tourism projects.
 

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