CAF leads support for sustainable tourism development in the Caribbean

CAF is placing significant emphasis on a new portfolio of services linked to tourism and adopting an approach that focuses on the sustainable development and resilience of the sector. While tourism contributes to a large portion of the Gross Domestic Product (GDP) in Caribbean economies, the industry is highly sensitive to climate change and the impacts of extreme weather events.  It can, at the same time, be a contributor to some of the negative effects on the environment, if not properly managed. 

“Placing the spotlight on resilience as a pivotal aspect of tourism is essential for sustainable tourism development and this will require increased investment. CAF is committed to serving as the Green Bank of Latin America and the Caribbean and the Bank that will help to drive the reactivation of economies across the region,” asserted CAF’s Regional Director for the Caribbean, Stacy Richards-Kennedy, at the Global Tourism Resilience Conference held in Kingston.

Through its Regional Office for the Caribbean, CAF is increasing support for a new form of tourism in CARICOM countries that will play a vital role in protecting the environment and local culture. These, according to CAF, are essential for tourism activity since it is an industry that is vulnerable to the effects of external and internal shocks such as economic, health, social, political and climate crises.CAF’s action strategy includes strengthening tourism as a key sector to improve living conditions in tourism destinations, generating economic and employment opportunities and serving as a catalyst for enhancing cultural heritage and the environment. 

Richards-Kennedy added, “Our member countries proudly recognize CAF as being very agile, client-focused and flexible in our approaches to work and in supporting their development priorities. We are excited to promote greater regional cooperation within the Caribbean and also between Latin America and the Caribbean, while contributing to advancing sustainable, resilient and regenerative tourism approaches.”

CAF is a development bank that was established in 1970, aimed at promoting sustainable development and regional integration projects through credit operations, grants, knowledge to inform public policies as well as support in the technical and financial structuring of projects in the public and private sectors of Latin America and the Caribbean. It is a bank that is owned by Latin America and the Caribbean for Latin America and the Caribbean. Jamaica has been a shareholder country of CAF since 1999.