CDF and CAF to Boost Energy Transition, Youth Entrepreneurship, and Sustainable Infrastructure Development in the Caribbean

July 03, 2023

During the CARICOM Heads of Government meetings, held in Trinidad and Tobago, the Vice President of CAF, Carolina España, and the CEO of the CDF, Rodinald Soomer, signed a Memorandum of Understanding to work together to mobilize new resources for key development sectors of the Caribbean, with a focus on energy transition, youth entrepreneurship, biodiversity, financial inclusion, human development and digitalization.

"This agreement is a sign of our commitment to promote new strategic alliances that allow us to get closer to the Caribbean to promote dialogue, the exchange of experiences, investments and cooperation in key development areas. By doing so, we do our bit to improve the quality of life of all Caribbean people and to make visible the global solutions that are generated in the region," said España.

Mr, Soomer said that “Through this collaboration, the two agencies will seek to bolster the provision of technical and financial assistance in the areas identified, to the countries participating in the CARICOM Single Market and Economy, with special attention to the countries, sectors and regions classified as disadvantaged in the meaning of the Revised Treaty of Chaguaramas.”

The agreement includes joint work to enhance the energy efficiency and renewable energy capacity amongst CDF Member States; to promote youth entrepreneurship in the CARICOM region by fostering access to finance, technical assistance, training and capacity building; to enhance financial inclusion; to promote  the restoration, conservation, and sustainable use of strategic ecosystems; to promote safe access to potable water, sanitation, and efficient water use for productive development; to support countries' efforts to enhance health and nutritional food security systems, particularly for vulnerable populations; and to drive physical connectivity and integration in the Caribbean through sustainable infrastructure interventions.

In November 2022, CAF launched a Regional Office for the Caribbean, with headquarters in Port of Spain, to strengthen the coordination of the Bank's actions in its current member countries (Barbados, Jamaica and Trinidad and Tobago) as well as to extend CAF's development aid to other interested Caribbean countries, and to facilitate greater regional integration and provide agile and effective support for the economic recovery of the region.

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