CAF Executive President Strengthens Caribbean Relations at 48th CARICOM Heads of Government Meeting in Barbados

For the second time, Díaz-Granados was invited to deliver remarks at the high-level regional gathering, which also featured world leaders such as United Nations Secretary-General António Guterres, European Commission President Ursula von der Leyen, Commonwealth Secretary-General Patricia Scotland, AFREXIMBANK President Prof. Benedict Oramah, Caribbean Development Bank (CDB) President Daniel Best, and leaders from CARICOM member states.

In his address to CARICOM leaders on Thursday 20 February, President Díaz-Granados underscored CAF’s deepening engagement with the region, the results of CAF’s increased investments and technical assistance since the establishment of its Regional Management Office for the Caribbean and new initiatives being led by CAF to foster inclusive and sustainable growth in the Caribbean.

He highlighted CAF’s expanding role as a strategic development partner, stating “since the establishment of CAF’s Regional Management Office for the Caribbean in 2022, we have provided increased development financing to the Caribbean, with a portfolio that now stands at roughly $1.5 billion.” He also noted CAF’s growing presence in the region, adding, “The Bahamas is our newest shareholder, marking another step in deepening our relationship with the Caribbean.”

CAF’s commitment to supporting sustainable transformation in the Caribbean was reinforced with the Board’s approval of a new $50 million Investment Facility for the region. The facility is tailored to the characteristics of small states with a view to accelerating project execution. It complements CAF’s broader support through its innovative CARICOM Facility, which has included technical assistance for a range of initiatives and projects, including projects in countries that are not yet shareholders of CAF, as well as contributions to key regional initiatives such as the UN SIDS4 Conference in Antigua and Barbuda and humanitarian relief following Hurricane Beryl.

During the two-day summit, President Díaz-Granados also signed a financing agreement valued at USD 75 million with Hon. Mia Mottley, Prime Minister of Barbados, to advance cultural heritage preservation, tourism, and modernisation of airport infrastructure.

President Díaz-Granados met with leaders of other multilateral development banks, like the new CDB President to explore collaborative efforts in critical sectors like food security, water and sanitation, digitalization, and knowledge generation—key areas for improving quality of life across the region. CAF also discussed partnership opportunities with the African Export-Import Bank (Afreximbank) during a meeting with its President, Prof. Benedict Oramah. Discussions focused on identifying concrete steps to enhance trade, investment, and economic development between Latin America, the Caribbean, and Africa. It was decided that a Mutual Cooperation Agreement between CAF and Afreximbank, which was signed in 2012, will be reactivated to bolster development financing for Caribbean countries to access new markets and to promote regional collaboration across the Global South—a request by Prime Minister Mottley, the current Chair of CARICOM.

President Díaz-Granados took the opportunity while in Barbados to tour key infrastructure projects financed by CAF on the island, including the construction of an amphitheatre that will host thousands of Caribbean nationals and overseas visitors for the annual Caribbean Festival of Arts (CARIFESTA) in August 2025. He also visited the site for CAF’s office in Barbados, scheduled to be opened later this year—an important step forward in strengthening the bank’s presence and deepening its engagement with Barbados and the Eastern Caribbean.