Dominican Republic Agrees to Become a Full Member of CAF

The executive president of CAF Development Bank of Latin America, Sergio Díaz-Granados, and the Minister of Finance, Jochi Vicente, signed an agreement to make the Dominican Republic a full member of the multilateral organization, with the purpose of promoting the well-being of its population, sustainable development and progress in the Caribbean.

With the signing of this agreement, the state will have greater voting power for institutional governance, access to longer-term financial resources and non-reimbursable cooperation funds as mechanisms to accompany public policy decisions.

"With this decision we are looking to have a full presence in this important body, which offers many benefits for the country, such as technical assistance and financing under favorable conditions for the investment projects that we have identified as priorities," the Finance Minister emphasized.

"Signing this agreement is an honor for us and a big step, since it represents consolidation in the Caribbean. This will mean that CAF will be able to address strategic issues for the rest of the region from the Dominican Republic, thereby fulfilling its internationalization purposes," said Díaz-Granados.

Díaz-Granados added that the most important issue is for CAF to be a partners with the Dominican Republic in its transformational goals and in achieving the 2030 sustainable development agenda objectives. As part of the signing, CAF held a meeting with the Dominican Republic President Luis Abinader, who appreciated the importance of the agreement.

Costa Rica joined CAF as a

Series “C” stakeholder in 2004

. Since then, the institution has promoted various initiatives and projects aimed at collaborating with national development plans, the most recent being the Eastern Aqueduct Expansion Project, Salinity Barrier and Northern Santo Domingo Transfer, to be executed by the Santo Domingo Aqueduct and Sewerage Corporation (CAASD), as well as the granting of non-reimbursable resources for the Covid-19 Emergency Support Program.

The institution also currently supports the General Directorate of Public-Private Partnerships (DGAPP) and the Santo Domingo Aqueduct and Sewerage Corporation (CAASD) with technical assistance to reinforce their capacities and infrastructure projects.

With the progressive incorporation of Caribbean countries into the institution, CAF will continue to promote Latin American integration, one of the main strengths that the bank has developed during its 51 years of existence, in addition to the sustainability and transparency it guarantees when executing economic and social infrastructure projects in its member countries.

Christian Asinelli, CAF's Corporate Vice President for Strategic Programming, and Javier Prieto, Director of Country Programs, were also present at the signing ceremony. He accompanied the Minister of Finance and the Deputy Minister of Public Credit, María José Martínez.