Dominican Republic signs agreement to become a full member of the Development Bank of Latin America

The Executive President of CAF -Development Bank of Latin America-, Sergio Díaz-Granados, and the Minister of Finance, Jochi Vicente, signed an agreement for the incorporation of the Dominican Republic as a full member country of the multilateral organization, with the purpose of promoting the well-being of the population, the sustainable development of the country and the progress of the Caribbean.

With the signing of this agreement, the Dominican Republic will have greater access to long-term financial resources and non-reimbursable cooperation funds as a mechanism to back public policy decisions.

"With this decision we seek to have a full presence in this important bank, which offers many benefits for the country, such as technical assistance and financing under favorable conditions for investing in prioritized projects," said the Minister of Finance.

“The signing of this agreement is an honor and a great step towards our consolidation in the Caribbean, which will allow CAF to attend, from the Dominican Republic, strategic issues for the rest of the region,” said Díaz-Granados.

Díaz-Granados added that CAF aims to be a partner of the Dominican Republic in its commitment to achieving the objectives of the 2030 agenda for sustainable development. During his visit to the country, the head of CAF held a meeting with the President of the Dominican Republic, Luis Abinader, who valued the importance of the agreement.

The Dominican Republic joined CAF as a Series “C” shareholder in 2004. Since then, the institution has promoted various initiatives and projects to back national development plans, the most recent being the Oriental Aqueduct Expansion Project, Salinity Barrier and Transfer to Santo Domingo Norte, to be executed by the Santo Domingo Aqueduct and Sewerage Corporation (CAASD), as well as the granting of non-reimbursable resources for the Emergency Support Program generated by Covid-19.

CAF also supports with technical assistance the General Directorate of Public-Private Partnerships (DGAPP) and the Santo Domingo Aqueduct and Sewerage Corporation (CAASD) for the strengthening of their capacities and the structuring of 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 that it guarantees in the execution of projects of economic and social infrastructure in its member countries.

Also present at the signing ceremony were Christian Asinelli, Corporate Vice President of Strategic Programming at CAF, and Javier Prieto, Director of Country Programs, and María José Martínez, the Vice Minister of Public Credit.