New cooperation opportunities in the Caribbean

With the purpose of promoting projects that contribute to structural changes in the region to achieve a high, sustainable, and inclusive growth that generates employment, staff from CAF, Development Bank of Latin America, and the Caribbean Development Bank (BDC) identified new opportunities for collaboration in the areas of infrastructure, energy, education, and climate change, during a working meeting held on September 3rd in Caracas, to strengthen the relationship between the two partners after the signature of a Memorandum of Understanding in 2013. 

Hugo Sarmiento, CAF's Corporate Vice-President of Finances highlighted, "The alliance with the Caribbean Development Bank is of special importance at a time when CAF is expanding its shareholder base with the incorporation of Trinidad & Tobago as a full member, and the recent entry of Barbados. The main agreements to strengthen relations include the exchange of experiences and best practices regarding the challenges and new trends in development and cooperation, and co-financing in the Caribbean". 

At the same time, William Smith, President of the Caribbean Development Bank (BDC) highlighted the importance of these follow-up meetings. "We share experiences and speak about the competitive factors on which we, as multilateral institutions, must focus. One of these factors is related to the speed of the response when facing a project. It is important that these meetings lead to collaboration for new businesses".  

In 2013, Enrique Garcia, President of CAF, Development Bank of Latin America, and Warren Smith, President of the Caribbean Development Bank, signed an agreement to jointly promote initiatives aimed at investments in infrastructure, social development, human capital, and renewable energies, among several sectors which are critical for the development of Latin America and the Caribbean. The agreement establishes that co-financing will benefit CAF's shareholder countries and the BDC's borrowing members.