Antigua and Barbuda is set to complete in quick order the process to become the 23rd member of the Development Bank of Latin America and the Caribbean (CAF).
Yesterday on the sidelines of CAF’s first International Economic Forum in Panama City, Panama, Antigua and Barbuda Prime Minister Gaston Browne and Executive President of CAF Sergio Díaz-Granados signed the Share Subscription Agreement and the Immunities and Privileges Agreement moving the twin island nation one step closer to becoming a full member.
JOIN THE ABN WHATSAPP GROUP
FOLLOW THE ABN WHATSAPP CHANNEL
Antigua and Barbuda will be a Series C shareholder facilitating enhanced access to flexible and innovative financing to support sustainable and inclusive development initiatives.
The country will join Trinidad and Tobago, The Bahamas, Barbados, The Dominican Republic and Jamaica as members of CAF.
Barbados, Jamaica and The Bahamas are Series C Shareholders while Trinidad and Tobago and The Dominican Republic both hold A and B Series shares.
Browne told Loop News the government will present the necessary legislation in the House of Representatives in the coming weeks to ratify the country’s membership in CAF.
Browne’s ruling Antigua and Barbuda Labour Party has the votes in Parliament to complete the process without the support of the opposition.
Browne explained that joining CAF is a major step for Antigua and Barbuda, a leading voice in advocating for small island states’ access to affordable development funds.
“CAF is a very important multilateral institution that is providing flexible financing, very agile in their approach and at the same time it has resources that can help us with our development. CAF has been lending funds to a number of Latin American and Caribbean countries already,” he said.
JOIN THE ABN WHATSAPP GROUP
FOLLOW THE ABN WHATSAPP CHANNEL
“They have extended billions of dollars to assist these countries to build out their socio-economic infrastructure and this is just one other avenue that is available for funding and value as we seek to build out our own socio-economic infrastructure to ensure that we achieve resilient prosperity for our people.”
Antigua and Barbuda made an initial investment in CAF of US$1million and has increased that to $15million.
Browne said the country is prepared to increase that sum once finances are available.
With other Caribbean states at different stages in completing their CAF membership, Browne is pleased that fellow leaders have recognised the bank’s importance and the opportunities it provides for countries to access concessional financing.
JOIN THE ABN WHATSAPP GROUP
FOLLOW THE ABN WHATSAPP CHANNEL
“Caribbean countries have struggled to access concessional financing within the international financial institutions, so CAF is a much-needed institution to assist us with our overall development,” he added. — Loop News
CLICK HERE TO GET ON THE ABN WHATSAPP
Аre you a business owner? Antigua Breaking News оffеrs fullу сuѕtоmіzаblе аnd flехіblе dіgіtаl mаrkеtіng расkаgеѕ. Yоur соntеnt іѕ dеlіvеrеd іnѕtаntlу tо thоuѕаndѕ оf uѕеrѕ іn Antigua аnd аbrоаd.
———————————————————————
CLICK HERE TO GET ON THE ABN WHATSAPP
CLICK HERE TO GET ON THE ABN WHATSAPP
CLICK HERE TO GET ON THE ABN WHATSAPP
CLICK HERE TO GET ON THE ABN WHATSAPP
CLICK HERE TO GET ON THE ABN WHATSAPP
CLICK HERE TO GET ON THE ABN WHATSAPP
Follow Antigua Breaking News on X, formerly Twitter @ABNAntigua and on Facebook. Send us a message on WhatsApp at 1-268-779-3189 or email us at antiguabreakingnews@gmail.com
The post Antigua and Barbuda to ratify CAF membership agreement soon appeared first on Antigua Breaking News.
