By Aabigayle McIntosh

Antigua and Barbuda became the newest country to join the Development Bank of Latin America and the Caribbean (CAF) following the signing of a letter of intent Wednesday morning on the margins of the SIDS4 Conference.

The signing opens a major window of opportunity for the twin island state to expands its options for development financing, tapping into CAF’s technical expertise, financial resources and knowledge services.

Prime Minister Gaston Browne, who signed on the behalf of the country, said as a Small Island Development is important for the country to continue to expand its access to financial resources underscoring that Antigua and Barbuda does not qualify for concessional lending to the extent the government has to borrow on commercial terms.

“I recall at one point we were borrowing with interest rate as high as 14 percent, when you borrow at 14 percent it represents a dragon growth and even at this point where we are experiencing robust growth with an average of about 7 ½ percent per annum even if we had to borrow at 10 percent it represents a dragon growth,

“So, this opportunity is certainly welcomed as we become a member of your institution and I am pretty sure that you will be able to assist us with some of our concessionary needs and obviously to address the issues associated with climate change as we seek to borrow wo build more resilient infrastructure,” Browne said.

CAF’s Executive President, Sergio Díaz-Granados, stated, “The growing partnership between Antigua and Barbuda and CAF demonstrates our commitment to providing Caribbean SIDS with new options for development financing to support the Caribbean with tackling development issues that are affecting their communities.

Additionally, it underscores the growing confidence that Caribbean countries are placing in CAF to provide swift and innovative financing solutions that will directly benefit their citizens’ well-being.”

The signing of the Letter of Intent occurred within the framework of SIDS 4 (Small Island Developing States), a conference organized by the UN every 10 years.

The gathering convenes leaders from 39 independent states and 18 associate members of the United Nations regional commissions, along with other global leaders, to address the challenges confronting small islands, many of which are situated in the Caribbean.

CAF’s Executive President, Sergio Díaz-Granados, stated, “The growing partnership between Antigua and Barbuda and CAF demonstrates our commitment to providing Caribbean SIDS with new options for development financing to support the Caribbean with tackling development issues that are affecting their communities.

Additionally, it underscores the growing confidence that Caribbean countries are placing in CAF to provide swift and innovative financing solutions that will directly benefit their citizens’ well-being.”

The signing of the Letter of Intent occurred within the framework of SIDS 4 (Small Island Developing States), a conference organized by the UN every 10 years.

The gathering convenes leaders from 39 independent states and 18 associate members of the United Nations regional commissions, along with other global leaders, to address the challenges confronting small islands, many of which are situated in the Caribbean.