CAF Consolidates its support for the Caribbean with Major Approvals for The Bahamas, Barbados, Saint Lucia and Antigua and Barbuda

(Seville, Spain. June 29, 2025) – The Caribbean region featured prominently during the Board of Directors meeting of CAF – Development Bank of Latin America and the Caribbean, held in Seville, Spain, with several landmark developments in its deepening partnership with the region. A record USD 5.2 billion in development financing was approved for operations across Latin America and the Caribbean. These include energy sector reforms and the green energy transition, support for SME development, railway infrastructure expansion, agriculture, and sustainable urban development. 

In keeping with its commitment to channelling increased development financing to the Caribbean, CAF approved its first sovereign loan to The Bahamas, the issuance of Series C shares for the incorporation of Saint Lucia as a new shareholder country, the issuance of increased Series C shares to Antigua and Barbuda enabling a larger envelope of financing and endorsed Barbados’ transition to full (Series “A”) membership. This meeting was also historic in that it marked the first time a CARICOM country, Trinidad and Tobago, chaired CAF’s Board of Directors meeting. 

“These decisions reflect the deepening partnership between the Caribbean and CAF. We are truly committed to providing agile, innovative and flexible financing to Caribbean SIDS and to leveraging our range of technical assistance and financial instruments in support of their development priorities,” said Sergio Díaz-Granados, Executive President of CAF. “These increased investments reflect the confidence that our Caribbean shareholders have placed in CAF, and we do not take this lightly. We will deliver on our commitment and accompany our Caribbean shareholders in their development pathway to increased resilience as well as more inclusive and sustainable growth.” 

First Sovereign Loan Approved for The Bahamas 

CAF approved a USD 100 million loan to support energy sector reforms in The Bahamas, the institution’s first sovereign operation with the country since it completed its incorporation process in November 2024. 

The operation will support key objectives outlined in the Bahamas National Energy Policy, including the modernization and digitalization of the electricity network, enhanced integration of renewable energy sources, improved affordability, and strengthened institutional capacity in the energy sector. It aims to reduce reliance on fossil fuels, improve energy access and efficiency, and bolster climate resilience, especially for vulnerable island communities. 

Saint Lucia to Join CAF as Shareholder, Antigua and Barbuda Increases Shareholding 

CAF’s Board approved the incorporation of Saint Lucia as a Series “C” shareholder, marking another step in the Bank’s expanding relationship with the English-speaking Caribbean. Once the internal incorporation process is complete, Saint Lucia will be able to access CAF’s financial, technical, and knowledge services in support of its development priorities. This also further extends CAF’s development assistance to the Eastern Caribbean, paving the way for CAF to become the development bank with the largest presence in the LAC region.  

CAF’s Board also approved a request by the government of Antigua and Barbuda to increase its share subscription, less than two months after completing its incorporation process. With the increase in Series C shares, Antigua and Barbuda will be able to access a larger envelope of development financing to advance its national development priorities.

Barbados Approved for Full Membership 

For the second time in the history of CAF, a CARICOM country has been approved to undergo the process towards full membership.  CAF’s Board of Directors endorsed Barbados’ request to transition from Series “C” to Series “A” shareholder status, the highest level of membership. This will enable Barbados to appoint a Director to CAF’s Board and deepen its participation in the institution. Upon completion of the transition process, Barbados will join Trinidad and Tobago as a full member of the bank. 

Barbados first joined CAF in 2014 as a Series C shareholder and has become globally recognized for advocacy for increased climate financing and reforms to the international financial architecture through the Bridgetown Initiative.  CAF will open an office in Barbados later this year, which will also provide dedicated support to other countries in the Eastern Caribbean.  

Trinidad and Tobago Chairs CAF Board for the First Time 

For the first time in CAF’s history, a CARICOM country has chaired a meeting of its Board of Directors. The Honourable Dave Tancoo, newly appointed Minister of Finance of Trinidad and Tobago, presided over the June 29, 2025, meeting. 

Trinidad and Tobago assumed the rotating chairmanship of CAF’s Board in March 2025, becoming the first English-speaking country to exercise this role. The Board of Directors is CAF’s highest decision-making body and comprises representatives from its 23 shareholder countries. These include Ministers of Finance or Economy, Central Bank Governors and senior government officials. Trinidad and Tobago is currently the only full Series A shareholder from the English-speaking Caribbean.