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CAF adds the Dominican Republic as full member
By Guzmán Ariza, Attorneys at Law
The Development Bank of Latin America and the Caribbean (CAF) added the Dominican Republic as member of the institution, which will allow the country to have greater access to long-term financial resources, as well as technical cooperation for sustainable development, among other benefits.
The decision was made at the CLXXVIII Meeting of the CAF Board of Directors, made up of the Ministers of Economy and Finance, and Presidents of the central banks of its 21 shareholder countries, which was held for the first time in Santiago de Compostela, Spain, within the framework of the activities that the institution is promoting with the Government of Spain to promote commercial, economic and cooperation relations between the EU and Latin America and the Caribbean.
“The addition of new member countries is a fact that will benefit the entire region and will contribute to strengthening a single voice to face the great challenges of global development in the coming decades. More than ever, Latin America and the Caribbean needs strong and coordinated multilateral institutions that are true allies of the socioeconomic development of our countries,” said Sergio Díaz-Granados, executive president of CAF.
With the signing of this agreement, the Dominican Republic will have greater voting power for institutional governance, access to longer-term financial resources and non-reimbursable cooperation funds as mechanisms to accompany public policy decisions.
The country has been looking for technical assistance and financing under favorable conditions for investment projects that have been identified as priorities. The Dominican Republic also has the commitment to achieving the objectives of the 2030 agenda for sustainable development.
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.
Guzmán Ariza, Attorneys at Law
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