The Bahamas has officially become a shareholder of CAF – Development Bank of Latin America and the Caribbean, a move that promises to strengthen the country’s access to innovative financing for sustainable development.
The government completed its membership as a “Series C Shareholder” on November 27, 2024.
The membership follows a strategic exploratory mission by CAF in September 2024, during which representatives met with Prime Minister Philip Davis, Foreign Affairs Minister Frederick Mitchell, Financial Secretary Simon Wilson, and other senior government officials. These discussions aimed to align CAF’s financial and technical expertise with The Bahamas’ development priorities.
As a Small Island Developing State (SIDS), The Bahamas faces considerable challenges, particularly related to climate change, including increasingly intense hurricanes and rising sea levels. CAF’s involvement is expected to provide crucial support in addressing these vulnerabilities by mobilizing new financing sources to strengthen national resilience and modernize infrastructure.
CAF’s Executive President, Sergio Díaz-Granados, emphasized the organization’s commitment to the region. “We understand the unique challenges faced by Caribbean SIDS,” he stated. “We are prepared to collaborate with the government to build a sustainable and prosperous future for The Bahamas.”
This development is part of CAF’s broader strategy to deepen engagement in the Caribbean. Two years ago, the bank established a Regional Office in Trinidad and Tobago, focusing on critical areas such as climate action, water and energy security, sustainable tourism, infrastructure modernization, and digital transformation.
The Bahamas’ membership comes at a critical time, with the country seeking innovative solutions to economic and environmental challenges. CAF’s support is expected to provide more flexible and agile financing options, potentially opening new avenues for national development.
