The incorporation as a Series "A" shareholder allows the country greater access to long-term financial resources, as well as technical cooperation resources

Dominican Republic signs agreement to become a full member of CAF

photo_camera CAF

The executive president of CAF, Development Bank of Latin America, Sergio Díaz-Granados, and the Minister of Finance, Jochi Vicente, signed an agreement for the incorporation of the Dominican Republic as a full member of the multilateral organisation, with the aim of promoting the welfare of the population, the sustainable development of the country and the progress of the Caribbean. 

With the signing of this agreement, the State will have greater voting power in the governance of the institution, access to more long-term financial resources and non-reimbursable cooperation funds as a mechanism to support public policy decisions. 

"With this decision we seek to have a full presence in this important body, which offers many benefits for the country, such as technical assistance and financing on favourable terms for investment projects that we have identified as priorities," emphasised the Finance Minister. 

"For us the signing of this agreement is an honour and a big step because it means a consolidation in the Caribbean, which will mean that CAF will be able to address strategic issues for the rest of the region from the Dominican Republic and in this way fulfil the purpose of internationalisation that it has," said Díaz-Granados. 

Díaz-Granados added that the greatest interest is for CAF to be a partner of the Dominican Republic in its commitment to transformation and to achieve the objectives of the 2030 agenda for sustainable development. In the framework of the signing, the head of CAF held a meeting with the President of the Dominican Republic, Luis Abinader, who valued the importance of the agreement. 

CAF

The Dominican Republic joined CAF as a Series "C" shareholder in 2004. Since then, the institution has promoted various initiatives and projects aimed at collaborating with national development plans, the most recent being the Eastern 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.

Currently, the institution also provides technical assistance to the General Directorate of Public-Private Partnerships (DGAPP) and the Santo Domingo Water and Sewerage Corporation (CAASD) to strengthen their capacities and the structuring of projects.

With the progressive incorporation of Caribbean countries to the institution, CAF will continue to promote Latin American integration, one of the main strengths that the bank has developed during its 51 years of existence, in addition to the sustainability and transparency that it guarantees in the execution of economic and social infrastructure projects in its member countries.

Also present at the signing ceremony were Christian Asinelli, CAF's Corporate Vice President of Strategic Programming, and Javier Prieto, Director of Country Programs. The Minister of Finance was accompanied by the Vice Minister of Public Credit, María José Martínez.  

More in Economy and business