Prime Minister the Hon. Gaston Browne and Executive President of the Development Bank of Latin America and the Caribbean, Sergio Diaz-Granados Guida signed two agreements on the margins of a special ministerial session in Panama focused on Accelerating Development Financing for the Caribbean: Agility, Flexibility, Impact, paving the way for Antigua and Barbuda becoming a full member of the bank.
The two men signed an Agreement on Immunities, Exemptions and Privileges and an Agreement on Ordinary Capital Share Subscriptions on the margins of the inaugural International Economic Forum of Latin America and the Caribbean 2025.
In May of last year, on the margins of the Small Island Developing States SIDS Summit here in Antigua and Barbuda, Prime Minister Browne and Executive President Guida commenced the process of admitting Antigua and Barbuda to the bank, which has an asset base of over US $70 Billion dollars.
During the two-day special ministerial session, Prime Minister Browne will join his fellow Finance Ministers from across the region, discussing agile and flexible financing solutions to accelerate the execution of development projects tailored to addressing the needs of Caribbean SIDS.
The sessions will also highlight development financial opportunities and modalities, showcase successful projects from CAF’s member countries that can be tailored to the Caribbean context, and explore how CAF’s expertise can support national development priorities across the region.
Prime Minister Browne said that he will actively participate in the discussions with the aim of gaining practical insights into CAF’s project approval process, timelines, interest rates, contract modalities as well as examining areas critical to advancing sustainable and inclusive growth in the region.
The High-Level meeting is also expected to provide a unique platform for dialogue, knowledge exchange, and partnership-building with a view to expanding the financing options available for advancing national as well as regional development priorities.
Prime Minister Browne is accompanied to the meetings by Debt Manager in the Ministry of Finance and Corporate Governance, Peter Abraham Jr.
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…But…Pringle could a execute that kind a deal. right? Thats not nothing out of the scope of Pringle capabilities, that is, to negotiate becoming an active member of said banking industry…
It’s encouraging to see Antigua and Barbuda moving closer to full membership in the Development Bank of Latin America and the Caribbean. This could potentially unlock new opportunities for economic development and investment, which is great for the country’s growth. However, while the membership promises many benefits, it’s crucial that the government ensures transparent allocation of resources. There should be clear, long-term plans on how the funds will be used, with an emphasis on projects that directly benefit the local population, especially those in need.
How will the government manage the obligations that come with membership, particularly if financial commitments or loans are involved? It’s important that the government carefully weighs the advantages against any potential liabilities to ensure this move doesn’t strain the country’s resources in the long run.
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