Dominican Republic joins CAF

The executive president of the Development Bank of Latin America (CAF, formerly Corporación Andina de Fomento), 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 organization.

With the signing of this agreement, the Caribbean 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 presence with full rights in this important organization, which offers many benefits for the country such as technical assistance and financing on favorable terms for investment projects that we have identified as priorities,” emphasized the Dominican Minister of Finance.

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Díaz-Granados stressed that “for us the signing of this agreement is an honor and a big step because it means a consolidation in the Caribbean, which will mean that CAF will be able, from the Dominican Republic, to address strategic issues for the rest of the region and thus fulfill the purpose of internationalization that it has”.

Díaz-Granados added that the greatest interest is for CAF to be a partner of the Dominican Republic in its commitment to transformation and achieving 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.

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 Sewer Corporation (Caasd), as well as the granting of non-reimbursable resources for the Emergency Support Program generated by covid-19.

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