THE Federative Republic of Brazil is the latest country to become a member of the Caribbean Development Bank (CDB), signalling that country’s commitment to sustainable development of the region.Brazil’s membership became effective on December 31, 2015, following a process that began with that country’s application for membership in 2007 and its acceptance by the CDB Board of Governors in 2008.

Observers say Brazil’s membership is a major boost to the Caribbean lender. Brazil is the CDB’s 28th member, and the fourth non-borrowing regional member, joining Colombia, Mexico and Venezuela in that category.

The announcement of Brazil’s membership was made on March 9th at the CDB’s first Board of Directors’ meeting for 2016. “We are delighted to welcome Brazil, and thank its Government and people for joining hands with us to advance our mandate of reducing poverty and promoting economic growth and sustainable development in the Caribbean.

“Brazil’s membership is another historic seal of its relationship with the Caribbean, and (its commitment to) strengthening of Latin American-Caribbean cooperation,” said Dr William Warren-Smith, President of the Caribbean Development Bank.

Rafael Ranieri, Brazil’s Alternate Director to the CDB, was in attendance. “Brazil is pleased to join the Caribbean Development Bank in support of its important role within the Caribbean Region. We expect that Brazil’s membership will contribute to strengthened relations between Brazil and the Caribbean, and lead to greater collaboration in building a better future for the people of both our countries,” said Mr. Ranieri, who is the General Coordinator of Relations with International Organisations in the Ministry of Planning, Budget and Management and Secretariat of International Affairs.

Brazil’s Director to the CDB Board is Carlos Eduardo Lampert Costa, Deputy Secretary of International Affairs. The Governor to CDB is Francisco Gatani, Vice-Minister; and Rodrigo Estrela de Carvalho, Secretary of International Affairs, serves as Alternate Governor. All three are from the Ministry of Planning, Budget and Management and Secretariat of International Affairs.

Brazil is the world’s seventh largest economy, with a GDP of US$2.5 trillion and a population of more than 200 million. It shares many common geographical, historical and demographic similarities with the Caribbean.

The CDB’s other recent addition is The Republic of Suriname, which joined as a regional borrowing member in 2014. Membership in the Caribbean Development Bank is open to states and territories of the region; non-regional states which are members of the United Nations or of any of its specialised agencies; or of the International Atomic Energy Agency and its institutions.