–gov’t, Development Bank of Latin America officials discuss potential role for institution in Guyana’s development

PRESIDENT Dr. Irfaan Ali and a high-level Cabinet team on Monday met with executive members of the Development Bank of Latin America (CAF).

The Bank’s team included Executive President Sergio Diaz-Granados; Corporate Vice-President (Strategic Programming) Christian Asinelli; and Senior Executive (Protocol) Juan Claudio Morales.

Senior Minister within the Office of the President with responsibility for Finance Dr. Ashni Singh; Minister of Agriculture Zulfikar Mustapha; Minister of Foreign Affairs Hugh Todd; Minister of Housing and Water Collin Croal; Minister of Public Works Bishop Juan Edghill; Chairman of the National Drainage and Irrigation Authority Lionel Wordsworth and other government officials were also a part of the meeting.

Prior to the meeting at State House, the Bank’s officials met with Dr. Singh to discuss its potential role in Guyana’s development.

According to a press release from the Finance Ministry, CAF promotes a sustainable development model, and the integration of the Latin American and Caribbean (LAC) region through credit operations, non-reimbursable resources, and support in the technical and financial structuring of projects in the public and private sectors of Latin America.

During the meeting, Minister Singh welcomed the bank’s president to Guyana, noting that the government is open to partnerships with financial institutions such as CAF, as it forges ahead with its development agenda.

Discussions centered on how the financial institution could partner with the government to ensure its newly-found oil- and-gas resources are steered towards boosting its economy, and diversifying a number of critical sectors such as agriculture, tourism, social services and infrastructure.

The government is also pushing its Low- Carbon Development Strategy (LCDS), an area which the bank has expressed keen interest in pursuing.

Dr. Singh pointed out, as well, that the bank’s visit is a historic one, and said that the government would like to see the financial institution play a pivotal role in Guyana in the exciting transformation underway in the country.

In return, Diaz-Granados highlighted that the bank belongs to the region, and it would be a priority to increase its presence in the Caribbean, and to assist its members in their development drives.

He noted that the bank’s focus is on regional integration, stressing that CAF would like to increase its presence and expand operations across the Caribbean.

The financial institution, which was created in 1970, comprises 21 countries, 17 of which are in Latin America and the Caribbean. It also includes Spain and Portugal, and 13 private banks in the region. CAF was originally established by five Andean member countries, namely: Bolivia, Colombia, Ecuador, Peru, and Venezuela.

Its relationship with the Caribbean started in 1994, when Trinidad and Tobago (T&T) signed the agreement to become a Series “C” CAF, following which Jamaica and the Dominican Republic became a Series “C” shareholder in 1999 and 2004, respectively.