
By Robert Andre Emmanuel
Prime Minister Gaston Browne took significant steps toward securing Antigua and Barbuda’s position within the Development Bank of Latin America and the Caribbean (CAF) yesterday by signing two crucial agreements during the inaugural International Economic Forum in Panama City, while delivering a comprehensive vision for the nation’s economic future.
The agreements, signed with CAF Executive President Sergio Diaz-Granados Guida — covering Immunities, Exemptions and Privileges and Ordinary Capital Share Subscriptions — saw the country move towards full membership in the US $70 billion institution, following initial discussions during last year’s SIDS Summit in Antigua and Barbuda.
Speaking as keynote presenter at the International Economic Forum yesterday, Prime Minister Browne emphasized that the discussions were not just a regional priority but “a matter of survival for small island developing states”, highlighting the crucial role of regional partnerships in addressing the unique challenges facing Caribbean nations.
Addressing the challenges facing Caribbean SIDS, the Prime Minister outlined an approach built on resilience, innovation, and collaboration, emphasizing economic diversification as a cornerstone of his development strategy.
He also detailed the country’s expansion into new sectors, including health education through medical schools, blockchain technologies, stem cell therapies, and cannabis industries.
On climate resilience, a key focus area for CAF financing, Browne pointed to Barbuda’s achievements in renewable energy, noting that the sister island is currently powered by solar energy for 15 hours daily and is on track to become the region’s first fully sustained island community.
A two-day special ministerial session, focused on “Accelerating Development Financing for the Caribbean: Agility, Flexibility, Impact”, brought together Finance Ministers from across the region to discuss innovative financing solutions for development projects tailored to Caribbean SIDS’ specific needs.
“Through platforms like the Latin American Caribbean International Economic Forum, tailored support can be provided to SIDS by financing mechanisms that reflect our unique vulnerabilities,” Browne stated, calling for strengthened regional collaboration through institutions like CAF.
Prime Minister Browne, accompanied by Debt Manager Peter Abraham Jr, will participate in detailed discussions about CAF’s project approval process, timelines, and financing modalities during the forum.
The high-level meeting is expected to provide a unique platform for dialogue and partnership-building, with the aim of expanding financing options available for both national and regional development priorities.