PARAMARIBO: The Caribbean Development Bank (CDB) has admitted Suriname as a full member of the financial body.
The nation will now have easier access to subsidized loans that will boost development projects.
“Suriname has a sound economy, which is growing rapidly,” President of the CDB, Dr. Warren Smith, said during the 259th meeting of the bank’s board of directors last week. “The government runs a tight fiscal operation and debt accounts for only about 25 per cent of GDP. Since there is no exposure to Suriname at this time, CDB has a very good opportunity to improve its risk profile by developing a lending relationship with our new member. We can contribute meaningfully to Suriname’s economic and social development while also diversifying our loan portfolio.”
The CDB’s purpose is to contribute to the economic growth and development of its member countries and to finance projects for economic, social and institutional development in the region.
The full members of the CDB are Anguilla, Antigua & Barbuda, Barbados, Belize, British Virgin Islands, Cayman Islands, Dominica, Grenada, Guyana, Haiti, Jamaica, Montserrat, St. Kitts & Nevis, St. Lucia, St. Vincent & the Grenadines, Suriname, the Bahamas, Trinidad & Tobago and the Turks & Caicos Islands.
Colombia, Mexico, Venezuela, Canada, China, Germany, Italy and the UK have voting rights but are not entitled to borrow funds from the CDB.