The Caribbean and Latin America will ultimately benefit from the CAF’s latest investment, which increases its funding for the protection of the oceans and supports sustainable marine economic activities.

The Development Bank of Latin America and the Caribbean (CAF) has pledged an additional US$2.5 billion for protecting the oceans and supporting sustainable marine economic activities.

The new goal which was announced on the sidelines of the Blue Economy and Finance Forum in Monaco, doubles the bank’s previous target of investing $1.25 billion between 2022 and 2026.

The will be rolled out between 2025 to 2030 and will target areas including low-carbon maritime transport, restoration of damaged ocean ecosystems and sustainable tourism.

CAF’s existing oceans funding includes managing illegal fishing, providing loans to wastewater treatment plants and storm drainage systems to reduce damage from floods.

Funded projects so far include marine sanitation initiatives in Ecuador, Brazil, and El Salvador, as well as energy transition efforts in Ecuador’s shrimp farming sector.