Trinidad and Tobago has assumed Chairmanship of the Board of Directors of the Development Bank of Latin America and the Caribbean (CAF).

Finance Minister Vishnu Dhanpaul will serve a one-year term, during which time he will preside over all meetings of the board.

He succeeds José Manuel Vicente, Finance & Economy Minister for the Dominican Republic.

During the handover held yesterday, T&T was represented by Minister in the Finance Ministry Hassel Bacchus, who referred to CAF as a key player in shaping the country’s development and its largest multilateral partner.

He added, “It is an honour to be the first English speaking Caribbean country to assume the chairmanship of the Board of Directors at CAF, at a time concomitant to the Bank’s effort to incorporate new Caribbean Countries as partners and shareholders.”

CAF’s Board of Directors consists of members of its 22 shareholder countries, with the chairmanship rotated among them.

Shareholder countries are represented on the board by Ministers of Finance or Economy, Central Bank Governors, senior finance officials, and representatives from regional or private banks.

Meanwhile the meeting saw CAF approve US$1.45 billion to finance strategic projects in the region, ranging from the construction of aqueducts and port works, to improvements in urban mobility, education systems, and business competitiveness.

CAF also announced financing of US$8.5 billion until 2030 to boost agricultural prosperity in Latin America and the Caribbean.