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Haiti Joins the Caribbean Development Bank (CDB)

Published on 01/24/2007

Bridgetown, Barbados --- 24 Jan., 2007 -- The Republic of Haiti has become the latest member of the Caribbean Development Bank (CDB). Arrangements for accession to full membership in the Bank were completed recently.

CDB President, Dr. Compton Bourne, welcomed the development saying, ?We have been working assiduously over the past two years to bring Haiti into the CDB family. Over the next few months we anticipate a series of discussions between CDB?s technical staff and Haitian officials to determine how best the Bank can target its interventions in Haiti.?

Haiti is classified as a Borrowing Member Country of the Bank, and as such, is eligible to receive loan and grant financing, as well as technical assistance from CDB. It became the world?s first independent black nation in 1804, but has experienced political and economic instability. With a population estimated at 8 million, it also regarded as the poorest nation in the western hemisphere.

CDB is the region?s premier development financing institution. It was established in 1969 to contribute to the harmonious economic growth and development of the member countries in the Caribbean and to promote economic cooperation and integration among them. With the admission of Haiti, CDB now has 26 member countries in the Caribbean, Latin America, North America, Europe and Asia.