Suriname admitted as full member of Caribbean Development Bank

The Caribbean Development Bank has admitted Suriname as a full member of the financial body.

As a result, Suriname will now have easier access to subsidized loans that will boost development projects.

According to Warren Smith, the president of the bank, “Suriname has a sound economy, which is growing rapidly. The government runs a tight fiscal operation and debt accounts for only about 25 percent of GDP,” in remarks to the regional financial institution’s board of directors on Thursday.

“Since there is no exposure to Suriname, at this time, the Caribbean Development Bank 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 whilst also diversifying our loan portfolio,” he added.

The Caribbean Development Bank contributes 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 financial institution include: Anguilla, Antigua & Barbuda, Barbados, Belize, British Virgin Islands, Cayman Islands, Dominica, Grenada, Guyana, Haiti, Jamaica, Montserrat, St Kitts & Nevis, St Lucia, St Vincent & Grenadines, Suriname, The Bahamas, Trinidad & Tobago and the Turks and Caicos islands. -(CMC)