PARAMARIBO, Suriname – The Caribbean Development Bank (CDB), on Thursday 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.
“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,” said President of the CDB, Dr Warren Smith during the 259th Meeting of the bank’s board of directors on Thursday.
“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 whilst also diversifying our loan portfolio,” he said. The CDB’s purpose is to contribute to the economic growth and development of its member countries through financing projects.
The full members of the CDB are Anguilla, Antigua and Barbuda, Barbados, Belize, British Virgin Islands, Cayman Islands, Dominica, Grenada, Guyana, Haiti, Jamaica, Montserrat, St Kitts and Nevis, St Lucia, St Vincent and Grenadines, Suriname, The Bahamas, Trinidad and Tobago and the Turks and Caicos islands.
Colombia, Mexico, Venezuela, Canada, China, Germany, Italy and the UK have voting rights but are not entitled to borrow funds from the Bank.
