Suriname takes up seat as member of CDB

The South American nation of Suriname took its seat as a full member of the Caribbean Development Bank (CDB) at the 259th Meeting of the Board of Directors on Thursday, December 12, 2013.{{more}}

Suriname met the final requirement for becoming a CDB member on September 17, 2013, and is now the 27th member of the regional institution. The country’s alternate director Carlo Mike Ebecilio, joined fellow directors for the historic board meeting.

CDB President Dr Wm Warren Smith, said that this development is very important for the Suriname and the Bank. It represents Suriname’s further integration into the CARICOM region and offers an opportunity to strengthen links that will be mutually beneficial for all CARICOM member countries. It is also a major milestone in the Bank’s own efforts to expand its borrowing membership and diversify its loan portfolio.

“Suriname has a sound economy, which is growing rapidly. The Government runs a tight fiscal operation; and debt accounts for only about 25 per cent of GDP. 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.” Dr Smith said.

As a member of CDB, Suriname will be represented on the Board of Directors, as well as the Board of Governors, the Bank’s highest decision-making body.