The Dominican Republic has became a shareholder of the Andean Development Corporation (CAF) with a contribution of US$50mn payable over four years, which will give the country access to large amounts of finance from this multilateral.

The membership of the Dominican Republic demonstrates the institution’s mission to stimulate the growth and sustainable development of the region, strengthen bilateral and regional links in favour of Latin American integration, and expand the corporation’s presence in the Caribbean.

After ratification of the agreements, the CAF will be able to finance development and investment projects in the public and private sectors, as well as contribute to the promotion of business and cultural relations with the corporation’s other shareholder countries in Meso and South America.

In this respect, the CAF is planning to send a high-level mission to the Dominican Republic in the first quarter of 2005 to review and reach agreement with the authorities on the CAF’s action programme in the country in the short and medium term.