Brazil has been formally approved for Regional Membership to the Caribbean Development Bank (CDB), based in Bridgetown, Barbados. The Brazilian Government had pledged to participate in the Bank during the 1st Brazil-Caribbean Community (CARICOM) Summit, held on 26 April 2010, in Brasília.
Brazil’s entry was authorized by Legislative Decree 801, enacted by the Federal Senate on 20 December 2010. Brazil will thus able to acquire US$ 28 million of the Bank’s capital stock.
Created in 1969 and comprising Caribbean countries and territories, the Bank aims at financing economic development projects to decrease poverty, with special attention to least developed countries such as Haiti, and to foster cooperation and integration in the Caribbean region.
Brazil will participate in the Bank in the same manner as Colombia, Mexico and Venezuela, as non-borrowing regional member with voting powers. Germany, Italy, the United Kingdom, Canada and China are non-borrowing, non-regional members. As per the agreement with the CDB, Brazil will acquire a total of 3,118 capital stocks, in six annual installments. The entry process also provides for a Brazilian contribution of US$ 5 million for the CDB “Special Development Fund”, destined for the least developed members.