CAF and Barbados sign USD 75 Million agreement to advance cultural heritage and tourism development

CAF – Development Bank of Latin America and the Caribbean and theGovernment of Barbados have signed a USD 75 million financing agreement to advance cultural heritage preservation, tourism, and modernisation of related infrastructure. The signing took place between Hon. Mia Mottley, Prime Minister of Barbados and Sergio Díaz-Granados, Executive President of CAF on the margins of the 48th CARICOM Heads of Government Meeting in Barbados.

The agreement supports the expansion of heritage tourism as part of Barbados’ national development strategy. It will finance key initiatives under the Reclaiming Our Atlantic Destiny (ROAD) Program, which aims to deepen Barbados and the Caribbean’s connection to their rich history – fostering a better understanding of the past to shape a more equitable and prosperous future for all Barbadians.

The ROAD initiative was first announced by Prime Minister Hon. Mia Mottley in December 2021, who described it as a moral imperative and an economic necessity. Barbados is recognised globally as the custodian of a significant collection of the records related to the transatlantic slave trade.

Key components of the initiative include support for the ROAD Program, the development of an Amphitheatre project at the National Botanical Gardens, and the modernisation of the country’s airport infrastructure.

A champion for the promotion of heritage tourism and cultural restoration in Barbados and the wider Caribbean region, Prime Minister Mottley stated, “CAF has been responsible for a number of loans that have made a difference in the life of Bajans, largely because many of these loans have been to build capacity in the country—from roads, right back through to the port at one point. This time we are taking a different slant. The country has not had investment in heritage facilities for some time. You would remember when I opened the Marcus Garvey amphitheatre in November, I indicated that the government was going to get involved in building new capacity with respect to the cultural and heritage industries and we hope to be able to do so out of this loan.”

Speaking during the signing, CAF’s Executive President Sergio Díaz-Granados congratulated Prime Minister Mottley on her bold leadership in driving this transformative initiative for Barbados and the wider Caribbean and committed to working even closer with Barbados to support programmes and projects that build economic resilience and contribute to sustainable development.

“Our goal is to work with you to identify new projects and programmes that we can support. Your words yesterday during the [CARICOM] conference were very important for us because you emphasised infrastructure as a key component for regional integration,” stated Díaz-Granados.

President Díaz-Granados also announced CAF held productive meetings with the new President of the CDB focused on deepening collaboration for financing opportunities to support the region.

The USD 75 million agreement builds on CAF’s ongoing support for Barbados’ national development objectives. Since 2015, CAF has approved USD 335 million in development financing for Barbados.

In 2024, CAF allocated an additional USD 1.4 million for technical assistance, including USD 700,000 to modernize water infrastructure and USD 400,000 to assess and strengthen government buildings with a focus on climate resilience and accessibility. CAF also provided USD 250,000 in humanitarian aid to Barbados following Hurricane Beryl, to support recovery efforts.