The Development Bank of Latin America and the Caribbean (CAF) is set to launch a programme promoting sustainable tourism development, aimed at fostering regional integration and cooperation through tourism.
Green Sea Turtle swimming along tropical coral reef, Bonaire.
The bank has recently opened its regional office for the Caribbean in Port of Spain, Trinidad and Tobago, and stands ready to support its member countries and other Caribbean Community (CARICOM) member states in achieving their sustainable development goals.
CAF is placing significant emphasis on a new portfolio of services linked to tourism, focusing on the sustainable development and resilience of the sector. While tourism contributes significantly to the Gross Domestic Product (GDP) in Caribbean economies, it is highly sensitive to changing climates and the impacts of extreme weather events. It can also be a contributor to negative environmental effects if not managed properly.
‘Placing the spotlight on resilience as a pivotal aspect of tourism is essential for sustainable tourism development and this will require increased investment. CAF is committed to serving as the Green Bank of Latin America and the Caribbean and the Bank that will help to drive the reactivation of economies across the region,’ said Stacy Richards-Kennedy, CAF’s Regional Director for the Caribbean, at the Global Tourism Resilience Conference held in Kingston.
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CAF’s strategy includes strengthening tourism as a key sector to improve living conditions in tourism destinations, generating economic and employment opportunities, and enhancing cultural heritage and the environment. Its action strategy aims to protect the environment and local culture, which are essential for tourism activity, given the industry's vulnerability to external and internal shocks, such as climate, economic, health, social, and political crises.
‘Our member countries proudly recognise CAF as being very agile, client-focused, and flexible in our approaches to work and in supporting their development priorities. We are excited to promote greater regional cooperation within the Caribbean and also between Latin America and the Caribbean, while contributing to advancing sustainable, resilient, and regenerative tourism approaches,’ Richards-Kennedy added.
Established in 1970, CAF is a development bank promoting sustainable development and regional integration projects through credit operations, grants, and knowledge support. It is owned by Latin America and the Caribbean and supports the public and private sectors of the region in their development priorities. Giving back to nature is good for business and great for the planet. Your business can start benefitting today from incorporating trees with DGB.
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