Above: Suriname takes its seat at the CDB Board of Directors meeting

By the Caribbean Journal staff

Suriname has officially taken its seat as a full member of the Caribbean Development Bank.

The South American country joined the CDB as a full member at the 259th Meeting of the Board of Directors of the bank on Thursday.

Suriname is the 27th member of the regional institution, a development CDB President Dr Warren Smith called “very important for Suriname and the Bank.”

“Suriname has a sound economy, which is growing rapidly. The government runs a tight fiscal operation; and debt accounts for only about 25 percent of GDP,” he said. “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.”

As a member, the country will be represented on both the Caribbean Development Bank’s Board of Directors and the Board of Governors.