CARACAS, Venezuela – In 2025, CAF – the development bank of Latin America and the Caribbean – approved USD 18.668 billion for regional sustainable development, representing the highest figure in its history, continued its geographical expansion in the Caribbean and strengthened its credit profile with improvements in risk ratings from the main international agencies.
The total number of approvals represents a 33 percent increase compared to the previous year , with an emphasis on energy transition, climate resilience, and social infrastructure. Of the total amount, USD 8.417 billion corresponded to sovereign-guaranteed operations, and 51 percent of these resources were allocated to investment projects in infrastructure, basic services, and technological innovation.
In parallel, CAF continued its geographic expansion and now has 24 shareholder countries. Grenada and Antigua and Barbuda joined as new Series C shareholders, deepening the institution’s presence in the Caribbean. Barbados, for its part, completed the process of becoming a full member country after eleven years as a shareholder.
Regarding bond issuance, CAF executed an $8.3 billion financing plan in 2025, the largest in its history, through 37 transactions in 14 currencies. Key milestones included the issuance of the first Sustainable Bond in euros, the first Hybrid Bond in Latin America and the Caribbean , and the first Blue and Resilience Bond backed by the UNDP and UNDRR .
In the past year, CAF consolidated a broad network of partnerships with multilateral organizations, bilateral banks, global funds, and philanthropic actors . These include partnerships with KfW , AFD , JICA , the European Union, the World Bank , the IDB , the Green Climate Fund , and the Global Environment Facility (GEF). In total, third-party resources of USD 2.362 billion and private capital resources of USD 1.474 billion were mobilized, and 51 operations were supported.
In addition, Moody’s , S&P , and Fitch all upgraded their outlooks, highlighting the bank’s financial strength and governance. S&P raised the rating to AA+ with a stable outlook ; Moody’s affirmed the rating at Aa3 and revised the outlook to positive; and Fitch maintained the rating at AA- and also improved the outlook to positive.
The resources approved by CAF will allow, among other things:
- Benefit 70 million people with energy transition projects and deploy more than 13,000 km of electricity transmission lines.
- Improve access to drinking water and sanitation for 5.2 million people.
- Benefit more than one million women with water, sanitation, transport and climate resilience projects.
- Supporting 19,100 SMEs and more than 100,000 agricultural producers with supplies, equipment and training.
- Incorporate 137,000 travellers into sustainable modes of transport and build 85 km of cycle paths.
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