NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Friday, May 29, 2015

The Development Bank of Latin America (CAF) aims to be the first multilateral lender present in Cuba, its executive president said on Thursday, as the communist-run island seeks foreign investment amid a diplomatic opening to the United States.

Buzz around Cuba has grown since U.S. President Barack Obama and Cuban President Raul Castro in December announced an agreement to re-establish the ties severed some 54 years ago and work toward normalizing relations.

CAF, a major lender to Latin American infrastructure and development projects, is among many companies, law firms and other organizations hoping to set up an office in Havana.

“The idea is that Cuba can be a member of CAF,” Enrique Garcia said in an interview in his Caracas office, adding he was already in talks with the government.

“We hope this can happen relatively quickly. I don’t mean next month, but there’s a pretty clear understanding,” the Bolivian economist said. “We’re very optimistic.”