Curaçao receives technical support from ECLAC to set up a new development finance organization

The Ministry of Economic Development of Curaçao requested technical support from the ‘Financing for Development Division' of the Economic Commission for Latin American and Caribbean (ECLAC), through the agency of the United Nations Development Program (UNDP), in order to design and define the process for the establishment of a new development finance organization.

From March 24th to 28th, 2014, Mr. Daniel Titelman, and Mr. Esteban Perez, Director and Economic Affairs Officer of the ECLAC's Financing for Development Division, undertook a fact finding mission to Curaçao to assist the government in the design of the Curaçao Development Finance Institute (CDFI), which will serve as a financial tool to spur growth and promote sustainable and socially inclusive pro-poor development in the country.

The mission met with all relevant key stakeholders from the public and private sector, exchanging information with the Ministry of Finance, the Central Bank of Curaçao and St. Maarten (CBCS), institutional investors, banks, the development institutions Korpodeko, OBNA, Stichting Economische Ontwikkeling, RedaSosial, The Board of the Chamber of Commerce, The Board of the Association of Business Community Curacao and the government institutions involved.

The objective of the CDIF is to establish a professionally structured and operating development and financing institute where local savings and international cooperation funds could be structurally used for the effective and efficient raising of demand (development programs / projects) and offer (financial resources of local and international investors and international donors). Furthermore, it will be helpful in the overall support of the implementation of sustainable development by applying the five core functions of the development management cycle including offering to support programming and project preparation, mobilization of funds, evaluation of programs and projects, supervision of the implementation of programs and projects, monitoring and periodic evaluation.

"New Development Finance Organization for Curacao"

"Curaçao to receive support for finance institute"