Parliamentarians debated the Corporación Andina de Fomento Bill in the House Of Assembly on Monday. Minister of Social Services, Information and Broadcasting and Member of Parliament for Pinewood, the Hon. Myles Laroda led debate on the bill which provides the legal framework for The Bahamas’ ascension to the Development Bank of Latin America and the Caribbean.
During his presentation Laroda told Parliamentarians, “subsequent to consultation and guidance from CAF The Bahamas undertook the position to join the institution as a series C shareholder. in this membership category access to CAF resources is subjected to four times the level of financial contribution by The Bahamas. In accordance with the COE’s C shareholder requirements The Bahamas agreed to subscribe to 3521 shares at a cost of $49,998,200 payable over two budget periods.”
Leader of the Opposition and Member of Parliament for Marco City, the Hon. Michael Pintard expressed his reservations. “We are not opposed to pursuing additional options. We do ask the government to pay greater respect to The Bahamian people in laying out why at this time $50 million subscription fee needs to be paid to an additional organization given the fact that we have two similar organizations that make funding for similar purposes available to the Bahamian people,” he said.
The bill was passed.
