BRIDGETOWN, Barbados (CMC) – The Barbados-based Caribbean Development Bank (CDB), Friday announced that Brazil had become its newest member signalling that country’s commitment to sustainable development of the region.

CDB said that the membership became effective on December 31, 2015, following a process that began with Brazil’s application to membership in 2007 and its acceptance by the CDB Board of Governors in 2008.

Brazil is CDB’s 28th member, and the fourth non-borrowing regional member, joining Colombia, Mexico and Venezuela in that category.

 “We are delighted to welcome Brazil and thank its Government and people for joining hands with us to advance our mandate of reducing poverty, and promoting economic growth and sustainable development in the Caribbean. Brazil’s membership is another historic seal of its relationship with Caribbean and strengthening of Latin American-Caribbean cooperation,” said CDB Dr William Warren Smith at the bank’s first board of governors meeting this month.

Brazil’s Alternate Director Rafael Ranieri, said his country is pleased to join the CDB, the region’s premier financial institution.

“We expect that Brazil’s membership will contribute to strengthened relations between Brazil and the Caribbean and lead to greater collaboration in building a better future for the people of both our countries,” said Ranieri.

Brazil’s Director to CDB’s Board is Carlos Eduardo Lampert Costa Deputy Secretary of International Affair, while the country’s governor to the bank is Francisco Gatani, Vice-Minister and Rodrigo Estrela de Carvalho, Secretary of International Affairs serves as Alternate Governor.

Brazil is the world’s seventh largest economy with a gross domestic product (GDP) of US$2.5 trillion and a population of more than 200 million.