Caribbean Development Bank Committed to Doing More, Faster

President of the Caribbean Development Bank (CDB) addressing reporters at the bank’s annual news conference on Wednesday (CMC Photo)

Introduction

BRIDGETOWN, Barbados, CMCThe president of the Barbados-based Caribbean Development Bank (CDB), Daniel Best, said Wednesday that the region’s premier financial institution is committed to doing more, much faster.

“Our team at CDB is energized, engaged, and committed to realizing the best version of the bank for the region,” Best, the bank’s seventh president, said at his first annual news conference.

“As one prime minister told me, CDB must do more, better, faster, and we accept that challenge. The good people of this Caribbean region, we serve, nothing less,” Best said, three months after being elected as the bank’s president in December.

Mission and Purpose

Best told the annual news conference that he believes firmly in the mission and purpose of the CDB, adding that the core of its work is a relentless drive to reduce poverty and transform lives through sustainable, resilient, and inclusive development. Watch video

“This commitment is woven into each loan, grant, research project, and policy advice we provide. Every engagement is guided by questions such as how this reduces poverty. How will this transform lives? How will this propel the Caribbean forward.”

Rebirth and Excellence

The Barbadian-born CDB president said he could think of no other word to encapsulate his vision for the CDB than rebirth, which “signals the bank’s focus on delivering excellence to the people of this region.”

He told reporters that the CDB will practice excellence in every stage of every process: “Whether we are providing policy advice, appraising and implementing projects in our countries, or formulating country engagement strategies as we support our Caribbean in the march towards the achievement of the Sustainable Development Goals, excellence will be our hallmark.”

Challenges and Partnerships

Best said this excellence and a renewed commitment to the region’s people have never been more appropriate than now.

“Our region faces uncertainties that we have never before contemplated. Geopolitical tensions arising from inward-looking or nationalistic policies can stymie trade and growth, and the withdrawal of financial aid and technical cooperation places our already vulnerable populations at even greater risk.”

He said the CBD has been engaging in regional discussions to understand better the scale and scope of the challenges confronting its clients and shareholders, “and we stand ready to support the people of the region as they navigate these uncertain times.”

Best said the bank recognizes that it “cannot address the region’s issues by itself, and so partnerships and resource mobilization will be key tools in our arsenal.”

Special Development Fund

He announced that the bank had concluded negotiations with its contributors to replenish its Special Development Fund (SDF), its most significant pool of concessional resources.

“After more than a year of discussions, we agreed on a US$460 million program for the 11th cycle of the fund,” Best said, adding that the program comprises grants and concessional loans that will see the CDB “play an even greater role in addressing poverty alleviation and human development across our borrowing member countries.”

The 11th cycle covers 2025 to 2028 and aims to boost environmental resilience. At least 35 percent of resources will be targeted toward climate financing.

Innovation, Transformation, and Thriving

Best said the vision rests on three main pillars — innovate, transform, and thrive.

“By innovating in our engagement sectors, we will pioneer cutting-edge solutions and leverage new technologies to address complex development challenges,” he said, adding that the transformation pillar is “internal design.

“It speaks fundamentally to reshaping processes and systems that enhance efficiency, inclusivity, and sustainability.”

The CDB president said innovation “is the heartbeat of progress. With this in mind, we will prioritize data for development as a key area for informed decision-making in a dynamic Caribbean”.

Supporting the Region

Best said the CDB must innovate its bank’s financing solutions. He promised that the bank would collaborate with other partners to create new and innovative financial products that enable the CDB to mobilize resources at scale for those in need.

“This has already begun in earnest, and we hope to launch at least three new products this year dedicated to accelerating the just green transition and supporting the risk in the private sector.”

He said that supporting the energy transition is critical for the CDB. The bank will focus on delivering access to reliable, sustainable energy to the region while prioritizing energy access for underserved communities.

Conclusion

Best said the CDB is committed to doing more, faster, and is focused on delivering excellence to the people of the Caribbean region. The bank’s vision rests on three main pillars — innovate, transform, and thrive — and it is working to support the region in addressing its challenges and achieving sustainable development.