BRIDGETOWN, Barbados – Newly appointed Caribbean Development Bank (CDB) president Daniel Best has set out a bold vision for the 55-year-old institution, emphasising action, innovation, and impact. With a clear mandate and an ambitious roadmap, he underscored the urgency of tackling the Caribbean’s development challenges with fresh thinking and decisive action.
Speaking at the Bank’s Annual News Conference on March 19, president Best stated, “As we look ahead, we face unprecedented challenges, from geopolitical tensions to shifting financial landscapes. But more importantly, the CDB has an opportunity for rebirth, a renewed focus on pioneering solutions that will make a tangible difference in the lives of Caribbean people.”
The CDB head also highlighted a major endorsement of the Bank by its Contributors, who recently approved a historic US$460 million program for the 11th cycle of the Special Development Fund (SDF). Covering 2025-2028, SDF 11 will finance climate resilience, poverty alleviation, social and economic infrastructure, and institutional capacity-building across the region.
Elaborating on his vision, Best outlined three core imperatives: Innovate, Transform, Thrive. Under this refreshed approach, CDB will leverage data for development, using analytics to drive evidence-based policy and investment. The bank will also launch at least three new financial products in 2025, focusing on the just green transition and private sector de-risking. Additionally, CDB will advance energy and food security, supporting the region’s sustainable energy transition and CARICOM’s goal to reduce food imports by 25 percent by 2027.
President Best also reaffirmed the institution’s commitment to strengthening education across the Caribbean, ensuring that every student has access to high-quality learning opportunities. The Bank will play a pivotal role in fostering a dynamic and globally competitive private sector and advancing trade facilitation efforts to improve economic interconnectivity and create a more seamless business environment. Additionally, CDB will continue to champion initiatives that improve quality of life, prioritising crime reduction, safer communities, and greater gender equality to build a more inclusive and resilient Caribbean.
Internally, CDB will streamline its operations for greater agility, accelerating funding deployment, particularly for disaster risk management, a critical priority given the region’s climate vulnerabilities.
“CDB’s goal is to see the region thriving, with vibrant, sustainable economies and societies where all Caribbean people can succeed. Our people deserve nothing less than bold, decisive action. CDB stands ready to partner with governments, private sector actors, and development institutions to build a stronger, more resilient Caribbean,” president Best emphasised.
Held at the Errol Barrow Centre for the Creative Imagination, UWI Cave Hill, in Bridgetown, Barbados, the Annual News Conference provided a platform for CDB to outline its strategic direction, review regional economic performance, and report on its 2024 achievements. Bank executives also shared economic projections for 2025 and CDB’s key priorities for the year ahead.
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