BRIDGETOWN, BARBADOS – Caribbean Development Bank (CDB) President Daniel Best has laid out an ambitious plan to propel the region toward greater resilience and economic growth. Speaking at the Bank’s Annual News Conference on March 19, Best emphasized the urgency of innovation and decisive action in tackling the Caribbean’s most pressing challenges.
With geopolitical tensions and shifting financial landscapes shaping the global economy, Best sees this as a moment of renewal for the 55-year-old institution. He announced that CDB will launch at least three new financial products in 2025, targeting the green transition and private sector investment while leveraging data analytics to drive policy decisions. The Bank will also play a crucial role in advancing energy and food security, aligning with CARICOM’s goal of reducing food imports by 25% by 2027.
A major milestone in CDB’s renewed strategy is the approval of US$460 million for the 11th cycle of the Special Development Fund (SDF), earmarked for climate resilience, poverty alleviation, and infrastructure development across the region from 2025 to 2028. Additionally, the Bank will intensify its efforts in education reform, crime reduction, and gender equality to foster a more inclusive society.
Best underscored CDB’s commitment to cutting bureaucracy and fast-tracking financial support, particularly for disaster risk management, given the Caribbean’s vulnerability to climate change. “Our people deserve nothing less than bold, decisive action. CDB stands ready to work alongside governments, the private sector, and development institutions to build a stronger, more resilient Caribbean,” he declared.
Held at the Errol Barrow Centre for the Creative Imagination at UWI Cave Hill, the conference also reviewed CDB’s 2024 achievements, regional economic performance, and projections for 2025. With Best at the helm, the Bank is poised to steer the Caribbean toward a future of innovation, transformation, and sustained growth.
