President of the Caribbean Development Bank (CDB) Daniel Best says it will not retreat in the face of global and regional uncertainty, but step forward with “resolve and results” as it retools for a decade of transformation in the region.
Delivering the keynote address at the opening ceremony of the 55th annual meeting of the Board of Governors yesterday in Brasilia, Brazil, Best spoke of a “rebirth mission” for the institution, anchored in inclusive growth, strategic resolve and regional solidarity.
He said the Bank’s unwavering commitment to transforming Caribbean lives was being reinforced by innovative financial mechanisms, increased climate investments, and a firm belief in the power of local knowledge and human capital.
“While many institutions are retrenching, we are stepping forward,” he told attendees. “We do so with the full strength of our partnerships – our governors, directors, colleagues and development partners – because when institutions are strong, adaptive and inclusive, communities lead transformation.”
He revealed that in 2024, the Bank approved more than US$303 million in new projects, despite the global backdrop of fiscal tightening, inflationary pressures and escalating climate shocks.
Best also pointed to the CAN$58.5 million SURGE programme, supported by Canada, which is helping the Caribbean advance a just and inclusive energy transition through solarisation of schools, emission reduction and the creation of green jobs.
Acknowledging the Caribbean’s continued exposure to natural disasters, the president cited the CDB’s swift response to Hurricane Beryl last July when it deployed technical assistance and US$5.5 million in emergency financing to support recovery in Grenada and its neighbouring islands within 72 hours. “This is what it means to be a trusted partner,” Best said. “We don’t just finance projects; we finance systems change.”
Key to scaling its impact,
he noted, has been the expansion of the Bank’s Green Climate Fund accreditation from US$50 million to US$250 million, unlocking deeper climate investment for a region that “deserves no less”.
Institutional capacity
Best noted, however, that capital alone was insufficient without the necessary institutional capacity. The Bank, he said, was actively partnering with ministries and agencies to address implementation bottlenecks in procurement, project readiness and delivery systems.
“Capital without capacity can fail to meet our development objectives,” he warned.
Best unveiled the CDB’s plans to launch a bold ten-year strategic plan that would embed climate resilience into regional security and prosperity. This will include incentivising smart fiscal reform, leveraging digital infrastructure, prioritising gender equality and social inclusion, and unlocking the private sector’s role in development.
A landmark achievement cited in his address was the mobilisation of a record-breaking US$460 million for the 11th replenishment of the Bank’s Special Development Fund – 35 per cent of which is earmarked for climate finance.
Amid geopolitical conflicts, economic uncertainty and growing global fragmentation, Best said the Caribbean must adapt “with clarity, unity and foresight”, drawing strength from its history and culture.
“We are the descendants of those who turned exile into expression, who forged freedom from rebellion and who made the Big Thunder,” he declared. “Ours is a region where the steel pan, born from the remnants of oil drums, transformed tools of industry into instruments of joy.”
The June 9-12 annual meeting is being held under the theme Building The Future: Resilient Institutions For A Greener, Stronger And Inclusive Caribbean. (CLM)
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