The Caribbean Development Bank (CDB) is an international financial institution based in Barbados. It was established in 1970 to promote economic development and social progress in its member countries, mainly in the Caribbean islands. The CDB is owned by twenty Caribbean countries and other non-regional members, including Canada and the United Kingdom.
The purpose of the CDB is to foster sustained economic growth and reduce poverty in its member countries. It provides loans and technical assistance to finance development projects in the areas of education, health, water and sanitation, infrastructure and energy, among others. The CDB also seeks to enhance its members’ ability to access financial resources for development projects.
The CDB has identified four priority sectors of focus for its assistance: (1) Education, (2) Health and Social Protection, (3) Environment and Natural Resources and (4) Infrastructure. In 2015, it launched its “Accelerating Growth and Improving Livelihoods” strategy, a five-year plan which seeks to improve its effectiveness in meeting the needs of its member countries. The plan focuses on helping countries build stronger economies and create greater opportunities for all its citizens.
The CDB works in partnership with other international organizations, including the World Bank and the Inter-American Development Bank, to support projects in the region. It also works closely with governments, non-government organizations and the private sector to foster development.
In the Fiscal Year 2018, the CDB provided a total of USD 988 million in loans, grants and technical assistance. Of that total, USD 923 million was dedicated to financing projects in the region. In addition, the CDB also provided advisory services and other non-financing resources to support its members’ economic, social and environmental development objectives.
The CDB is committed to making a lasting contribution to the economic and social wellbeing of the citizens of its member countries. Its overriding strategy is to focus on the most pressing and immediate needs of the region while also aiming to reduce vulnerability and sustain economic and social development over the long term.
The CDB continues to promote sustainable development and increased regional integration, making it easier for business, investment and trade to take place across member states. It is an important contributor to the vision of a Caribbean unified in shared prosperity and opportunity.