The newly appointed President of the Caribbean Development Bank (CDB), Daniel Best, has unveiled a transformative agenda for the institution, calling for innovation, impact, and swift action to meet the region’s evolving challenges.
Speaking at the Bank’s Annual News Conference on March 19 in Bridgetown, Barbados, President Best laid out a forward-looking strategy anchored in urgency and results.
“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,” he stated.
Best takes the helm at a critical juncture, with CDB recently securing a major vote of confidence from its Contributors through the approval of a historic US$460 million for the 11th cycle of the Special Development Fund (SDF). Covering the period 2025 to 2028, SDF 11 will focus on key regional priorities such as climate resilience, poverty reduction, social and economic infrastructure, and institutional capacity-building.
Outlining his vision for the Bank, Best introduced three guiding principles: Innovate, Transform, Thrive. This framework will guide CDB’s operations and strategic initiatives moving forward. Among the planned innovations, the Bank will introduce at least three new financial products in 2025, designed to support a just green transition and reduce investment risk for the private sector.
CDB also aims to ramp up its use of data to inform development policy and programming, and will focus heavily on energy and food security. The Bank intends to support the region’s transition to sustainable energy systems while contributing to CARICOM’s target of reducing food imports by 25% by 2027.
President Best emphasized the importance of strengthening education across the region, with a particular focus on equitable access to high-quality learning. The Bank also plans to boost support for private sector development and enhance trade facilitation efforts to increase regional economic connectivity and create a more streamlined business environment.
In terms of social development, the CDB will continue to back programs aimed at improving quality of life, including initiatives that address crime, promote community safety, and advance gender equality.
Internally, the Bank is working to streamline operations to enhance responsiveness and speed up the deployment of funding—particularly for disaster risk management, an urgent concern given the Caribbean’s exposure to climate-related hazards.
“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 at the University of the West Indies, Cave Hill Campus, the Annual News Conference also featured updates on the Bank’s 2024 achievements, economic performance across Borrowing Member Countries, and key priorities for 2025.