President of the Caribbean Development Bank (CDB, the Bank), Mr. Daniel M. Best, has unveiled a transformative agenda to position the Region for long-term resilience, calling this period the Caribbean’s “decade of decision.”
Speaking at the Bank’s Annual News Conference on 3 March, President Best underscored the scale of the moment, noting that heightened geopolitical tensions, climate volatility, technological disruption, and shifting global supply chains are reshaping the global economy.
He revealed that between 2024 and 2033, the Region will need an estimated US$65.2 billion to prevent economic stagnation. Achieving meaningful climate adaptation, strengthening infrastructure, and building fiscal buffers could double that requirement, with additional external shocks pushing the financing needs even higher.
“The decisions we take today will ultimately determine whether 20 million Caribbean futures are protected or placed at risk,” Best stated. “The decade ahead cannot be financed or governed at yesterday’s scale.”
A Strategic Response
To respond to these growing pressures, CDB has increased its ambition and capacity. In February, the Bank’s Board approved its Strategic Plan 2026–2035, a decade-long framework designed to keep the institution agile in an increasingly volatile environment.
The Plan is built on three interconnected pillars: Social Resilience, Economic Resilience, and Environmental Resilience.
- Social Resilience will prioritise reliable access to essential services, poverty reduction, inclusive social protection, and strengthened education and healthcare systems.
- Economic Resilience will focus on diversifying and modernising Caribbean economies through climate-resilient infrastructure, stronger fiscal systems, digital connectivity, food security, a vibrant cultural sector, and private sector-led green innovation.
- Environmental Resilience, described by the President as “existential” for the Caribbean, will advance climate adaptation, mitigation, and nature-positive development to safeguard ecosystems and livelihoods.
Youth, Institutions, and Climate Action
Operationally, the Bank will sharpen its focus on Youth, Institutions, and Climate Action. With half the Region’s population under 30, investments will expand skills development, entrepreneurship, and employment pathways. Institutional strengthening will address procurement bottlenecks, fiscal management gaps, and implementation inefficiencies in countries to accelerate delivery and build long-term credibility.
Regarding climate action, Best noted “Our region requires approximately US$14 billion annually for climate response but mobilises less than 10% of that. At CDB, we are committing 30% of our total financing and 35% of our Special Development Fund resources to climate adaptation and mitigation.”
The President also reaffirmed CDB’s commitment to Haiti, emphasising strengthened country presence and targeted support for micro, small and medium enterprises (MSMEs), renewable energy, and disaster risk management.
Enhancing Financial Resilience and Capacity
To match its expanded ambition, CDB is bolstering its financial capacity. Measures include a CHF 100 million capital raise on the Swiss market, a US$450 million Exposure Exchange Agreement, and the upcoming launch of a Euro Medium-Term Note Programme enabling up to US$1 billion in issuance over three years. These initiatives build on CDB’s strong financial standing, recently reaffirmed by Fitch Ratings, which maintained the Bank’s AA+ credit rating with a stable outlook.
Concluding his address, President Best invited stakeholders to envision a Caribbean in 2035 that is recognised as one of the world’s most resilient regions – powered by modernised institutions, harmonised disaster risk systems, digital public administration, and globally competitive youth-led enterprises.
“Moments of complexity are also moments of opportunity,” Best emphasised. “The choices we make today will echo across the next generation. We are strengthening our agility, deepening our engagement, and elevating our delivery because the people of the Caribbean deserve nothing less than excellence.”
Held at the Frank Collymore Hall in Bridgetown, Barbados, the Annual News Conference provided a platform for CDB to outline its Strategic Plan 2026–2035, assess regional economic performance in 2025, and present the economic outlook for 2026. Bank executives also highlighted key 2025 project outcomes, previewed 2026 priorities, and reaffirmed the institution’s climate and environmental priorities as part of its broader resilience agenda. (CDB Press Release)
