The Caribbean Development Bank (CDB) has secured a US$460 million replenishment of its Special Development Fund (SDF) as its new President Daniel Best promises a rebirth of the institution to better serve regional countries.
He announced this today during the CDB’s annual news conference at the Errol Barrow Centre For Creative Imagination.
“This $77 million increase from the previous cycle highlights the enduring dedication of our donors and contributors, who, despite a difficult global economic landscape, have demonstrated unwavering support for the Caribbean’s sustainable development,” the president said.
With Best outlining plans for the bank to innovate, transform and thrive for a resilient future, its Acting Director of Projects L. O’Reily Lewis reported that in 2024 the CDB “both approved and disbursed over US$300 million across coastal protection, transport, renewable energy, education, private sector, and agriculture.”
He said the CDB was supporting the development aspirations of its client countries and that the achievements in 2024 “underscore the bank’s commitment to catalysing sustainable and inclusive growth.”
Meanwhile, CDB Director of Economics Ian Durant told the in-person and online audience that the Caribbean “has largely emerged from some of the most severe economic shocks in recent history — COVID-19, supply chain disruptions exacerbated by geopolitical tensions, and the high inflation that followed.”
Excluding Guyana, whose economy grew by 43.5 per cent last year, Caribbean economic output grew by 1.7 per cent, down from 2.5 per cent in 2023.
With Guyana included, Caribbean economic growth was 8.8 per cent in 2024, up from 6.6 per cent the previous year.
Durant said the economic outlook for this year was that “regional growth is expected to remain moderate in 2025.”
The forecast, with Guyana’s outlook included, is for the Caribbean economy to grow by 4.6 per cent this year. (SC)
