Caribbean Development Bank (CDB) President Daniel Best says the region’s private sector has an indispensable role in driving economic growth.
He has outlined the institution’s strategies to boost the Caribbean business sector, noting that “the central theme of our new private sector strategy is unlocking innovative ways for the private sector to play its part in delivering long term sustainable development”.
This includes focusing on innovation, climate resilience, and enhanced access to finance.
Best was speaking recently during the Trinidad and Tobago Manufacturers’ Association’s (TTMA) leadership discussion and networking event at the Hyatt Regency.
“As the region’s sole indigenous multilateral financing institution, we know we must raise the bar,” said Best in his speech under the theme Economic Outlook: Improving The Competitiveness of Business In The Caribbean.
“We must critically assess our operations, policies, procedures, and systems—not just to meet our clients’ needs, but to exceed them. The question is therefore: How do we make everything faster and more impactful while delivering a standard of excellence? Every aspect of what we do will be scrutinised for speed and quality of results,” he said.
Central to fostering a competitive business environment, Best stressed, are start-up support, export promotion, investor protection, and workforce development.
However, he said that systemic challenges, such as high energy costs, regulatory inefficiencies, and climate vulnerabilities, remain critical barriers for Caribbean businesses, particularly micro, small, and medium-sized enterprises (MSMEs).
Best explained that the CDB’s newly launched private sector strategy systematically addresses these challenges through infrastructure upgrades, regulatory reforms, and renewable energy transitions.
Core projects include financing road, port, and water infrastructure improvements, which indirectly bolster private sector productivity.
He mentioned Barbados’ electronic Port Community System, funded by the CDB, as an example.
“This system will streamline interactions between importers, exporters, and regulatory agencies, cutting down on red tape and making the process easier for everyone,” Best said.
“These initiatives are crucial in lowering production costs, particularly for MSMEs, where such costs are a significant burden.”
Best also noted that the CDB’s Accelerated Sustainable Energy and Resilience Transition (ASERT) framework is pivotal to stabilising energy costs and advancing climate resilience.
The bank is financing geothermal exploration in Dominica, Grenada, St. Kitts and Nevis, and St Vincent and the Grenadines, while developing an e-mobility fund to support green
transportation transitions.
“Through ASERT, we’re driving the integration of renewable energy sources to reduce and stabilise energy costs across the region,” the CDB boss said.
He emphasised the vision of a regional energy interconnection infrastructure, enabling Caribbean nations to share renewable electricity.
“This isn’t just about resilience; it’s about unlocking a future where our economies thrive on sustainable energy, driving down costs and creating new export opportunities.”
To spur intra-regional and global trade, the CDB is designing a Trade Financing Programme that de-risks lending for local financial institutions.
“This programme will support de-risking LFIs’ portfolios, enabling them to finance more trade, both within the Region and globally,” Best explained.
Highlighting the bank’s commitment to inclusivity, Best pointed to the regional She-Trades Hub, launched in partnership with the International Trade Centre.
“This platform is designed to expand opportunities for women in global trade by connecting them to markets, networks, resources, and knowledge,” he said. “Breaking barriers for women isn’t just equitable – it’s economically smart.”
Under the CARICOM Single Market and Economy Standby Facility, the CDB has funded projects to enhance export capacity regionwide.
One is the Fit 4 Europe II initiative, which expands European Union market access for nonenergy goods, prioritising women-led enterprises.
There is also the the Trade Facilitation Enquiry Point project wich improves transparency for exporters, and the National Quality Policy project promotes quality management standards.
Best reiterated the CDB’s focus on climate resilience, noting that Caribbean businesses cannot compete globally without addressing existential threats like rising sea levels and extreme weather. He also called for stronger fiscal discipline and institutional governance.
“The road ahead is uncertain, but it is also filled with opportunity. As old alliances are challenged, there are tremendous opportunities to forge new relationships or strengthen existing ones,” he told the TTMA session.
“Indeed, now may be the most opportune time for us as a region to come together to solve some of the vexing problems of food insecurity, interconnectivity et cetera.
“Rest assured . . . , whatever comes our way, CDB is your unwavering partner. Unlike our counterparts, who can diversify away from the Caribbean Region when times become difficult, the CDB will not. It cannot.” (SC)
