Caribbean Development Bank (CDB)

The Caribbean Development Bank (CDB) was established by the Agreement signed on October 18, 1969, at Kingston, Jamaica and that entered into force on January 26, 1970, for the purpose of contributing to the harmonious economic growth and development of the member countries in the Caribbean and promoting economic cooperation and integration among them, having special and urgent regard to the needs of the less developed members of the region (Article 1 of the Agreement establishing CDB).

The Bank recently adopted the following mission statement: “CDB intends to be the leading catalyst for development resources into the Region, working in an efficient, responsive and collaborative manner with our Borrowing Member Countries (BMCs) and other development partners, towards the systematic reduction of poverty in their countries through social and economic development.”

The Bank’s Strategic Plan details the strategic focus of its interventions in the BMCs, in light of the critical challenges facing the Region, such as trade liberalization; globalization; lack of competitiveness in major export sectors; poverty and indigence; fiscal and debt unsustainability; the increasing frequency and intensity of natural hazards; and environmental degradation. Based on the foregoing, and cognisant of its own areas of comparative advantage, the Bank has focused its attention on four critical areas: (i) promotion of broad-based economic growth, including in part through the strengthening of export sector development (tourism, export manufacture, agriculture, export services etc.); (ii) fostering of inclusive social development through social sector enhancements (education, housing, health, social protection, etc.), thereby improving the productivity of the regional labour force and regional capacity to engage more competitively in the world economy; (iii) promotion of good governance, including the development of appropriate trad- ing policies through policy dialogue and institutional enhancements (Caribbean Regional Negotiating Machinery); and (iv) regional cooperation and integration, an important strategic regional response to the challenges of trade liberalization and globalization. To this end, the Bank has supported the strengthening and establishment of institutions critical to the integration process, such as, the Caribbean Court of Justice (CCJ), and has provided substantial resources for the provision of regional public goods. In fact, the support to regional integration is an important element of the Bank’s charter.