The Caribbean Development Bank (CDB/the bank) has reaffirmed its commitment to leading transformative initiatives that accelerate economic growth and improves the resilience of its borrowing member countries in the Caribbean, while underscoring the importance of partnerships in achieving its mission.

CDB Acting President Isaac Solomon pointed out the bank’s steadfast commitment to support infrastructure projects, socioeconomic development, and poverty eradication throughout the region in his keynote address at the opening ceremony of the 54^th Annual Meeting of the CDB’s Board of Governors.

According to Solomon, the institution’s efforts to drive positive change across the Caribbean are evidenced by its budgetary support to various territories.

“In 2023, the Caribbean Development Bank approved over [US]$400 million in financing across diverse sectors, including water, renewable energy, education, health, and social protection,” he stated.

Pointing to the event’s theme, “Partnerships for Resilient Prosperity”, the CDB president revealed that making such a substantial investment would not be possible without strategic partnerships with the Government of Canada, the Inter-American Development Bank, the European Investment Bank, the European Commission, and the United Kingdom’s Caribbean Infrastructure Partnership Fund.

To ensure higher and sustained levels of economic growth, Solomon explained, the CDB will intensify its focus on developing climate-resilient infrastructure, enhancing institutional frameworks through digitalisation, improving human capital, strengthening energy security, and boosting intra-regional trade. He also cited gender equality, education, addressing the needs of vulnerable groups, and capacity building in public sector institutions as areas that the bank will continue to address as high priority

“Even as we acknowledge the long path before us, we must remain vigilant in addressing the challenges that lie ahead, such as high inflation, geopolitical tensions, and the ever-present threat of climate change. Our response to these challenges must be comprehensive and forward-thinking,” he said.

Looking ahead, Solomon shared that the bank aims to be more nimble in providing meaningful support to the region’s governments and communities. He added that when the CDB began operating in 1969, challenges like digital literacy and Generative AI, let alone climate change, were not considered on its development agenda.

“But we have continued to endure over the decades as an institution, not because of any single individual but because of our capacity to reinvent ourselves… and adapt with the times, while staying resolute in our mission and focus,” he said. 

On this note Solomon called on all participants to envision the next decade with innovation and new ideas meeting the Caribbean’s evolving needs for infrastructure, finance, and connectivity.

“The future may hold uncertainties, but we are evolving to meet them,” he concluded. “Together, we will create a Caribbean that stands strong against climate change, boasts world-class infrastructure, and eradicates poverty. We stand with the people of our region, united in building a future brimming with resilient prosperity.”

CDB’s Annual Meeting is currently underway in Ottawa, Canada. The event, which kicked off on June 17, will wrap up today with a closing ceremony.