The Caribbean Development Bank (CDB) has formed an alliance with six international financial institutions (IFIs) and private sector interests to drive private investment in infrastructure projects and increase its access to technical expertise.

The CDB is now a technical partner of the Global Infrastructure Facility (GIF) – an international initiative comprising governments, IFIs and the private sector. The alliance aims to support infrastructure development in emerging markets and developing economies by encouraging private investment.

CDB is now engaged with the African Development Bank, the Asian Development Bank, the European Bank for Reconstruction and Development, the European Investment Bank, the Inter-American Development Bank, the International Finance Corporation, the Islamic Development Bank, the Multilateral Investment Guarantee Agency, and the Wo;;rld Bank, as well as an increasing number of private investors.

Head of GIF Astrid Manroth welcomed the CDB as its 11th MDB technical partner, adding that the alliance “looks forward to our strategic collaboration in preparing sustainable infrastructure projects for scaled-up private investment in the specific context of the Caribbean region, including island states.”

As a technical partner, the regional bank is responsible for identifying and implementing projects in collaboration with its member countries.

“As we continue to reposition to more meaningfully advance the region’s development priorities and better serve the needs of our clients, we anticipate that this new partnership will translate into improved financing and implementation capacities in nineteen Caribbean countries. Greater implementation means increased development,” CDB’s Acting Vice President of Operations Therese Turner-Jones stated.

To this, chief strategy and accountability officer at CDB Onika Miller added, “This new partnership will provide increased opportunities to advance the bank’s long-term objectives and address critical challenges related to private investment in infrastructure in the Caribbean.” 

GIF now serves as a resource when the gap in development financing is widening and demands on public financing continue to increase. Caribbean governments and financial institutions like the CDB require additional revenue streams and novel mechanisms to finance their development.