Good morning to everyone joining us today, whether you're here with us in person or tuning in virtually.  This morning, I have the privilege and responsibility of sharing with the people of the Caribbean and persons interested in our Region’s development, some highlights of the Bank operations in 2024 as well my vision for the Bank and the Caribbean for a thriving future. 

Ladies and gentlemen, I believe firmly in the mission and purpose of this Bank.  At the core of our work is a relentless drive to reduce poverty and transform lives through sustainable, resilient, and inclusive development. This commitment is woven into each loan, grant, research project, and piece of policy advice we provide. Every engagement is guided by questions such as: 

• How is this reducing poverty?
• How will this transform lives?
• How will this propel the Caribbean forward?

We are the only indigenous multilateral development bank in the region, dedicated to serving our Caribbean people. Our existence is rooted in making a positive, lasting impact on the communities we serve.

In 2024, we approved $304 million and disbursed $323 million in both loans and grants, but you will hear more about that from our Acting Director of the Projects Department. Ladies and gentlemen, while these investments will go a long way towards enhancing the lives of Caribbean people, I would like to highlight just one example of our responsiveness. When Hurricane Beryl devastated sections of Saint Vincent and the Grenadines and Grenada, within 72 hours of the storm, CDB deployed personnel to affected areas to provide emergency support and approved a $5.5 million relief package to each country.

As we look forward to the future with all its uncertainties, but more so, its opportunities, I can think of no other word that encapsulates my vision for the Bank, than Rebirth.  Rebirth signals the Bank’s renewed focus on delivering EXCELLENCE to the people of this Region. We will practice excellence in each stage of every process – whether we are providing policy advice, appraising and implementing projects in our countries or formulating country engagement strategies. Excellence will be our hallmark!

This excellence and renewed commitment to the people of the Region has never been more appropriate than now. Our Region faces uncertainties that we have never before contemplated.  Geopolitical tensions arising from inward looking or nationalistic policies have the potential to stymie trade and growth, and the withdrawal of financial aid and technical cooperation places our already-vulnerable populations at even greater risk. 

Friends, the Caribbean Development Bank has been engaging in regional discussions to better understand the scale and the scope of the challenges confronting our clients and shareholders and we stand ready to support the people of the Region as they navigate these uncertain times. The Bank recognises that it cannot address the Region’s issues by itself, and so, partnerships and resource mobilisation will be key tools in our arsenal.

In the spirit of partnership and resource mobilisation, it gives me great pleasure to announce that we concluded negotiations with our Contributors for the replenishment of our largest pool of concessional resources, our Special Development Fund.  After more than a year of discussion, we agreed a $460 million programme for the 11th cycle of the Fund. This historic $460-million programme comprises grants and concessional loans that will see the Bank play an even greater role in addressing poverty alleviation and human development across our Borrowing Member Countries. This 11th cycle covers the period from 2025 to 2028 and aims to boost:

• Environmental resilience with at least 35% of resources targeted toward climate financing. This will support adaptation and mitigation projects, post-disaster interventions, disaster risk management, and biodiversity preservation.
• Production resilience to strengthen private sector development and improve economic infrastructure;
• Social resilience, to enhance education outcomes and social protection systems. In recognition of Haiti’s unique challenges, we will increase our support to them to maximize development impact and foster long-term resilience;
• Institutional resilience to strengthen our countries’ implementation capacity;
• Financial resilience to enhance our Borrowing Member Countries’ financial capacity to withstand shocks and support sustained growth and development. 

This $77mn 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. 

A key aspect of the Fund is its increased emphasis on climate resilience, through stepped up support for adaptation and mitigation measures. Guided by the principles of gender equality, good governance, and innovation, the Fund will further advance regional cooperation, integration, and digitalisation, accelerating our collective progress towards a robust and sustainable future.

Since 1984 the Fund has injected over $2.1 billion into social development initiatives tangibly improving quality of life for citizens across the Caribbean. Over a ten-year period, over 343,000 students experienced enhanced educational opportunities through improved facilities, over 11,100 agricultural stakeholders received training in production technologies, over 931,000 people benefited from significantly upgraded road networks, and over 94,000 households gained access to water and sanitation services. 

This programme along with the other resources of the Bank will be critical in supporting my vision of rebirth for the institution. The vision rests on three main pillars – Innovate, Transform and Thrive:

• By innovating in our sectors of engagement, we will pioneer cutting-edge solutions and leverage new technologies to address complex development challenges;
• The transformation pillar is internal to the Bank.  It speaks fundamentally to reshaping processes and systems to enhance efficiency, inclusivity, and sustainability;
• By thinking differently about how we approach development problems, by relooking how we organise ourselves to deliver, we are able to contribute to a thriving Region.

But let’s unpack each of these pillars a bit more:

Innovation is the heartbeat of progress. With this in mind, we will prioritise Data for Development as a key area for informed decision-making in a dynamic Caribbean. Additionally, we must innovate our Bank's financing solutions. Ladies and gentlemen, we will dedicate efforts to collaborating with other partners, creating new and innovative financial products that enable us to mobilise resources at scale for those in need. This has already begun in earnest, and we hope to launch at least 3 new products this year dedicated to accelerating the just green transition and support derisking in the private sector. 

As I alluded to just now, supporting the energy transition is critical for us. We will focus on delivering access to reliable, sustainable energy to the Region at scale, while prioritising energy access for underserved communities. 

We must also devote our attention to addressing food security. We saw first-hand, during the COVID pandemic, the risks to food security as global supply chains were disrupted. But this is an issue that the Region can address. To unlock the potential for building supply chains, we need a coordinated effort to upgrade our regulatory, institutional, and infrastructure frameworks. The Bank stands willing to support the Region in this effort. 

Education is essential and we commit to support the delivery of quality learning outcomes to every Caribbean student. However, it is not simply enough to educate our citizens. We have to ensure that Caribbean economies provide our educated young people with opportunities to earn a decent living, in a safe environment and with access to leisure opportunities that make our region the preferred place for them to live. 

Ladies and gentlemen, we will work with our membership to support:

• The birth of a new, dynamic, diverse, internationally-competitive private sector;
• a Region where every citizen lives free from the fear of violence;
• the sustainable development of Haiti and the economic and social upliftment of its people;
• trade facilitation and interconnectivity through regional cooperation and integration; and
• gender equality and diversity equity and inclusion across all strata of Caribbean life.

Under the pillar of Transformation, we will usher in a new age of implementation and delivery by, among other things, adopting first principles thinking. We must enhance what drives client-focus and delivery and discard value-depleting layers! We have to increase the scale, speed and effectiveness of climate and disaster risk reduction financing for our Borrowing Member Countries. We can no longer be surprised when we are impacted by a natural hazard. The Region is 7 times more likely to be impacted by a natural hazard than a larger country.  You will hear more from Mrs. Isaac on what we are doing to enhance Disaster Risk Management in our countries and to mitigate the impacts of climate change.

The last Thrive pillar, is the ultimate goal. Thriving means not just surviving but excelling, with a vibrant RESILIENT economy, healthy environment, and a society where everyone has the chance to succeed. 

But more specifically for me it means: 

• The seamless movement of goods and services across the Region and extra-regionally;

  • The CARICOM target of 25% reduction in food importation being achieved; 

  • Low levels of unemployment;

  • Declining incidents of violent crime; 

  • A level of human development that is at the highest level globally. 

Ladies and gentlemen, our team at CDB is energized, engaged and committed to realising the best version of the Bank for the Region. As one Prime Minister said to me “CDB must do more, better, faster!” And we accept that challenge. The good people of this Region deserve nothing less!

Ladies and gentlemen, good morning.  

It is my privilege to present an overview of the Region’s economic performance in 2024 and the outlook for 2025. In this presentation, we will examine key economic trends from the past year and highlight areas of notable progress. Additionally, we will assess potential risks and opportunities that may impact our region as we move further into 2025. Finally, we will identify the areas that require our continued attention as we navigate an evolving global and regional landscape. 

Economic Review 2024

The region 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. These global headwinds tested our resilience, but our Borrowing Member Countries have weathered the storm, and continued to advance steadily. 

In 2024, regional output, excluding Guyana, is estimated to have expanded by 1.7%, with fifteen countries now surpassing pre-pandemic real output levels. This performance represents a slowdown from growth of 2.5% recorded in 2023, reflecting the diminishing momentum from the post-pandemic recovery. Growth rates, however varied across Borrowing Member Countries, with Guyana and Haiti standing out as outliers. Guyana was again the standout performer, with its economy surging by 43.5%, fuelled by increased oil production and continued expansion in its non-energy sectors. As a result, when we include Guyana's performance, regional growth rises to 8.8% in 2024, up from 6.6% in 2023, highlighting the country’s significant influence on regional economic growth.  On the other hand, Haiti remains in crisis. The country continued to grapple with political instability, escalating gang violence, and high inflation, contributing to its sixth consecutive economic contraction.

For most other countries, growth was moderate. Commodity-exporting economies like Suriname and Trinidad and Tobago continued their modest recovery, from the COVID-19 pandemic. Meanwhile, service-exporting economies, many of which have exceeded their pre-pandemic output levels, grew at a slower pace of 1.6% in 2024, down from 2.8% in 2023 as economies settled into more normal patterns of activity. The tourism industry remained the key driver of growth. Stayover arrivals reached 6.8 million in the first three quarters of the year, with more than half of Borrowing Member Countries surpassing pre-pandemic levels, and some even setting new records. This performance was driven by strong demand from source markets such as the United States, increased airlift, sustained marketing efforts and the hosting of events and festivals across the region. Along with a strong tourism performance, construction activity also provided a major boost to economic growth. Governments across the region prioritised investments in critical infrastructure, including ports, roads, schools, hospitals, and utilities. At the same time, private sector investments helped drive growth in tourism-related construction, with new hotels and commercial properties under development. 

While the region made progress, 2024 was also a sobering reminder of our acute vulnerability to natural hazards. Hurricane Beryl, the earliest Category 5 hurricane on record in the Atlantic, had varying impacts on several countries. Grenada’s northern islands of Carriacou and Petite Martinique, as well as St. Vincent and the Grenadines’ southern islands, were hardest hit. Barbados, Jamaica, and the Cayman Islands also felt its impact. This devastating event served as a stark reminder of our region's ongoing exposure to extreme weather events. 

On a positive note, inflation continued to moderate in 2024, following global trends. However, price levels remain elevated compared with pre-pandemic times, leading several governments to maintain cost-of-living support measures introduced in prior years. Additionally, unemployment rates continued to decline across most Borrowing Member Countries for which data is available. 

Stronger economic activity helped improve fiscal performance across the region. Most governments achieved primary surpluses, mainly reflecting higher tax revenue collections. However, expenditures also increased, driven by recurrent costs, including public sector wage hikes in most countries, and higher capital investments in infrastructure. While debt levels rose by 3.3%, nominal GDP growth contributed to a decline in the region’s debt-to-GDP ratio, which fell to 50.9% from 55.6% in 2023. Nevertheless, debt ratios in nearly half of Borrowing Member Countries remain above 60% of GDP, with ongoing risks to debt sustainability. Governments, however, continued to take steps to achieve or fortify fiscal and debt sustainability, with several of them being able to reduce their debt-to-GDP ratios considerably. These efforts, combined with sustained economic growth, resulted in five countries—Anguilla, Barbados, Belize, Jamaica, and Suriname—receiving upgrades to their sovereign credit ratings in 2024. 

In the external sector, higher import payments in some countries dampened the positive impact of increased tourism receipts on their current accounts. However, reserve positions remain healthy, with almost all countries maintaining balances above three months of merchandise imports. The financial sector remained broadly stable, supporting favourable credit conditions. 

Outlook for 2025 

Looking ahead, regional growth is expected to remain moderate in 2025. Excluding Guyana, the Caribbean Development Bank projects regional growth of 2.5%, with performance varying across Borrowing Member Countries. Guyana’s expansion is expected to slow to 11.9%, following its rapid growth in oil production in 2024.  Nevertheless, the country’s performance will remain a key contributor to the region’s economic growth. Hence, including all 19 Borrowing Member Countries, the region is forecasted to grow by 4.6%. Among other commodity exporters, growth is expected to gain momentum as they continue to recover, while service-exporting economies are projected to expand by 2.2%. Tourism is likely to remain a key driver of economic activity. Construction, supported by public and private investments, is also anticipated to contribute positively to near-term economic performance. 

On the fiscal front, most governments are expected to maintain primary surpluses, which should further strengthen debt positions in 2025. 

While the Caribbean region is on track for continued growth in 2025, there are several risks that could alter this trajectory. Internationally, geopolitical tensions, along with a resurgence of protectionist policies, could elevate uncertainty in global markets, disrupt supply chains, and exert upward pressure on commodity prices. Additionally, policy shifts in the United States, including evolving foreign policy priorities, adds to the uncertainty of the outlook. Potential slowdowns in major trading partners, particularly the United States, could dampen demand for regional exports.  

Domestically, the ability to execute critical infrastructure projects on time will be crucial. Delays could hold back growth in industries like construction, energy, and transportation. Moreover, our ever-present vulnerability to natural hazards remains a significant concern. As climate change intensifies, the frequency and severity of extreme weather events increases, and the risk of disruptions to economic activity grows. These natural hazards could not only disrupt economic activity, but in some cases may reverse developmental gains and endanger fiscal and debt sustainability. Adding to these risks, with elections anticipated in many countries in 2025 and 2026, there is an increased likelihood of fiscal pressures and policy shifts that could slow reform momentum. 

Development Imperatives 

Ladies and gentlemen, for many of our Borrowing Member Countries, sustaining higher growth remains a challenge, burdened by persistent structural challenges. Yet higher growth is necessary to reduce poverty, bridge inequalities, and elevate the standard of living for all citizens and residents of this region. Higher growth is essential—not merely to endure, but to progress. The path forward demands bold action to address these challenges, build resilience, and seize opportunities for inclusive and sustainable growth. To this end, the development imperatives for 2025 and the medium-term are clear. 

First, as we just heard from the president, we must build resilience to climate change and natural hazards. Hurricane Beryl’s devastation was a stark reminder of our region’s fragility. We must redouble efforts to climate-proof infrastructure, improve disaster preparedness, and integrate climate considerations into every facet of development planning. 

Second, we must address our over dependence on tourism for foreign exchange earnings. Achieving the necessary diversification requires us to build dynamic, internationally competitive economies. In this regard, we need to modernize our road and port infrastructure in a coordinated way that allows us to trade among ourselves, build out potential regional supply chains and connect with international markets. However, it is not enough to build out infrastructure. We also need to modernize and digitalize the regulatory and support systems to reduce the cost of navigating these business processes. Twenty-four-hour operations at ports, electronic port community systems, coordinated sanitary and phytosanitary standards, cold storage facilities and access to appropriate types and levels of finance are just some of the needs in building out a healthy ecosystem for competitiveness and diversification. 

Finally, fiscal discipline, risk management and strong institutions remain cornerstones of sustainable growth. Maintaining prudent public fiscal management, while prioritising investments in productive infrastructure and the social well-being of our people is critical. Balancing these needs will require visionary leadership and unwavering commitment. 

The road ahead is challenging, but it is also rich with promise. The Caribbean Development Bank stands as a steadfast partner to the region in this journey. We are committed to supporting our Borrowing Member Countries as they pursue these imperatives, providing not only financial resources but also technical expertise and strategic guidance.

As part of this commitment, the Bank will publish a Caribbean Economic Review and Outlook in April 2025. This publication will provide deeper insights into the trends, challenges, and opportunities discussed today. I am confident that this publication will serve as a critical resource to inform our collective efforts, as we chart our path forward towards sustainable development. 

Thank you. 

It is a pleasure to be here today as we take a closer look at the impact of the Bank’s work across the Region. In this presentation, I will share how CDB is supporting the development aspirations of our client countries in close collaboration with our partners. I will focus on our key achievements in 2024—milestones that underscore the Bank’s commitment to catalysing sustainable and inclusive growth. 

As highlighted by President Best, the Bank both approved and disbursed over 300 million United States dollars, across Coastal Protection, Transport, Renewable Energy, Education, Private Sector, and Agriculture. 

Strategic partnerships amplified our reach, with a $100 million line of credit from the European Investment Bank to strengthen water, wastewater, and solid waste infrastructure, and CAN $58 million from Global Affairs Canada to accelerate the Caribbean’s shift to resilient, gender-equitable energy systems.

In the area of sustainable energy, Dominica’s 10-megawatt geothermal power project, is a transformative project for Dominica and for geothermal energy development in the region.  It signifies a massive leap towards energy security.  The Project is jointly financed by funds channelled through the Green Climate Fund, the Inter-American Development Bank’s Sustainable Energy Facility for the Eastern Caribbean as well as the Government of Canada. By 2026, the plant will transform Dominica’s energy security, lower electricity production costs, and create new opportunities for economic growth. 

In Haiti, we approved a $5 million grant for a Rural Electrification Project, from the Special Development Fund. The initiative represents the Bank’s first energy sector investment in Haiti. This project has the potential to transform the lives of thousands, by providing over 2,000 new connections to affordable electricity, eliminating the reliance on candles, kerosene, wood, and charcoal for lighting and cooking.

We continued to deliver real impact through the Bank’s flagship poverty reduction programme: the Basic Needs Trust Fund. We successfully completed 37 initiatives focused on uplifting the region’s most vulnerable communities. Over 4,750 people now benefit from improved roads; more than 900 households enjoy better access to clean water; and 271 teachers and principals are now equipped to support students with learning disabilities.

In education, loans totaling $60mn, financed strategic investments in Grenada, Saint Vincent and the Grenadines and Saint Lucia. The projects will expand access to inclusive learning opportunities for students, including those with special education needs. They will also strengthen climate-resilient educational infrastructure and support the integration of digital technology in classrooms to enhance teaching and learning outcomes. In addition, through our Special Development Fund, $13 million in grant financing will improve access to quality primary education for poor and vulnerable communities in Haiti.

The Bank also successfully convened the inaugural Regional Symposium and Policy Dialogue on Transforming Education. Over three days, more than 150 stakeholders explored strategies to improve education quality and delivery. Discussions addressed decolonising education systems, fostering safe and inclusive learning environments, leveraging AI and digital technologies, and tackling other critical challenges in Caribbean education. A key outcome was the endorsement of the Agenda for Action, which outlines strategic actions to improve learning outcomes and workforce readiness.

In agriculture, with global supply chain disruptions threatening food and nutrition security across the region, the Bank strengthened its investments. In Jamaica, $26 million in loan financing was approved to expand the Essex Valley Agricultural Development Project. This loan supplemented the initial grant funding provided by the United Kingdom Caribbean Infrastructure Fund. The upgraded project will improve the social and economic prospects of Essex Valley and environs through the provision of irrigation for agriculture, improved farm roads, and infrastructure to facilitate compliance with internationally recognised food safety standards.

In neighbouring Haiti, we provided a $7 million grant for Phase II of the Community-Based Agriculture and Rural Development Project. This will increase productivity and market access, for over 3,000 citizens to benefit from improved food security, poverty reduction, and greater climate resilience. 

Moving to the Water Sector, in Saint Lucia, CDB approved a $22.8 million loan to the Government to upgrade the John Compton Dam’s water supply and transmission system. This project will increase the resilience and efficiency of the potable water access for over 33,000 households. The loan was secured through joint financing from the Governments of France and Italy. 

CDB advanced coastal protection efforts across its borrowing member countries, strengthening resilience against shoreline hazards and climate change. A major achievement was the approval of over $15 million for the Sauteurs Coastal Protection Project in Grenada. This project will stabilise the coastline, safeguard livelihoods, and enhance resilience for more than 11,000 people. 

In St. Vincent and the Grenadines, an additional $13 million was provided for the Sandy Bay Sea Defences Resilience Project. This project will improve long-term resilience by reducing the risk of loss of life, physical and economic damage, and post-disaster recovery time. Funding partners include the Government of Italy’s Programme to Support Sustainable Development in the Caribbean Community and the French Development Agency’s Second Credit Facility Agreement. 

Further strengthening regional coastal resilience, a $1.4 million grant was approved to support pre-investment studies for climate-resilient coastal protection around Kingston Harbour in Jamaica. This initiative will lay the groundwork for a larger intervention, benefiting over 600,000 people. 

Also in Jamaica, the Bank backed the second Caribbean Coastal Conference, which brought together representatives from public and private sector entities and multilateral organisations. Discussions focused on the Blue Economy, financing options for climate change adaptation, coastal governance, and shoreline protection.

Our commitment to private sector growth was demonstrated by approval of financing for various initiatives, including:

1. $20 million in blended credit to the Development Finance Corporation in Belize for student loans, low-income housing, renewable energy, and Micro Small and Medium-sized Entities in agriculture;

2. A $30 million line of credit to support private sector-led infrastructure and energy projects; and 

3. $9.9 million for financing Micro Small and Medium-sized Entities, including capacity-building initiatives.

The SheTrades Caribbean Hub continues to be a catalyst for women’s economic empowerment in the region. In 2024, we made significant strides by: 

• Establishing 7 focal points across the Caribbean, strengthening regional support for women entrepreneurs; 

• Training 75 policymakers on gender mainstreaming in trade, as well as 687 Women Led Businesses in export readiness, logistics, and finance; and

• Approving $500,000 for the Trades Caribbean Grow & Go Grant Fund to benefit 20 women-led businesses. 

The Bank is committed to improving access to finance for women entrepreneurs and is a global champion for gender equality. As Chair of the Multilateral Development Bank Working Group on Gender, we look forward to hosting the 2025 Global Gender Summit in Bridgetown later this year. 

In closing, I quote our President, Daniel Best, who captured the urgency of this moment in his introductory address to our staff: “The Caribbean stands at a pivotal juncture, where the urgency to drive sustainable development, economic diversification, and climate resilience has never been greater. The region faces pressing challenges, from the impacts of climate change to economic vulnerabilities, which demand immediate and decisive action. CDB must rise to this occasion, leveraging its unique position to catalyze transformative change... for all Caribbean nations.”

Thank you.

Ladies and gentlemen good morning. 

Today I will discuss CDB’s strategy for building resilience to climate change and disasters in the Caribbean. I will also share some information about our achievements in 2024 and plans for 2025 and beyond.

Context and Approach

The Caribbean is one of the world’s most vulnerable regions. Climate change and frequent natural hazards continue to disrupt our economies, ecosystems, and livelihoods, disproportionately affecting our most vulnerable populations and communities. Year after year, countries face severe impacts—Haiti’s earthquakes in 2010 and 2021, Hurricanes Maria and Irma in 2017, Hurricane Dorian in 2019, the La Soufrière Volcano eruption in 2021, and Hurricane Beryl in 2024, are just a few examples. Noting that climate hazards are predicted to increase and intensify, the need for resilience has never been more pressing.

For our countries, CDB’s support is vital to enhance climate and disaster resilience. Resilience is not merely part of our work—it forms the foundation of everything we do. Guided by our current Strategic Plan, Disaster Risk Management Strategy and Climate Resilience Strategy, we have adopted a holistic approach that integrates disaster risk reduction and climate considerations into development planning in our Borrowing Member Countries. 

Our approach encompasses accessing concessional climate financing, supporting sound macroeconomic policies, climate-proofing infrastructure, and developing sustainable energy solutions. All of which will strengthen the Caribbean’s capacity to withstand an increasingly uncertain future. The Bank is also committed to forging new partnerships and strengthening existing ones to support and enhance the region’s resilience efforts.

Key Highlights in 2024

In 2024, we approved over 15 million United States dollars in grants for 21 technical assistance projects to strengthen disaster risk management and climate resilience in Borrowing Member Countries. Beneficiaries included both national counterparts and regional partners. Funded through the Bank’s Special Development Fund and the European Union-financed Caribbean Action for Resilience Enhancement programme, these technical assistance projects will improve disaster risk governance, financial response mechanisms, early warning systems, and infrastructure resilience.

We helped seven countries cover their 2024/25 premium payments to the Caribbean Catastrophe Risk Insurance Facility. Hurricane Beryl underscored the importance of this risk-pooling mechanism. The Caribbean Catastrophe Risk Insurance Facility disbursed approximately 72 million dollars to Grenada, Jamaica, and Saint Vincent and the Grenadines, offering essential post-disaster relief, of which 5.6 million dollars was allocated to social protection systems. The social protection initiative was funded through a partnership between CDB, Global Affairs Canada, the Caribbean Regional Risk Insurance Facility, the World Food Programme, and the participating countries. 

CDB also directly contributed to post disaster efforts by providing a total of 10 million dollars in concessional financing for Immediate Response Loans and 600,000 dollars in grants to Grenada and Saint Vincent and the Grenadines. These funds provide,  transitional safety net support for livelihoods of the most poor and vulnerable. They  also assist with restoring vital infrastructure necessary for the resumption of social and economic activity.

We expanded our disaster risk financing instruments to include a disaster response policy operation and a contingent emergency response component tool, both of which we launched last year. These instruments reduce the financial burden on Borrowing Member Countries and provide quick access to funds after disasters, helping governments and communities respond more effectively.

More broadly, we committed approximately 101.5 million dollars in climate finance in 2024, representing 33.5% of CDB’s own resources for the year. This is a significant step forward for the Bank.

While we succeeded with increasing our climate finance in 2024, we are ready to achieve even more in 2025. The Bank has already approved over 70 million dollars in climate finance for the current year.

To sustain this momentum, we are pursuing a multi-pronged strategy to further enhance and expand our support. I want to highlight a few examples.

Firstly, we received approval from the Green Climate Fund (GCF) to expand our project development capacity to 250 million dollars per programme or project — five times our previous accreditation limit. This enables us to develop and deliver large-scale climate resilience programmes. 

CDB is also on track to secure its first full funding proposals for Green Climate Fund approval in 2025. The Bank has established an ambitious pipeline that will lead to further GCF approvals in 2026-28. This is expected to result in more than 750 million dollars in concessional climate finance for resilient transport, agriculture and food security, water and energy for the Caribbean, over the medium term.

Secondly, our Board of Directors recently approved the CDB Climate Change Project Preparation Fund to assist countries to design and prepare high-impact climate change adaptation and mitigation programmes or projects. This will enable faster delivery of climate resilient outcomes. This fund is currently being operationalised and capitalized, and it is expected to be available by the third quarter of this year. 

Furthermore, the Bank has secured a grant from the Adaptation Fund to  support climate resilience in the agriculture sectors of Antigua and Barbuda, St. Kitts and Nevis, and St. Vincent and the Grenadines. In addition, the Adaptation Fund under its new Global Locally-led Aggregator Programme  invited CDB to prepare a regional project to scale up community-led resilience-building efforts in five Borrowing Member Country. This will target hazard risk management, disaster risk mitigation, ecosystem protection, and sustainable livelihoods in watershed and coastal areas.

In addition to these examples, we continue strengthening our partnerships with various entities. We are working with other Multilateral Development Banks and bilateral partners to improve access to financial and technical support in the coming years. Concurrently, CDB supports regional institutions to provide fit-for-purpose assistance to Borrowing Member Countries. This includes the Caribbean Community Climate Change Centre, the Caribbean Disaster Emergency Management Agency, the Caribbean Institute for Meteorology and Hydrology, the University of the West Indies and the Organisation of Eastern Caribbean States Commission.

Conclusion and Looking Ahead

As we reflect on CDB’s progress in 2024 and plans for the years ahead, one thing remains clear: building climate and disaster resilience requires a holistic approach and strong collaboration. The challenges facing the Caribbean are complex and demand strategic, coordinated, and bold actions.

So, what would success look like? Key success factors will include: 

• Climate and disaster resilience integrated into all aspects of our lending and operations.

• Our climate finance flows increased beyond the levels we have achieved in years past –as we are on track to do in 2025.

• New tools like the Climate Change Project Preparation Fund adopted; and most importantly,

• Our clients are better prepared to respond to disasters more effectively and recover from them more swiftly.

As our President has emphasised, resilience encompasses more than just financing—it involves people, communities, and pursuing a sustainable future for everyone. We pledge to support every Borrowing Member Country in the battle against climate change and disasters.

Although the path ahead is challenging, we can transform these challenges through innovation, partnerships, and determination, into opportunities for a safer, more prosperous, and resilient future. 

Thank you for your attention.