In 2022, the Special Development Fund (SDF/the Fund) continued to demonstrate its relevance as a critical source of concessional financing in the Caribbean Region, funding operations that were responsive to the needs of small, vulnerable economies, while maintaining a focus on debt sustainability. Development needs had been identified through the Caribbean Development Bank’s (CDB/the Bank) close engagement with its stakeholders, generating strong buy-in from Borrowing Member Countries (BMCs) and Contributors alike to the SDF Tenth Cycle (SDF 10) strategic operational themes. This level of buy-in was reflected in the operational performance and results, which were generally favourable despite a still-challenging implementation context at the tail-end of the pandemic.