The Special Development Fund1 (SDF) is a unique partnership among Caribbean Development Bank (CDB) members, both borrowing and non-borrowing, all of which contribute to the resources of the Fund. The SDF is a major component of the resources of the CDB and allows for a range of operations that would not otherwise be possible, including operations in the poorest, most vulnerable and most highly indebted countries among the Bank’s Borrowing Member Countries (BMCs). The strategic context of the Special Development Fund (Eighth Cycle) (SDF 8) is defined by the results of the Special Development Fund (Seventh Cycle) (SDF 7) Mid-Term Review (MTR), unfinished business of SDF 7 and the Region’s development challenges.