CDB intends to be the leading catalyst for development resources into the Region, working in an efficient, responsive and collaborative manner with our Borrowing Member Countries (BMCs) and other development partners, towards the systematic reduction of poverty in their countries through social and economic development.
The functions of the Bank are as follows:
- to assist the borrowing member countries to optimise the use of their resources, develop their economies and expand production and trade
- to promote private and public investment, encourage the development of the financial upturn in the region and facilitate business activity and expansion
- to mobilise financial resources from both within and outside the region for development
- to provide technical assistance to its regional borrowing members
- to support regional and local financial institutions and a regional market for credit and savings
- to support and stimulate the development of capital markets in the region
The Caribbean Development Bank (CDB) is headed by the Board of Governors, which delegates oversight of Bank operations to the Board of Directors chaired by the President. The President is appointed by the Board of Governors and is responsible for the day-to-day business of the Bank. He is assisted by two Vice-Presidents and an advisory management team, comprising the Directors of each department. More on Bank Organisation
Members of the CDB are either states and territories of the Caribbean region or non-regional states, which are members of the United Nations or any of its specialised agencies or of the International Atomic Energy Agency.
Regional Members of the Caribbean Development Bank are entitled to the following benefits. They are allowed to borrow funds from the Bank and also have voting rights, which entitles them to be a part of the decision-making process of the Bank.
- Antigua and Barbuda
- British Virgin Islands
- Cayman Islands
- St Kitts and Nevis
- St Lucia
- St Vincent and the Grenadines
- Trinidad and Tobago
- Turks and Caicos Islands
Other Regional Members
These regional members are not entitled to borrow funds from the Bank.
Non-Regional Members have voting rights but are not entitled to borrow funds from the Bank.
The Caribbean Development Bank (CDB), is a regional financial institution which was established by an Agreement signed on October 18, 1969, in Kingston, Jamaica, and entered into force on January 26, 1970. The Bank came into existence for the purpose of contributing to the harmonious economic growth and development of the member countries in the Caribbean and promoting economic cooperation and integration among them, having special and urgent regard to the needs of the less developed members of the region (Article 1 of the Agreement establishing CDB). For more on CDB, its purpose, role and functions, click here. To review the Bank’s by-laws, click here.
Canada/Commonwealth Caribbean Conference
A recommendation was made after a Canada/Commonwealth Caribbean Conference in 1966 that a study be conducted to investigate the possibility of establishing a financial institution to serve the Commonwealth Caribbean countries and territories. The report, submitted by a team of experts in July 1967, recommended the establishment of a Caribbean Development Bank with an initial capital of $50 million. This report was considered and accepted at a meeting of officials in Georgetown, Guyana in August of the same year and a committee formed to prepare the draft agreement and finalise the details for the bank’ establishment. This draft Agreement was submitted in 1968 and adopted after meetings held at the ministerial level. A preparatory committee for the bank’s establishment was set up and a project director appointed. Assistance was received from the International Bank for Reconstruction and Development (World Bank), the Inter-American Development Bank (IDB) and the United Nations Development Programme (UNDP). The permanent headquarters of the bank is located at Wildey, St. Michael, Barbados. There are no other offices of the bank. The headquarters serves all of the regional borrowing member countries with staff recruited from its members.