Special Development Fund

Special Development Fund UnifiedThe Special Development Fund (SDF) was established in 1970 to provide loans of high development priority. Initial funding for the SDF, and subsequent contributions thereto, were provided on varying terms and conditions by different Contributors.

The Unified Special Development Fund [SDF(U)] was accordingly created in 1983 to overcome the problems associated with individual donors and funding arrangement.

Background


The Charter of the Caribbean Development Bank (CDB) provides for the establishment and administration of special funds exclusively for servicing high priority development loans. In addition to providing grants, these funding facilities offer loans with longer maturities and grace periods, as well as lower rates of interest than apply in the Bank’s ordinary operations.

With funding from several contributors, the Special Development Fund (SDF/the Fund) was established in 1970. The SDF offered an assortment of terms and conditions, which were fixed by the various contributors to the Fund. These differing terms and conditions, created a number of complexities and inefficiencies in the Fund’s operation, which prompted the decision to set up a fund with a uniform set of rules.

Hence, in 1983, the Unified Special Development Fund [SDF (U)] was created. Based on consistent terms, objectives and procurement conditions with interest-free contributions for an indefinite term and provided on a multi-year basis, the new SDF (U) aimed to overcome the problems associated with individual donors and funding arrangements. To give focus to the operations of the Fund, a supplementary governance structure was created which included an Annual Meeting of Contributors.

Funding for SDF (U) is provided in 4-year replenishments. Contributors to the SDF (U) enter into negotiations with the Bank with the objective of agreeing on the priority areas which should be addressed by the Bank over the next four-year cycle. These negotiations take account of the economic and social situation in the BMCs, the international and regional environment, and CDB’s own capabilities and comparative advantage. Contributors and the Management of the Bank arrive at an understanding concerning the amount of resources which will be necessary to realise the objectives agreed for the new cycle.

CDB is responsible for the implementation of the SDF Agreement, and progress in implementation is monitored by way of a detailed, time-bound Action Plan. Each year, at the time of CDB’s Annual Meetings, a meeting of Contributors is held during which an Annual Report on the performance of the SDF (U) is presented by CDB staff and discussed with the Contributors. Mid-term and end-of-cycle review of the implementation performance of the agreed programme are also standard features of all recent SDF (U) Agreements.

 

Contributors


Listed below are Contributors to Special Development Fund (Unified) up to and including the Sixth Cycle, except where otherwise stated:

Regional Members (Borrowing Member Countries)

  • Anguilla
  • Antigua and Barbuda
  • The Bahamas
  • Barbados
  • Belize
  • British Virgin Islands
  • Cayman Islands
  • Dominica
  • Grenada
  • Guyana
  • Haiti (SDF 6)
  • Jamaica
  • Montserrat
  • St. Kitts and Nevis
  • St. Lucia
  • St. Vincent and the Grenadines
  • Suriname
  • Trinidad and Tobago
  • Turks and Caicos Islands

Regional Members (Non-BMCs)

  • Colombia
  • Mexico
  • Venezuela

Non-Regional Members

  • Canada
  • China, People’s Republic of (SDF 4, 5 and 6)
  • France (SDF 1 to 4)
  • Germany (SDF 1 to 4, and 6)
  • Italy
  • United Kingdom

Non-Member

  • Netherlands (SDF 1 to 4)

 
 


Contact Us

General

Caribbean Development Bank
P.O. Box 408
Wildey
St. Michael BB11000
Barbados
West Indies
Telephone: (246) 431-1600
Fax: (246) 426-7269
Email: sdf@caribank.org

Officers

Ms. Monica La Bennett
Deputy Director, Corporate Planning
Finance and Corporate Planning Department
Telephone: (246) 431-1670
Email:labennm@caribank.org

Mr. Carl Howell
Chief Policy Analyst
Corporate Planning Division
Telephone: (246) 431-1933
Email:howellc@caribank.org

Miss Rosemary Auld
Secretary
Corporate Planning Division
Telephone: (246) 431-1650
Email: auldr@caribank.org