In 2021, the Caribbean Development Bank (the Bank) repositioned itself to better address the needs of its Borrowing Member Countries (BMCs) against the backdrop of the debilitating effects of the pandemic and the articulation of a new vision for the Region, based on knowledge creation and innovation.

The realignment will see the institution placing greater emphasis on social protection; transformational education; digitalisation; knowledge generation; and economic diversification and private sector development. At the same time, the Bank recognises that if it is to help meaningfully advance regional development, it will also need to focus on improving its own financial and implementing capacities, as well as those of its BMCs.

This repositioning is captured in the Strategic Plan Update 2022-24 (SPU), which was approved at the Two Hundred and Ninety-Sixth Meeting of the Board of Directors held in December 2021.