CDB Annual Report 2024

The economic landscape reflected both progress and persistent challenges for our BMCs. Excluding Guyana, regional GDP grew by 1.7% growth, though at a slower pace than the 2.5% recorded in2023. When Guyana’s robust oil-driven expansion is included, regional growth surged to 8.8%, up from 6.6% the previous year. An encouraging sign was the positive fiscal outcomes across most BMCs, although vulnerabilities persisted, with 9 countries still carrying debt ratios exceeding 60%.

Despite external shocks and demanding economic conditions, CDB approved US$303.5 million (mn)in projects in 2024, down from $461.6 mn the previous year, when three significant policy-based loans totalling $192.7mn were approved. For amore direct year-on-year comparison, CDB approved US$303.5mn in loans and grants for capital projects and technical assistance, in 2024, up from $268.9mn the previous year. Disbursements stood at $312.3mn, compared to $405.4mn in 2023,with the difference primarily due to implementation delays. The Bank is working with its clients to grow and build a more robust pipeline by increasing the number and diversity (by type and by country) of projects in the portfolio. The Bank is increasing direct engagement with BMCs, and will support their capacity building in procurement and project management, and by leveraging partnerships with institutions such as the Global Infrastructure Partnership, IDB, and World Bank.

In alignment with our objective to expand financing options for BMCs, CDB secured major commitments to support priority development areas. A landmarkEUR100 mn Water Management and Clean Oceans Framework Loan from the EIB will enhance integrated water resource management. In addition, the new CAD58.5 mn Supporting Resilient Green Energy (SuRGE) programme, an initiative of the Government of Canada, will assist the transition to amore inclusive and sustainable energy sector in the Caribbean. CDB also upgraded its accreditation scope with the Green Climate Fund (GCF) from$50 mn to $250 mn, enabling the Bank to execute larger, more impactful climate resilience projects across the region.

CDB’s strong financial position remained a cornerstone of its ability to support regional development. The Bank closed the year with an operating income of $20.0 mn, compared to$28.6 mn in 2023. Total comprehensive income stood at $30.5 mn, slightly lower than $31.8 mn at the end of the previous year, while total assetsreached$2,017.3 mn, down from $2,031.9 mn. All three major credit rating agencies reaffirmed CDB's standing, citing the Bank’s high governance standards, strong capital adequacy, and high liquidity. These endorsements underscore our financial strength and capacity to negotiate favourable financing terms for our BMCs.

Beyond financing, CDB played a leading role in knowledge-sharing and regional and international policy consultations in 2024. As chair of the Multilateral Development Banks (MDBs) Working Group on Gender, the Bank is driving peer learning and best-practice sharing to advance gender equality. CDB also hosted the 2024 MDB Chief Risk Officers Forum, providing a platform for senior risk experts to exchange insights on strengthening risk management frameworks and adopting best practices to ensure the long-term financial sustainability of their institutions. We demonstrated our commitment to modernising education by convening the inaugural Regional Symposium and Policy Dialogue on Transforming Education. Moreover, we continued to strengthen institutions across our BMCs by providing data-driven guidance to shape policy and project implementation in resilient infrastructure, sustainable energy, water and sanitation, and gender mainstreaming.

Our consistent advocacy for concessional climate resilience resources was fully borne out when Hurricane Beryl devastated sections of Saint Vincent and the Grenadines and the tri-island state of Grenada, Carriacou, and Petite Martinique in July. Within 72 hours of the storm, CDB deployed personnel to affected areas to provide emergency support. The Bank also approved a $5.5 mn relief package for each country. This swift response reflects our unwavering commitment to standing with our BMCs during times of crisis and ensuring that recovery efforts are well-coordinated and effective.

Looking forward, we will intensify efforts to mobilise development financing, accelerate the deployment of climate-resilient infrastructure and advance the transition to sustainable energy. At the same time, we will deepen institutional capacity-building efforts and harness the transformative power of technology and artificial intelligence (AI) to drive innovation and enhance development outcomes across our BMCs. Our commitment to socioeconomic transformation remains steadfast, as we continue to champion gender equality, expand opportunities for vulnerable groups, and foster more inclusive and stable societies.

As we advance these priorities, our success is made possible by the strength of our partnerships and the unwavering commitment of our stakeholders. I extend my deepest gratitude to our Board of Governors, Board of Directors, member countries, valued partners, Staff, and the communities we serve, for your dedicated support and cooperation throughout2024. CDB remains resolute in its mission of building a stronger, more resilient Caribbean. Together, we will turn today’s challenges into tomorrow's opportunities, ensuring that no country is left behind on the path to sustainable development.

Dr. Isaac Solomon
President, (Ag.)
December 31, 2024