The 2024 Annual Report of the Special Development Fund (SDF) of the Caribbean Development Bank (CDB/the Bank) provides a comprehensive assessment of the Fund’s performance during the tenth replenishment cycle (SDF 10: 2021–2024) and a focus on progress in 2024, its final year. The report underscores the Fund’s continued relevance in a period marked by unprecedented challenges that constrained development across the Caribbean region.

SDF 10 delivered mixed performance over the cycle. The early years (2021–2022) were significantly disrupted by the socioeconomic impacts of the COVID-19 pandemic, which delayed project execution and hindered progress toward operational, financial, and strategic targets. The recovery in regional economic conditions in 2023 led to improved project approvals and implementation, positioning the Fund to meet most of its targets. However, this momentum was not sustained in 2024 due to internal transitions, staffing changes, and broader governance challenges within CDB, coupled with delivery issues and implementation capacity constraints, resulting in uneven progress.