BRIDGETOWN, Barbados, CMC—The Barbados-based Caribbean Development Bank (CDB) says it has allied with six international financial institutions (IFIS) and private sector interests to mobilize more excellent private investment in infrastructure projects and increase its access to technical expertise.
The region’s premier financial institution has joined the Global Infrastructure Facility (GIF) as a technical partner.
GIF is an international initiative comprising governments, IFIs, and the private sector. It is designed to support infrastructure development in emerging markets and developing economies by encouraging private investment.
“The GIF welcomes CDB as its 11th MDB technical partner and looks forward to our strategic collaboration in preparing sustainable infrastructure projects for scaled-up private investment in the specific context of the Caribbean region, including island states,” said GIF head Astrid Manroth.
As a technical partner, CDB is responsible for identifying and implementing projects in collaboration with its member countries.
“The bank looks forward to accessing GIF’s resources. As we continue to reposition to more meaningfully advance the region’s development priorities and better serve the needs of our clients, we anticipate that this new partnership will translate into improved financing and implementation capacities in nineteen Caribbean countries,” said CDB’s Acting Vice President of Operations, Therese Turner-Jones, adding “greater implementation means increased development.”
The CDB said this partnership aims to increase sustainable, high-quality infrastructure projects attracting private investment.
It said that the CDB is now at the table with the African Development Bank, the Asian Development Bank, the European Bank for Reconstruction and Development, the European Investment Bank, the Inter-American Development Bank, the International Finance Corporation, the Islamic Development Bank, the Multilateral Investment Guarantee Agency, and the World Bank and an increasing number of private investors.
“This new partnership will provide increased opportunities to advance the bank’s long-term objectives and address critical challenges related to private investment in infrastructure in the Caribbean,” said the chief strategy and accountability officer at the CDB, Onika Miller.
The CDB said that as the gap in development financing widens and demands on public financing increase, Caribbean governments and financial institutions require additional revenue streams and novel mechanisms to finance their development. GIF is one such resource.
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