BRIDGETOWN, Barbados, CMC – President of the Barbados-based Caribbean Development Bank (CDB), Daniel Best, Tuesday, expressed concern that the region may not meet the gross financing need of US$ 65.2 billion by 2030 to prevent stagnation.
Addressing the annual news conference of the region’s premier financial institution, Best told reporters that the Caribbean is living through a structural shift, defined by heightened geopolitical tensions, technological acceleration, climate, volatility, and reconfigured global supply chains.
He said these forces are reshaping how countries grow, compete, and secure their futures.
“For the Caribbean, they converge into what I have called the decade of decision. Will we become architects of our own resilience or remain exposed to external shocks in a world that is increasingly selective and unforgiving?
“Even before recent turbulence intensified, we projected that between 2024 and 2033, the Caribbean would require a gross financing need of US$65.2 billion to prevent stagnation.”
Best said that achieving true resilience, climate adaptation, stronger infrastructure, and fiscal buffers could double that figure, add inevitable external shocks and higher growth ambitions, and the need escalates further.
“Our region has made measurable strides towards the Sustainable Development Goals, but in some areas, momentum has stalled. In others, reverse. At the current pace, 2030 will pass before we even meet them.
“The decade ahead cannot be financed or governed at yesterday’s scale. The decisions we take today will ultimately determine whether 20 million Caribbean futures are protected or placed at risk,” Best said, asking “what does this new era demand of the Caribbean Development Bank?
“Do we operate with an outdated model or scale for a more complex and volatile era? “ he asked, noting that the bank has “boldly chosen to scale”.
He recalled last year calling for a rebirth of the financial institution, and that this commitment is now in motion. Best said last month, the CDB board approved the strategic plan for 2026-2035, providing a clear mandate that aligns the institution for the decade ahead.
“This plan is our North Star. It is built on rigorous scenario planning and stress-tested against multiple futures, so we remain agile and prepared. It is anchored in an integrated resilience framework built on three interconnected pillars.”
He said the first is social resilience, and that the CDB is strengthening people’s ability to withstand shocks and still advance.
“Poverty, inequality, gaps in education and healthcare, natural hazards, youth unemployment, and migration continue to strain Caribbean households. Our focus is on ensuring reliable access to essential services, reducing extreme poverty, and delivering social protection that is responsive, inclusive, and grounded in dignity.”
Best said that the second is economic resilience, noting, “for us, economic resilience means supporting our countries so they can absorb multiple shocks while sustaining inclusive growth. “We are shaping a more diverse, competitive Caribbean powered by climate-resilient infrastructure, strong fiscal systems, digital connectivity, secure food systems, a vibrant cultural sector, and a private sector driving greener, innovation-led growth.”
Best told reporters that the third interconnected pillar is environmental resilience, noting that in this region, environmental resilience is existential.
“It means strengthening our capacity to thrive while protecting our people, economies, and ecosystems from escalating climate and disaster risks. So we are advancing green opportunities and a nature-positive, climate-resilient, low-carbon region where stewardship fuels prosperity and reduces risks.
“How will we deliver on these objectives? By focusing on three operational priorities. Youth, institutions, and climate action. Youth, because half our population is under 30, giving us a demographic advantage as global labour markets age.
“Our investments will expand opportunities, build skills and entrepreneurship, and position young people as development drivers,” he said, promising, “we will also focus on strengthening the region’s institutions.
“We all know resilient societies depend on capable, accountable institutions. Yet too often, procurement delays, fragmented implementation, and weak fiscal management continue to slow development. We will strengthen institutions to improve service delivery, reinforce policy frameworks, and build long-term credibility.”
Best said that the focus on climate requires no justification, noting that the region needs roughly US$14 billion annually for climate response but mobilises less than 10 per cent of that.
“At the bank, we are committing 30 per cent of our total financing and 35 per cent of our special development fund resources to adaptation and mitigation across the Caribbean.”
He said gender equality, innovation, digital transformation, and regional integration will underpin every intervention, advancing inclusion and shared prosperity across the bank’s work”.
Best is also promising that the CDB will strengthen its Haiti country office, support micro, small, and medium enterprises and renewable energy, and advance disaster risk management, because resilience in Haiti strengthens resilience across the Caribbean.
“This strategic plan is also a blueprint for CDB’s internal reform agenda, designed to deliver greater scale, speed, and impact. We are enhancing country engagement, making it easier to work with the Bank, identifying bottlenecks in real time, and strengthening our results tracking.
“Friends, we recognise that CDB alone cannot address the region’s needs. Therefore, we are deepening our collaboration with regional institutions while working more closely with other multilateral development banks on joint planning, investment, advisory services, and policy dialogue.
“We are unlocking the full force of the private sector, positioning it as a central engine of the region’s resilience and development. We are also strengthening knowledge leadership through the CDB Academy, a platform for capacity building and knowledge exchange.”
Best said this will support member countries in designing bankable projects and advancing evidence-based solutions and policy making.
“And our members have been clear. They expect four things from the Bank. Scale, alignment, catalytic capital, measurable resilience,” he said, noting that the transformation is already underway.
Best said that in his first year as head of the CDB, the bank’s capital position was strengthened and expanded by its lending capacity, raising 100 million Swiss francs on the Swiss market and executing a US$450 million exposure exchange agreement.
“We also launched our trade finance guarantee programme for small and micro enterprises to help de-risk support to MSMEs,” he said, adding that when Hurricane Melissa struck Jamaica, the bank was part of a global partnership of major development institutions that coordinated a US $6.7 billion recovery financing package.
“Year one was about repositioning this bank for the decade ahead. To move forward, we must scale our financing strategy to match our ambition. This is why we are pursuing a comprehensive resource mobilisation strategy to expand capacity, lower funding costs, optimise capital, deepen partnerships, and scale thematic finance.
“Soon, we will launch a Euro medium-term note programme, enabling up to one billion US dollars in issuance over three years. This will lower the capital costs and unlock the private investment our region needs to grow.
“And we are moving from a position of strength. Fitch recently reaffirmed our AA-plus credit rating with a stable outlook, reflecting prudent risk management,” Best said.
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