BRIDGETOWN, Barbados, CMC – The Barbados-based Caribbean Development Bank (CDB) Monday said that its flagship Special Development Fund (SDF) has garnered strong regional and international support, with partners stepping up their commitments for the renewal of the financing facility.
It said that the new 11th cycle (SDF 11) will run from 2025 to 2028.
The SDF, which represents the CDB’s largest pool of concessional financing, plays a critical role in reducing poverty and advancing human development across its Borrowing Member Countries (BMCs).
The CDB stated that contributors have approved a US$460 million programme for SDF 11, representing a significant increase over the US$383 million allocated for the 10th cycle, which concluded in December 2024.
Canada, the top contributor, has reaffirmed its commitment with a pledge of CAD 81.4 million (US$59.9 million). Regional support has also surged, with several BMCs increasing or maintaining their contributions for the new cycle.
Among them are Jamaica and Trinidad and Tobago, which have pledged US$16.5 million and US$11.3 million, respectively. The Bahamas and Guyana will each provide US$9.2 million.
The CDB stated that other BMCs have also increased their pledges, reflecting a united front in advancing the region’s development agenda.
Similarly, international and regional partners continue to play a vital role. China has pledged US$6.9 million, and Brazil announced a five-million-dollar allocation at the Brazil-CARICOM summit held last month in Brasília. In the case of China and Guyana, pledges are subject to adjustment.
“At a time of global uncertainty and economic headwinds, the commitment of our partners speaks volumes. Many have increased their contributions over the last cycle, demonstrating real confidence in the region’s potential and in the results we can deliver together,” said CDB President Daniel Best.
“The Caribbean’s development needs are urgent. People across the region face daily challenges, including food insecurity, outdated infrastructure, education gaps, escalating climate risks, and fragile energy systems. There is no time to waste. These funds will be deployed rapidly and effectively to help address these pressing challenges.”
The CDB stated that SDF 11 will focus on building a more resilient and sustainable Caribbean, with key priorities including environmental resilience. At least 35 percent of the funding will be earmarked for climate action, encompassing sustainable energy, adaptation, mitigation, disaster risk management, and post-disaster recovery.
It stated that another priority is institutional resilience, with an emphasis on strengthening implementation capacity in BMCs to accelerate and improve project execution. Meanwhile, social resilience will target interventions designed to enhance social protection, education and training, food security, water and sanitation, and citizen security. Also, the Basic Needs Trust Fund, CDB’s flagship poverty reduction initiative, will continue to receive support.
Production Resilience is primarily achieved through promoting private sector development and investing in resilient infrastructure to boost economic competitiveness and sustainability, which is another key priority. The CDB indicates that SDF 11 will also provide targeted assistance to Haiti, aimed at maximizing development impact and fostering long-term resilience.
The CDB stated that since its inception in 1984, the SDF has invested over US$2.1 billion in Caribbean social development.
Between 2013 and 2022, SDF-financed projects enhanced education for more than 343,000 students, trained over 11,000 agricultural stakeholders in modern production technologies, improved road networks that benefited nearly 932,000 people, and provided more than 94,000 households with access to safe water and sanitation services.
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