Daniel Best’s plan to restore trust and efficiency

After a turbulent period of leadership changes, administrative shakeups, and growing concerns over inefficiency, the Caribbean Development Bank (CDB) is embarking on a major transformation under its new president, Daniel Best.

Acknowledging past challenges and outdated processes, he unveiled a bold plan to modernise the institution, restore its credibility, and ensure a faster and more effective and innovative approach to delivering development funding.

“As we look forward to the future, with all its uncertainties but even greater opportunities, I can think of no better word to define my vision for this bank than rebirth,” Best declared during the bank’s annual news conference on Wednesday.

While regarded as the premier financial institution for regional development, the CDB has faced increasing scrutiny in recent years. The sudden departure of former President Dr Hyginus Gene Leon last year only deepened concerns about governance and efficiency; with some member states turning to alternative institutions for funding.

Best made it clear in his address that the CDB cannot afford to remain stuck in outdated processes, noting that it must modernise, move faster, and deliver better results for the Caribbean.

A key part of the transformation includes three new financial products launching in 2025, designed to unlock capital at scale, support the region’s energy transition, and de-risk private sector investment.

While details are still emerging, Best assured that these new mechanisms would remove barriers to access and make financing more agile.

“This has already begun in earnest,” he said, noting that discussions are underway with regional leaders and financial partners. “We need to be far more agile as a bank.”

The new tools, he explained, will accelerate project funding, ensuring that critical initiatives in energy, infrastructure, and economic development are not stalled by red tape.

Beyond new financial products, Best is leading an internal overhaul of the CDB to strip away bureaucratic delays that have plagued the bank for decades.

“We can’t go into 2025 with the same policies and processes we’ve had for over 50 years,” he said bluntly, noting that many have been in place since he was a boy. “The world has changed, and we must change with it.”

That shift, he said, means rethinking how the bank operates—from how projects are appraised to how funds are disbursed. The goal is to move money to borrowing member countries faster, ensuring that crucial projects don’t remain stuck in administrative limbo.

“We are taking a sobering look at how we develop new processes, how we remove value-depleting layers, and how we get resources to our countries faster,” Best added.

His vision extends beyond the walls of the CDB. He outlined major regional challenges that the bank must address head-on, including food security, energy access, and disaster risk financing.

The Caribbean, he said, must not remain vulnerable to external supply chain disruptions, recalling the food shortages seen during the COVID-19 pandemic. The CDB will support efforts to reduce the region’s reliance on imports, with a target of cutting food imports by 25 per cent through stronger agricultural production and supply chains.

Energy security is also high on the agenda. Best said the bank would focus on delivering affordable, sustainable energy to underserved communities while ramping up climate financing to help countries build resilience against natural disasters.

“The region is seven times more likely to be impacted by a natural hazard event than a larger country,” he noted. “We can no longer be surprised when these events happen. We must prepare, and we must finance that preparation properly.”

Best acknowledged that the biggest test for his leadership will be whether the CDB can regain the trust of its members after years of delays and inefficiencies. Some governments have already begun looking elsewhere for development funding, frustrated by the bank’s slow pace.

As he put it, the expectations are clear.

“As one prime minister said to me, the CDB must do more, better, faster. And we accept that challenge. The good people of this Caribbean region deserve nothing less.”

shannamoore@barbadostoday.bb