CDB launches reform plan to limit effects of climate change, economic shocks

Amid escalating global economic uncertainty, severe climate volatility, and shrinking international financing, the Caribbean Development Bank (CDB) has launched a bold blueprint for regional transformation.

​Speaking at the opening ceremony of its 56th Annual Meeting in Nassau, CDB President Daniel Best delivered a rallying cry to regional leaders, calling for a “rebirth” of the institution to help Caribbean nations navigate an era where uncertainty has become the new norm.

Best said the current global landscape required unprecedented regional collaboration. He noted that the host nation was a fitting backdrop for this pivotal moment, recalling that the bank’s inaugural meeting was held in The Bahamas over five decades ago during a period of profound post-colonial transition.

​”In the face of those realities, those leaders understood something very important. They understood that uncertainty was not a reason to retreat, it was a reason to build,” Best said.

He said there were more than enough examples across the region that pointed to ​the accelerating threats of climate change.

​”I had the opportunity to visit Jamaica in the immediate aftermath of Hurricane Melissa, and what I witnessed was nothing short of gut-wrenching; communities flattened, homes gone, and a hospital barely standing. And yet within those damaged walls, nurses and doctors pressed on, working tirelessly to care for the injured, because that is who we are as a region. We persevere even in the face of devastation,” Best said.

​To combat those realities, Best announced that the bank had scaled up its interventions by approving and disbursing over US$400 million since 2025 to advance critical infrastructure, boost education, and strengthen private sector development. 

Notably, the bank achieved a record US$226.7 million in climate finance commitments, including securing the first single-country Green Climate Fund (GCF) project for The Bahamas, aimed at bolstering water security and storm resilience.

Best also revealed that the CDB is spearheading a unified regional effort to retrofit housing across more than 15 countries, converting vulnerable homes into resilient shelters to protect millions of families from future climate shocks.

​The Nassau meeting, which was attended by Finance Minister Ryan Straughn and other regional policymakers, served as the official platform to highlight the bank’s new 10-year strategic plan, spanning 2026 to 2035. 

Best explained that the strategy is deeply rooted in building social, economic, and environmental resilience, with a primary focus on the region’s youth, who make up nearly half of the Caribbean population.

​”Too many remain disconnected from opportunity,” Best warned, characterising youth unemployment and disenfranchisement as a critical economic challenge. “Our strategy prioritizes skills, entrepreneurship, and access to finance so that our young people can build their futures here at home.”

​To illustrate this impact, Best highlighted the success of Nkrumah Fong, a young Jamaican innovator and founder of Ceres Labs. Through a CDB-funded clean-tech incubator, his company developed “Vector One,” a cutting-edge carbon absorption technology designed to reduce emissions from vehicles, ships, and heavy generators.

​Beyond youth development, Best said institutional governance was fundamental to regional progress. He cited the bank’s successful governance reform program with the Development Finance Corporation in Belize as a prime model for turning ideas into concrete outcomes.

​To ensure the bank can execute its ambitious goals, Best unveiled a comprehensive internal reform program dubbed CDB Forward. Built on four pillars – an uncompromising culture of excellence, an improved operating model, enhanced governance, and strengthened financial capacity – the initiative aims to transform the CDB into a faster, more agile partner for borrowing member countries.

​”CDB Forward speaks to how the bank must change, but more importantly, to why that change matters for our citizens,” Best explained. 

He stressed that the reform will eliminate project delays, ensure development support reaches countries faster, and provide greater access to financing to combat rising debt pressures and climate risks.

Best urged the gathered delegates to shift their focus from mere dialogue to immediate execution throughout the week’s solution labs and seminars. He challenged the modern generation of Caribbean leaders to match the courage of the bank’s founding fathers who built the institution 56 years ago.

​”The Caribbean has never waited for history to happen to it. We have always been at our best when we had the courage to shape history ourselves. Let us leave determined to build a Caribbean that is stronger, greener, more resilient, more inclusive, and more prosperous than the one we inherited,” Best said.

(RR)