Special Development Fund Replenished with $460M to Drive Caribbean Growth

The largest pool of concessionary funds from the Caribbean Development Bank (CDB) has been replenished with the support of $460 million USD, announced CDB’s 7th president, Daniel Best. This reflects an increase of U.S. $77 million from the previous cycle. The announcement was made today at the bank’s annual news conference in Barbados.

This funding, known as the Special Development Fund, includes both grants and concessional loans focused on strengthening the bank’s role in poverty alleviation and human development across the Caribbean. This makes the fund’s 11th cycle, covering 2025 to 2028.

This cycle will prioritise projects aimed at environmental resilience, disaster risk management, and biodiversity preservation. “The fund will further advance regional cooperation, integration, and digitalisation, accelerating our collective progress – the world’s a robust and sustainable future,” Best stated.

According to Best, “the fund has injected over $2.1 billion USD into social development initiatives” in the Caribbean since 1984.

In addition to environmental and economic resilience, the fund will focus on enhancing social protection systems, improving educational outcomes, and strengthening private sector development.

Best opened this year’s 2-day conference by unveiling the bank’s vision for the future under his leadership, focused on the theme “Rebirth: Innovate, Transform and Thrive for a Resilient Future.”