The Caribbean Development Bank (CDB) is placing institutional resilience at the centre of its mission to drive sustainable development across the region.

In his first address to the board of governors at the bank’s 55th annual general meeting held in Brazil this week, President Daniel Best issued a compelling call to action while urging countries to build robust, adaptable institutions that can weather an increasingly volatile global landscape.

“For small states like the Caribbean we are asked to stretch scarce resources, absorb shocks we did not cause, and operate within systems never designed with us in mind and yet we persist. The Caribbean continues to punch above its weight which is a sign of its identity as being resilient, visionary and unyielding,” he told attendees gathered in Brazil.

Best emphasised that in today’s world, resilience must go beyond recovery from natural disasters. He stressed the need for strong, adaptive institutions that serve not only as safeguards but also as platforms for regional voices to shape their own futures. “Recent forces demand that we protect and support our institutions, not just as safeguards, but as the mechanism that enables us to have a seat at the table and a voice in defining our future and control over our destiny.”

He added, “Reliance must go beyond individual will, it must be embedded in systems that are institutionalised, adequately financed and built to adapt to the challenges ahead. That is why, at 55 years strong, the CDB is undergoing a rebirth and re-imaging of both structure and spirit backed by an ethos to innovate, transform and to thrive. This ethos shapes our mission and guides our path towards building resilient institutions for a greener, stronger and more inclusive Caribbean.”

IMF Managing director Dr Nigel Clarke participates in a question and answer session following his presentation of the William Demas Memorial Lecture on June 10, 2025.

In what the president said was an increasingly uncertain global landscape shaped by geopolitical fragmentation, shift in international policies and economic shocks, he said it will only take resilient institutions to innovate with early warning systems, transform social protection programmes and thrive by constructing disaster resilient schools, communities and businesses.

Lauding the bank as one such resilient institution in region, he said the entity in the face of fiscal tightening, inflation and climate shocks continues to offer significant funding support to its borrowing member countries. In 2024 the financial institution approved over US$303 million in new projects as it deployed capital that was targeted, transformative and timely.

Best said that while institutions are retrenching the bank continues to step forward with resolve and results, doing so with the full strength of partnerships. As it continues to innovate to unlock new possibilities for the Caribbean, the entity is also reimagining development finance to meet the demands of a rapidly evolving world.

“We know that to build the future we want, we must finance systems change so at the bank, we are advancing bold innovations under our balance sheet optimisation framework so as to expand our lending capacity and to mitigate risk. At the heart of this momentum is our special development fund (SDF) for which the 11th cycle secured a record US$460 million with 35 per cent being earmarked for climate finance,” he said, as he also pointed to fivefold growth of the bank’s green climate accreditation which moved from US$ 50 million-US$250 million.

“An expansion of these funds aim to unlock deeper climate investment for a region we believe deserve no less. At the CDB we want to ensure that when crisis strikes it can respond without hesitation,” Best said.

Looking ahead, the bank, as part of its ambitious 10-year strategic plan, is also focused on embedding climate resilience as part of its regional security and prosperity coupled with incentivised sustainable governance.

“At the CDB our mandate is to ensure that the Caribbean is not defined by the challenges we inherit but by the future we design and CDB leads with purpose by lighting the path to sustainable development with innovation, This, as we lay the foundation to transformation and measure success by how communities thrive,” Best said. “This is our bank, home-grown, unwavering and committed to our future; it has carried us through and will continue to carry us forward.”

Deputy managing director of the IMF Dr Nigel Clarke, issuing a clarion call during the CDB’s annual William Demas Memorial Lecture, also urged Caribbean countries to raise their growth potential through deep productivity, enhanced reforms and strengthened resilience.

“It is imperative that Caribbean countries work to put their macro-fiscal houses in order while engaging in deep and meaningful structural reforms to increase the growth potential of Caribbean economies. You hold the keys to the future of the region. You have the tools, the talent, and the tenacity to chart a new path for growth and resilience,” he said.