March 28, 2025
The Caribbean Development Bank (CDB) continued to drive sustainable development across the Region in 2024, approving USD 304 million and disbursing USD 323 million across the transport, renewable energy, education, private and agriculture sectors, while strengthening strategic partnerships.
The Bank secured financing to advance its water and energy security efforts through key partnerships, including a EUR 100 million loan agreement with the European Investment Bank for water supply expansion, wastewater treatment, solid waste management, and flood protection, along with a CAD 58 million envelope from Global Affairs Canada for resilient energy projects.
“Strategic partnerships amplified our reach enabling us to secure significant funding and achieve unprecedented milestones in energy and infrastructure development across the region,” said CDB’s Director of Projects (Ag), Mr. L. O’Reilly Lewis, addressing the Bank’s Annual News Conference on Wednesday, March 19, 2025.
Notably, CDB achieved two significant firsts: a USD 34.8 million loan for the construction of a geothermal power plant in Dominica, marking its first private-sector limited-recourse financing in energy, co-financed by the Inter-American Development Bank and the Government of Canada, as well as a USD 5 million grant for rural electrification in Haiti.
The Bank demonstrated its commitment to advancing education by investing USD 60 million to expand access to inclusive learning for students with special education needs in Saint Lucia, Grenada, and Saint Vincent and the Grenadines, strengthen climate-resilient schools, and integrate digital technology in classrooms. Additionally, the Bank provided USD 13 million for primary education in Haiti.
Recognising the financing challenges faced by regional businesses, CDB approved a USD 30 million line of credit to support private sector infrastructure and energy projects, as well as USD 20 million for student loans, low-income housing, renewable energy, and MSMEs in agriculture and industry in Belize. The Bank also commissioned a study on a Regional Credit Enhancement Facility designed to strengthen local credit markets.
To support agriculture, in the face of global supply chain disruptions. CDB provided USD 26 million to expand agricultural development in Jamaica. A further USD 7 million was committed to increase productivity and market access in Haiti. The Bank launched a call for proposals under the EU-CDB Food Security Programme to improve access to finance, innovation, and distribution for micro, small and medium-sized agri-businesses and producers in CARIFORUM countries.
Investments in water security and coastal resilience will benefit almost 50,000 people in the Eastern Caribbean with USD 22.8 million to upgrade the John Compton Dam’s water supply and transmission system in Saint Lucia, USD 15 million for the Sauteurs Coastal Protection Project in Grenada. A further USD 1.4 million was dedicated to support pre-investment studies related to Jamaica’s Kingston Harbour Walk Project.
The Bank’s flagship poverty reduction programme, the Basic Needs Trust Fund, delivered tangible results, with over 4,750 individuals benefitting from enhanced roads and 271 educators receiving training to support students with learning disabilities.
“Our focus remains on supporting sustainable development initiatives that address the critical needs of the Caribbean. These investments are all essential for long-term economic growth and stability. By reducing the risk of loss of life, physical and economic damage, and post-disaster recovery time, these projects will improve long-term Caribbean resilience,” Mr. Lewis said.