August 9, 2024
The Caribbean Development Bank (CDB, the Bank) is in a new alliance with six (6) International Financial Institutions (IFIs) and private sector interests to mobilise greater private investment in infrastructure projects and increase its access to technical expertise. The Bank has joined the Global Infrastructure Facility (GIF) as a technical partner. GIF is an international initiative comprising governments, IFIs and the private sector, designed to support infrastructure development in emerging markets and developing economies by encouraging private investment. As a technical partner, CDB is responsible for the identification and implementation of projects, in collaboration with its member countries.
Commenting on the milestone, CDB’s Acting Vice President of Operations, Therese Turner-Jones stated that “The Bank looks forward to accessing GIF’s resources. As we continue to reposition to more meaningfully advance the Region’s development priorities and better serve the needs of our clients, we anticipate that this new partnership will translate into improved financing and implementation capacities in nineteen Caribbean countries. Greater implementation means increased development.” This partnership aims to increase sustainable, high-quality infrastructure projects that attract private investment.
CDB is now at the table with the African Development Bank, the Asian Development Bank, the European Bank for Reconstruction and Development, the European Investment Bank, the Inter-American Development Bank, the International Finance Corporation, the Islamic Development Bank, the Multilateral Investment Guarantee Agency, and the World Bank and an increasing number of private investors.
Chief Strategy and Accountability Officer at CDB, Onika Miller, added that “This new partnership will provide increased opportunities to advance the Bank’s long-term objectives and address critical challenges related to private investment in infrastructure in the Caribbean.” As the gap in development financing widens and demands on the public financing increases, Caribbean governments and financial institutions require additional revenue streams and novel mechanisms to finance their development. GIF is one such resource.
GIF Head, Astrid Manroth, commented “The GIF welcomes CDB as its 11th MDB technical partner and looks forward to our strategic collaboration in preparing sustainable infrastructure projects for scaled up private investment in the specific context of the Caribbean region, including island states.”