The Caribbean Development Bank (CDB) has forged a fresh collaboration with six International Financial Institutions (IFIs) and private sector entities to enhance the mobilization of private investments in the region.
As the need for development funding grows and public financing becomes more strained, Caribbean governments and financial institutions are seeking new ways to generate revenue and innovative methods to support their development efforts.
Joining forces with the Global Infrastructure Facility (GIF) as a technical partner, the CDB is part of an international initiative that brings together governments, IFIs, and private stakeholders to facilitate infrastructure development in emerging markets, and developing economies by fostering private investment.
In its role as a technical partner, the CDB is tasked with identifying and executing projects in conjunction with its member nations. Therese Turner-Jones, the Acting Vice President of Operations at CDB, had affirming words about the collaboration, stating that it will enable the Bank to leverage GIF’s resources to advance the development priorities of the region and enhance its service delivery to clients.
“The Bank looks forward to accessing GIF’s resources. Greater implementation means increased development,” said Turner-Jones.
This strategic alliance aims to promote sustainable, high-caliber infrastructure projects that attract private investments. By aligning with key players such as the African Development Bank, the Asian Development Bank, 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, CDB seeks to bolster its financing and implementation capabilities across nineteen Caribbean countries, ultimately driving increased development outcomes.
GIF Head, Astrid Manroth expressed high hopes, saying, “The GIF welcomes CDB as its 11th MDB technical partner and looks forward to our strategic collaboration…for scaled-up private investment in the specific context of the Caribbean region, including island states.”