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Canada-backed guarantee gives CDB US$400M boost for Caribbean development
(Kaieteur News) – The Caribbean Development Bank (CDB) has secured Board approval to advance a landmark First-Loss Portfolio Credit Guarantee backed by the Government of Canada—a transformative initiative expected to significantly expand development financing across the Caribbean.
The US$200M guarantee, announced by the Prime Minister of Canada at the G7 Leaders’ Summit in Kananaskis in June 2025, marks a major milestone in innovative development finance. Approved by CDB’s Board of Directors during the Bank’s 56th Annual Meeting, the transaction is expected to strengthen the Bank’s capital position, reduce portfolio risk, and increase its lending capacity.
Left to right – Stefano Capodagli, Chief Risk Officer CDB; Katie Birks, CDB Alternate Director Canada, Diana Wilson-Patrick, General Counsel CDB; Philippe Hall CDB Director Canada; Daniel M. Best, CDB President.
In a press release CDB said it is also represents a major step forward in innovative development.
The guarantee is expected to generate up to US$400M in additional financing capacity, supporting investments in climate resilience, sustainable infrastructure, and economic development.
Speaking on the margins of the Bank’s 56th Annual Board Meeting in Nassau Bahamas CDB President Mr. Daniel M. Best described the initiative as a transformational milestone. “This is an important step towards the agreement that will enhance our ability to deliver on our mandate at a critical time for the Caribbean. It allows us to increase investment in resilience, opportunity, and economic development while safeguarding the Bank’s financial strength.” The guarantee builds on CDB’s ongoing balance sheet optimisation efforts and aligns with global efforts led by the G20 to strengthen multilateral development banks and scale development impact.
According to Director, International Financial Institutions Division for Global Affairs Canada, Mr. Philippe Hall “The Government of Canada’s support underscores its commitment to support reforms and innovations among Multilateral Development Banks for advancing sustainable development and strengthening resilience in Caribbean Small Island Developing States.”
With the expected increase in its financing capacity, CDB will prioritise projects that advance climate action, regional integration, and economic development, consistent with CDB’s Strategic Plan.
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