Canada and the Caribbean Development Bank
The Caribbean Development Bank
Established in 1969 and based in Barbados, the Caribbean Development Bank (CDB) is a multilateral development bank that lends primarily to the developing countries of the Caribbean.
The CDB provides loans, guarantees, technical assistance, and policy advice to borrowing member countries, towards the goal of systematic reduction of poverty through social and economic development. The Bank further assists Caribbean nations and enterprises in promoting economic cooperation and integration in the Caribbean region. It is the second largest provider of development finance in the Caribbean region after the Inter-American Development Bank.
The Bank has a membership of 28 countries and territories comprising 19 Borrowing Member Countries, four regional non-borrowing members, and five non-regional non-borrowing members.
Canada and Caribbean Development Bank
Canada is a founding member of the CDB and is the Bank's largest non-regional shareholder alongside the United Kingdom (each hold 9.31% of total shares). Canada is also the largest contributor to the CDB's Special Development Fund (SDF), which provides low-interest loans and grants to support the poorest and most vulnerable Caribbean countries. The SDF is the Bank's principal pool of concessional resources, and includes the Basic Needs Trust Fund, a CDB flagship program for poverty reduction.
The CDB's focus on building environmental, social and economic resilience makes it a key multilateral partner for Canada in its efforts to help the region build broad based economic growth and reduce poverty.
Canada's Minister of International Development sits on the CDB Board of Governors, the highest decision-making body of the Bank. Canada also sits on the CDB Board of Directors, which meets four times a year and reports to the Board of Governors.
The CDB's development indicators and targets are identified in a multi-year corporate results framework. The results framework is used to measure and monitor progress key objectives in the Bank's strategic plan. Results are reported annually through its Development Effectiveness Review.
Canada monitors the results of the CDB to ensure it is delivering on its mandate to reduce poverty in the region, and reports annually on the performance of international financial institutions, including the CDB, in its report to Parliament on Canada's international assistance.
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