The Caribbean Development Bank (CDB) has once again proven its financial resilience and commitment to regional development. On November 27, 2024, S&P Global Ratings reaffirmed the Bank’s stellar ‘AA+/Stable/A-1’ credit ratings, reflecting its robust financial standing and prudent management practices.
In its announcement, the CDB expressed satisfaction with the affirmation, noting that the “stable outlook reflects the agency’s view that CDB will continue to uphold high capitalisation levels and manage its balance sheet prudently.”
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Sustaining Growth and Stability Across the Region
S&P Global highlighted the pivotal role the CDB plays in supporting sustainable growth across the Caribbean. In 2023 alone, the Bank approved $461.6 million in funding, including $73.6 million in grants, and disbursed $405.4 million to its borrowing members. From financing key development initiatives to providing critical support during natural disasters, the CDB continues to strengthen its reputation as a dependable partner in the region.
The ratings agency also commended the Bank’s consistent delivery of Preferred Creditor Treatment (PCT), which ensures that borrowing member countries prioritize timely repayments, even in the face of hurricanes and other climate shocks. This reliable payment record underscores the Bank’s deep trust and cooperation with its members.
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A Solid Financial Foundation
CDB’s strong financial health was another key factor in the ratings. The Bank’s Risk-Adjusted Capital (RAC) ratio stood at an impressive 29.7% as of mid-2024, showcasing its ability to absorb economic stress while maintaining high levels of liquidity and capitalization. Additionally, its eligible callable capital provides an extra layer of security against unforeseen risks.
According to S&P, these factors highlight the Bank’s exceptional financial stewardship, balancing its resources while addressing the unique challenges faced by the Caribbean region.
Commitment to Leadership and Vision
The CDB is not just resting on its laurels. On December 4, 2024, the Bank announced the appointment of Daniel Best as its seventh president, a move that reaffirms its dedication to visionary leadership and sustainable development.
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“This decision underscores the Bank’s commitment to fostering innovative strategies and transformative growth across the Caribbean region,” said the CDB in a statement.
As the CDB looks ahead, the reaffirmed ratings signal a vote of confidence in its ability to drive progress, tackle challenges, and empower the Caribbean’s sustainable development journey.
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