The Caribbean Development Bank (CDB) is rolling out a robust new strategy aimed at transforming the private sector into a central engine of economic growth and sustainable development across the region.
CDB President Daniel Best outlined the institution’s vision during a recent leadership event hosted by the Trinidad and Tobago Manufacturers’ Association (TTMA) at the Hyatt Regency. Speaking under the theme “Economic Outlook: Improving the Competitiveness of Business in the Caribbean,” Best stressed the critical role of the private sector in the region’s future.
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“Our new private sector strategy is about unlocking innovative pathways for business to drive long-term sustainable development,” Best said. “We’re focusing on innovation, resilience, and improved access to finance as the foundation for a stronger Caribbean economy.”
Best acknowledged persistent barriers such as high energy costs, regulatory inefficiencies, and climate-related vulnerabilities—challenges that disproportionately affect micro, small, and medium-sized enterprises (MSMEs). He emphasized that the CDB’s new strategy directly addresses these hurdles with targeted interventions across key sectors.
To support a more competitive business environment, the strategy includes investments in infrastructure, policy reforms, and renewable energy initiatives. Core projects involve upgrades to road, port, and water systems—vital improvements that enhance productivity and lower operating costs.
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An example is Barbados’ electronic Port Community System, funded by the CDB, which streamlines trade processes by simplifying interactions between importers, exporters, and regulators. “It cuts through red tape and makes doing business easier,” Best said.
The bank is also accelerating the region’s energy transformation through its Accelerated Sustainable Energy and Resilience Transition (ASERT) framework. Projects under ASERT include geothermal exploration in Dominica, Grenada, St. Kitts and Nevis, and St. Vincent and the Grenadines, along with the creation of an e-mobility fund to support cleaner transportation.
“ASERT is about integrating renewable energy to lower and stabilise electricity costs,” Best explained, adding that the long-term goal is a regional energy grid that enables Caribbean nations to share renewable electricity.
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Another pillar of the strategy is improving access to trade finance. The CDB is designing a Trade Financing Programme to help local financial institutions (LFIs) expand their lending capacity by reducing risk—thereby supporting both intra-regional and global trade.
In its push for inclusive economic growth, the CDB is also championing gender equity. Through a partnership with the International Trade Centre, the bank launched a regional She-Trades Hub to connect women entrepreneurs with global markets, resources, and networks.
“Breaking barriers for women isn’t just the right thing to do—it’s economically smart,” Best noted.
The CDB is also supporting the Fit 4 Europe II initiative, aimed at helping non-energy goods—especially those from women-led enterprises—access the EU market. Other initiatives include improving transparency through the Trade Facilitation Enquiry Point and promoting standards with the National Quality Policy project.
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Best emphasized that climate resilience remains at the heart of the bank’s agenda. He warned that Caribbean businesses cannot be globally competitive without addressing the threats posed by climate change.
“The road ahead is uncertain, but full of potential,” Best said. “As some global alliances shift, we have an opportunity to strengthen regional cooperation to tackle food insecurity, connectivity issues, and more.”
Reaffirming the CDB’s commitment, he added: “Unlike others who may shift focus away from the Caribbean during difficult times, the CDB cannot—and will not—turn away. We are your steadfast partner in progress.”
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