CARIBBEAN DEVELOPMENT BANK (CDB)
P.O. Box 408 Telephone: (246)431-1600 Wildey Facsimile: (246)426-7269 St. Michael (246)228-9670 Barbados Telex: WB 2287 E-mail: firstname.lastname@example.org Internet: www.caribank.org Board of Governors Chairman: ... Keith ROWLEY (Trinidad and Tobago) Vice-Chairmen: ... Baroness Valerie AMOS (United Kingdom) ... Roberto JUNGUITO (Colombia) Member Governor/ Alternate Anguilla, British Virgin ... John A. OSBORNE Islands, Cayman Islands, Floyd B. HALL Montserrat, Turks and Caicos Islands
ESTABLISHMENT AND FUNCTIONS
The Caribbean Development Bank (CDB) is a regional financial institution established by an Agreement signed in Kingston, Jamaica, on October 18, 1969, and entered into force on January 26, 1970. The Bank was established for the purpose of contributing to the harmonious economic growth and development of the member countries in the Caribbean, having special and urgent regard to the needs of the Less Developed Countries (LDCs) of the Region. For this purpose, CDB has used the CARICOM definition of LDCs which comprises the following countries: Anguilla, Antigua and Barbuda, Belize, Dominica, Grenada, Montserrat, St. Kitts and Nevis, St. Lucia, and St. Vincent and the Grenadines. To these are added the United Kingdom Overseas Territories of the British Virgin Islands, the Cayman Islands, and the Turks and Caicos Islands.
CDB provides loan financing to the governments of it Borrowing Member Countries (BMCs), and to public and private sector entities in those countries. It also lends to private sector entities without government guarantee, and invests in equity in those enterprises. As part of its loan financing, CDB includes TA to public and private sector enterprises in its BMCs.
The Bank's Borrowing Member Countries are: Anguilla, Antigua and Barbuda, The Bahamas, Barbados, Belize, British Virgin Islands, Cayman Islands, Dominica, Grenada, Guyana, Jamaica, Montserrat, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines, Trinidad and Tobago, and Turks and Caicos Islands.
CDB's founding membership included 16 English-speaking Caribbean countries as Regional Members, and Canada and the United Kingdom as non-Regional Members. Venezuela (1973), Colombia (1974) and Mexico and Anguilla (both 1982) subsequently joined as Regional members. Italy joined in 1988, Germany in 1989 and the People's Republic of China in 1998.
CDB's highest policy-making body is the Board of Governors on which each Member Country is represented. On the Board of Governors, Anguilla, British Virgin Islands, Cayman Islands, Montserrat and Turks and Caicos Islands are considered as a single member. The Board of Governors meets once a year when CDB's operations are reviewed and major policy decisions taken. Special meetings are held as necessary.
The powers of the Board of Governors, except those specially reserved to it under the Charter, have been delegated to the Board of Directors, which is responsible for the conduct of investments, borrowing programs, technical assistance (TA), administrative budget, and submits accounts pertaining to each financial year for approval by the Board of Governors. The Board of Directors comprises 17 members, 12 representing Regional Members and 5 representing non-Regional Members. Directors are appointed for two-year terms of office and are eligible for reappointment.
The President of CDB, who is elected by the Board of Governors for a term not exceeding five year, and may be re-elected, is the Chairman of the Board of Directors. The President is responsible for the organization and operation of CDB, including the appointment of staff and investigation of loan proposals. There are two Vice-Presidents: a Vice-President (Finance) and Bank Secretary and a Vice-President (Operations). The ranking Vice-President exercises the authority and perform the function of the President in the absence or incapacity of the President, or while that office is vacant.
CDB - its Purpose, Role and Functions - Twenty Questions and Answers, Basic Information, Lending Policies, Sector Policy Papers - The Environment and Human Resource Development, Guidelines for Procurement, Procedures for the Selection and Engagement of Consultants by Recipients of CDB Financing, Statements by the President, CDB News, Social and Economic Indicators - BMCs, Central Government Statistics of the LDCs and External Public Debt - BMCs.
UPDATED: May 5, 2003