Caribbean Development Bank Facts for Kids

Quick facts for kids
Caribbean Development Bank

Formation	October 18, 1969; 55 years ago (1969-10-18)
Purpose	Regional development
Headquarters	Wildey, St. Michael, Barbados
Membership	28 (19 borrowing members) (9 non-borrowing members)
President	Hyginus 'Gene' Leon

The Caribbean Development Bank (CDB) is like a special bank that helps countries in the Caribbean region. Its main job is to provide money and support for projects that improve people's lives. This includes things like building schools, hospitals, roads, and helping businesses grow.

The CDB was started on October 18, 1969. It officially began its work on January 26, 1970. The main office, or headquarters, is in Wildey, St. Michael, Barbados. In 2018, the bank opened another office in Haiti. This was its first office outside of Barbados. The staff at the headquarters come from many different member countries.

The CDB has 28 member countries. Some of these countries can borrow money from the bank. Others are members who help provide money but do not borrow. In 2021, the bank approved about US$269.5 million in loans and grants to help its member countries.

History of the CDB
- Meet the Presidents
How the CDB Works
Who are the Members?
See also

History of the CDB

The Caribbean Development Bank was created by an agreement signed in Kingston, Jamaica. Sixteen countries from the Commonwealth of Nations in the Caribbean, along with Canada and the United Kingdom, signed this agreement in October 1969. The bank officially started once most of these countries agreed to it.

When it first began, the bank had an initial capital of US$50 million. This money came from the member countries. Jamaica, the United Kingdom, and Canada were the biggest contributors at the start. The first president of the bank was Arthur Lewis. He was chosen at a meeting in Nassau.

Meet the Presidents

The Caribbean Development Bank has had six presidents since it started. They lead the bank and guide its work.

Name	Dates	Nationality
William Arthur Lewis	1970–1973	Saint Lucia
William G. Demas	1974–1988	Trinidad and Tobago
Neville Nicholls	1988–2001	Barbados
Compton Bourne	2001–2011	Guyana
William Warren Smith	2011–2021	Jamaica
Hyginus 'Gene' Leon	2021–present	Saint Lucia

How the CDB Works

The Caribbean Development Bank has different groups that help it make decisions and run smoothly.

The Board of Governors

This is the highest decision-making group at the CDB. They meet once a year. The Board of Governors has important powers. They can allow new countries to join, change the bank's rules, and choose the Board of Directors and the president. Each member country has one governor and one alternate.

The Board of Directors

The Board of Directors is in charge of planning the bank's projects and setting its yearly budget. Like the Board of Governors, each country has one director and one alternate. Directors serve for two years and can be chosen again.

The President

The President is the main leader of the CDB. They are like the CEO of a company. The President also leads the Board of Directors. Many offices that handle communication, managing risks, and making sure rules are followed are part of the President's office.

Countries nominate people to be president. A candidate needs a lot of votes from the Board of Governors to be chosen. The President serves for five years and can be re-elected.

Other Leaders

Two other important leaders report to the boards. These are the Vice-President (Corporate Services) and Bank Secretary, and the Vice-President (Operations). They help manage the bank's daily activities and projects.

Who are the Members?

Countries that can borrow from the CDB are in green. Other regional members are in blue. Non-regional members are in red.

As of 2023, the CDB has 28 member countries. Nineteen of these countries can borrow money from the bank. The other nine are non-borrowing members. They help support the bank but do not take out loans.