Caribbean Development Bank

The Caribbean Development Bank was established by an agreement between sixteen members of the Commonwealth of Nations in the Caribbean region, along with Canada and the United Kingdom. Signed on October 18, 1969, in Kingston, Jamaica, the Agreement entered into force on January 26, 1970, when 15 of the 18 signing states ratified it. The bank's initial capital was US$50 million, equivalent to 100 million Eastern Caribbean dollar, with main contributions from Jamaica (US$11,200,000 and 19.52% of votes), and the United Kingdom and Canada contributing US$10,000,000 each with 17.55% of votes in bank.

The bank was created with the purpose of promoting sustainable economic growth and reducing poverty in the region, aligning with W. Arthur Lewis's vision of economic development. During the first meeting of governors in Nassau, Lewis, who was an economist, was appointed the first president of the Caribbean Development Bank. His leadership was essential to establishing the bank's operations, emphasizing the importance of financial discipline and efficiency in development through agriculture and infrastructure projects. At this time, the bank aimed to reduce economic disparities among its member states by using soft loans to finance public works and agricultural development in the less developed states.

Lewis set the CDB's independence up by retaliating against political interference in the financial decisions of the bank. He also ensured there would be efficient administration and a focus on the Caribbean states to become a key financial instrument for the countries that lacked access to international financial institutions. Lewis also played a key role in building strong relationships with other international organizations like the Inter-American Development Bank (IDB) and USAID that helped the bank gain legitimacy and credibility.

As part of the different relationships that China has built with Multilateral Development Banks since the 1980s The Asian state joined the Caribbean Development Bank and became a non regional member in January of 1998.

In 2017 the Caribbean Development Bank hosted a conference in Barbados which focus was Chinese Renminbi in the Caribbean: Opportunities for Trade, Aid and Investment, Dr. Wu Qijin, Chief Executive Officer of the China–LAC Cooperation Fund (this version), spoke about the investment cooperation that is growing between China and the Caribbean states.

In 2022 the CDB signed a cooperative strategic partnership agreement with the African Development Bank (AfDB).

The United Nations launched Development Business in 1978 with the support of the Caribbean Development Bank, the World Bank, and many other major development banks from around the world. Today, Development Business is the primary publication for all major multilateral development banks, United Nations agencies, and several national governments, many of whom have made the publication of their tenders and contracts in Development Business a mandatory requirement.