L to R: Ms. Joanna Charles, General Manager, ACB Caribbean Group and Mr. Rodinald Soomer, Chief Executive Officer, CARICOM Development Fund after signing of Master Guarantee Agreement.

St. John’s, Antigua, 10 April 2025 – The ACB Caribbean Group and the CARICOM Development Fund (CDF) today officially signed the Master Guarantee Agreement under the Credit Risk Abatement Facility (CRAF). This landmark event signals the commencement of the CDF’s strategy to enhance financing for small and medium-sized enterprises (SMEs) engaged in renewable energy and energy efficiency projects across Antigua & Barbuda and Grenada, where the Bank currently operates.

The signing ceremony was held at the ACB Mortgage & Trust Boardroom and marked a milestone for sustainable finance and climate resilience options in the region. The CRAF initiative is designed to support SMEs by mobilizing capital through credit enhancement and offering targeted technical assistance – tackling head-on the often-cited challenge that banks are not supportive of small businesses.

In her welcome remarks, ACB Caribbean Group General Manager, Ms. Joanna Charles noted:

“The ACB Caribbean Group is thrilled to sign the Credit Risk Abatement Facility (CRAF) agreement today alongside the CARICOM Development Fund. This initiative directly aligns with the implementation of our strategic plan for the next three years, and we are eager to roll it out in both Antigua & Barbuda and Grenada.

The CRAF mobilises finance into SMEs for renewable energy and energy efficiency projects by providing credit enhancement and targeted technical assistance. This aligns with several key areas of our strategic plan – namely, implementing a practical and meaningful ESG strategy, and empowering our customers with access to financing and support as they adopt sustainable, environmentally conscious business practices.

ACB Caribbean Group is proud to be the first lending institution to sign this agreement in both of our territories. We are excited about what the future holds for our customers and future generations who will benefit from this programme.”

Also speaking at the event was Mr. Rodinald Soomer, CEO of the CARICOM Development Fund, who emphasized the importance of private sector inclusion in climate resilience strategies:

“It is important to close the circle on resilience building by bringing the private sector front and centre into national and regional efforts at implementing a long-term sustainable response to climate change mitigation and systematic adaptation to its impacts. Within this context, the CDF is pleased to welcome the ACB Caribbean Group as a strategic financing partner to the Credit Risk Abatement Facility.

This is a most opportune time to advance this endeavour, given the increasingly urgent need for access to domestic and regional financing for the energy transition in the Caribbean – particularly in light of the escalating impacts of climate change and recent geopolitical developments. Now more than ever, we must collaborate to design and scale viable, home-grown, and sustainable development solutions.”

The partnership marks a strong alignment between the two organizations’ development mandates, with ACB Caribbean Group’s customer-focused small business programme playing a pivotal role in ensuring that diverse business needs are met across both territories. Through the CRAF, ACB Group is able to support SMEs through direct finance but also capacity-building and the full range of technical guidance.

The signing represents a shared vision to drive environmental sustainability, climate resilience, and economic empowerment throughout the region.

About CDF – The CARICOM Development Fund (CDF) (www.caricomdevelopmentfund.org) established in 2008 is a key developmental mechanism in the architecture of the CSME and is committed to achieving its vision to lead in providing effective, efficient and sustainable solutions that address the challenges faced by disadvantaged countries, regions and sectors participating in the CSME.  In so doing its mission is to assist its Member States (namely Antigua & Barbuda, Barbados, Belize, Dominica, Grenada, Guyana, Jamaica, St. Kitts & Nevis, Saint Lucia, St. Vincent and the Grenadines, Suriname and Trinidad and Tobago) maximize the benefits arising from participation in the CSME, by reducing intra-regional disparities through effective partnerships and the provision of financial and technical assistance.