Our History
The CDF was established under (Chapter 7) Article 158 of the Revised Treaty of Chaguaramas for the purpose of providing financial or technical assistance to disadvantaged countries, regions and sectors. CDF was established as the centrepiece of the regime to address disparities and to build economic and social cohesion within and among Member States in the CARICOM Single Market and Economy (CSME).
The CDF Agreement was signed in July 2008 and the CDF began operating on August 24, 2009. CDF Member States are Antigua & Barbuda, Barbados, Belize, Dominica, Grenada, Guyana, Jamaica, St. Kitts and Nevis, Saint Lucia, St. Vincent and the Grenadines, Suriname and Trinidad and Tobago.
The Agreement specifies that the financial and technical assistance
includes assistance to:
(a) address economic dislocation, other adverse economic impact, and adverse social impact arising from the operations of the CSME; and structural diversification and infrastructural development needs.
(b) facilitate regional investment promotion and mobilisation; and business development and enterprise competitiveness.
Financial and technical assistance is provided in the form of grants, interest subsidies, and concessionary loans and interest subsidies.
Cycles of the CARICOM Development Fund
The CDF’s work is carried out in distinct planning cycles. In the first cycle (2008-2015) and second cycle (2016-2023), the CDF invested over US$164 million in cohesion-building projects across 10 CARICOM member states. These investments were aligned to thematic priorities directly informed by the CDF’s mandate and the support needs of sectors deemed high-priority by the Member States:
Cycles
*3rd Cycle is not yet complete.
Thematic Priorities
These investments were aligned to CDF’s Thematic priorities for Cycles 1 and 2 and Cycle 3. The sectors benefiting from these investments included education, water and sanitation, transport, tourism, microfinance, energy, agriculture, and the public sector.
Investment Amount By Thematic Priority
Infrastructure
US$75.08M
Business Development and Enterprise Competitiveness
US$40.16M
Renewable Energy and Energy Efficiency
US$31.16M
Transformation of the Agriculture Sector
US$15.00M
Other
US$2.27M
Investment Amount By Sector
Agriculture
US$40.64M
Micro Finance
US$33.55M
Energy
US$30.86M
Water and Sanitation
US$20.39M
Tourism
US$17.60M
Public Sector
US$10.06M
Transportation
US$8.34M
Education
US$2.23M
Significant CDF Partnerships in Cycles 1 and 2
Throughout its first two cycles, the CDF has formed strong partnerships with key regional and international stakeholders to increase its access to technical and financial resources, and the development impact of CDF-supported cohesion building programmes and projects
CARICOM Cohesion Policy: Expanding Our Assistance
Initially, the CDF’s financial and technical assistance was directed only to Member States classified as disadvantaged. These included Antigua & Barbuda, Belize, Dominica, Grenada, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines, and Guyana (due to its Heavily Indebted Poor Countries status).
However, with the approval of the CARICOM Cohesion Policy in 2020, the CDF expanded its focus to assist disadvantaged regions and sectors across all Member States. This strategic shift enabled the first projects targeting disadvantaged communities in Barbados and Suriname.
The CDF Member States
ANTIGUA & BARBUDA
US $9M
BARBADOS
US $13M
BELIZE
US $11M
dominica
US $23M
grenada
US $13M
GUYANA
US $35M
st kitts and nevis
US $9M
ST LUCIA
US $21M
ST VINCENT
US $19M
SURINAME
US $11M
Learn more about the economic and social programs the CDF undertakes in its member states.
Our Mission
To deliver transformative, people-centered cohesion
programmes, driven by a high performance team
and committed regional and global partners
Our Vision
To successfully lead social and economic cohesion in the Region
Value Proposition
Thoughtful engagement … Creative Solutions
Core Values
Integrity
Integrity
Integrity is promoted by acting ethically at all times. The discharge of its duties is guided by honesty,
fairness and truthfulness. The Board and members of staff subscribe to the approved code of
conduct.
Transparency
Transparency
Transparency is exemplified
by the unfiltered access
by the public to timely
and reliable information
on its operations through the
publication of its guidelines
and annual reports.
Accountability
Accountability
CDF accounts for the stewardship of resources to the Community, Development Partners and the public through regular reports to the CARICOM bodies, the publication of its Annual Report and Annual Meeting of Contributors and Development Partners.
Guiding Principles
Preservation of Value
Preservation of Value
Preservation of Value – The value of the CDF capital fund is sustained by careful choice of programme interventions in Member States, effectively managing the level of investment risk and reducing the risk of operational disruption.
Outreach
Outreach
Outreach – CDF cares for all its employees, communities, contributors and donors. Its programmes and interventions recognize that the real reason for its existence is the enhancement of the quality of life for the disadvantaged within the Caribbean Community.
Relevance
Relevance
Relevance – CDF will aim to execute its mandate in a manner that achieves the Treaty Objectives, adds value to the Community and is consistent with the development objectives of beneficiaries.
Innovation
Innovation
Innovation – CDF will strive to be innovative by seeking creative solutions to the challenges faced
by its disadvantaged countries, regions and sectors.
Cycle 3 Thematic Priorities
Regional Investment Promotion and Mobilisation
- Build out of the Caribbean Community Resilience Fund (CCRF) and Green, Resilient and Sustainable Facility (GRSF); and expansion of the CDF’s Credit Risk Abatement Facility to crowd in investment funds to the region and release domestic financial savings into investment in energy transition projects.
- Accessing funding on behalf of Member States, as a GCF accredited entity and developing other strategic partnerships.
- Launch of CDF’s Project Preparation and Development Facility (PPDF) to accelerate the building of a pipeline of invest-ready projects.
- Supporting Member States with the development and implementation of sustainable Investment Promotion Strategies, including strategies for attracting investment in infrastructure, agriculture, tourism, transport and logistics.
Human Capacity Development and Enterprise Competitiveness
- Improving SMEs’ access to affordable credit for innovation and growth via its Lines of Credit (LOCs).
- Targeted LOCs addressing the needs of the most disadvantaged (e.g., women, youth-owned businesses and rural SMEs); and SMEs with high growth and job creation potential aligned with Member States’ diversification and resilience building strategies.
- Technical assistance to support SMEs in successfully using the finance provided to innovate and increase firm level productivity, resilience and competitiveness; and reduce energy costs through the adoption of energy efficiency measures and increased use of cheaper, renewable and cleaner energy technologies and systems.
- Co-opting business development and enterprise competitiveness support services from regional development partners to develop customised packages of support for firms, under the CDF-led Article 164 industries programme.
- Improving the competitiveness of high potential sectors via the strengthening of sector-level business development organisations; investment in sector-specific infrastructure and human capacity development; and strengthening the sector ecosystem through improved coordination among actors.
Environmental Resilience and Climate Action
- Providing concessional funds and risk mitigation instruments such as financial guarantees, and bespoke technical assistance to facilitate the application of best practices in preparation, structuring and execution of climate impact mitigation and adaptation projects.
- Increasing the number and types of financial intermediaries providing SMEs with access to resources to finance energy transition.
- Providing finance and technical assistance to improve the resilience of SMEs in key industrial and services sectors to climate change and adverse economic shocks.
Transformation of the Agriculture Sector
- Increasing the participation of women and the youth in the sector.
- Improving agripreneurs’ access to affordable credit.
- Capacity building of Ministries of Agriculture and other key support agencies responsible for extension services, pest and disease management, enterprise development, certified laboratory testing services, and the production and distribution of crop varieties that better withstand stressors like drought or pests.
- Improving infrastructure to support a transition to more water-efficient irrigation systems; increased processing of/value addition among targeted commodities and meat; improved waste management; and improved compliance with food safety, sanitary and phytosanitary standards.
- Accelerating adoption of improved production practices and technology by farmers.
Community Empowerment
- Developing human capital; improving infrastructure and living conditions; and stimulating investments and creating jobs in disadvantaged communities.
- Reviewing and, accordingly, scaling pilot projects targeted to disadvantaged communities: community tourism, youth entrepreneurs in agriculture and agribusiness; and microgrid installation.
- Supporting the ongoing regional programme to reduce the region’s food import bill by 25% by 2025 and beyond.
Infrastructure
- Investment in infrastructure that contributes to improving the competitiveness of priority sectors and creating a more attractive business and investment climate (including transport and logistics); supports climate mitigation and adaptation (e.g., construction of solar energy plants or infrastructure for improved water management); and improves the quality of life and livelihood opportunities in rural communities (e.g., feeder roads and irrigation infrastructure, and microgrids).
Cross-Cutting Themes
- Strengthening the capacity of staff and counterparts and improving the integration of Human Capacity Development and Transformative Education, Gender Equality, and Environmental Management considerations in CDF-supported projects.
- Adopting an integrated and climate smart approach to agriculture sector development to reverse the current decline and increase the sector’s contribution to increasing income earning opportunities and reducing poverty and gender inequality in rural areas.
CDF’s Cycle 3 Objectives
PILLARS
Cohesion and Thematic Programmes
By 2028, the CDF will have successfully implemented at least 12 National Programs and 3 Regional Programs, all focused on enhancing economic and social cohesion across CARICOM.
Financial Transformation and Stability
By 2028, the CDF aims to achieve financial growth and sustainability through the introduction of three new revenue-generating financial products. These innovations will support an ambitious goal of US $400 million in program disbursements.
Branding, Repositioning, and Reimagining
CDF will establish itself as the visible leader advancing social and economic cohesion in CARICOM, providing innovative programs that foster regional integration and fulfill its broad mandate.
Institutional Strengthening and Governance
CDF will become a high-performance development organization, spearheading cohesion-building efforts with bold, growth-oriented leadership, an enabling policy environment, and a culture that is results-driven and innovative.
Management Team
Rodinald Soomer
Lenox Forte
Wayne Vitalis
