The Caribbean Development Bank (CDB) says the region faces a major financing gap as it tries to meet its development goals.
Jason Cotton, acting Director of Economics at the Bank, says the Caribbean will need US$65 billion to US$72 billion, but the available funding is far less.
Mr. Cotton says the gap between what is required and what is available is of concern.
He notes that the CDB disbursed about US$390 million in loans and technical assistance in 2023, the largest amount in the bank's history.
However, he says the bank's concessional funding pool has only about US$460 million available for the 2025 to 2028 funding cycle.
That funding will support projects focused on poverty reduction, climate resilience, social services and infrastructure development.
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