Caribbean Development Bank

The Caribbean Development Bank (in English: Caribbean Development Bank, CDB) is an international financial institution whose objective is to promote regional and regional cooperation and integration. finance economic, social and institutional development projects in the Caribbean area. The bank was founded on October 18, 1969 in the city of Kingston, Jamaica, and became operational on January 16, 1970. Currently, the institution's headquarters are located in Wildley, Saint Michael, Barbados, and it has 25 members.

Structure

The bank has a Board of Governors, a Board of Directors, a president and two vice presidents, who are supported by the employees and officers of the organization. The highest authority is the Board of Governors, where each member is represented by a governor (with the exception of the British territories, which appoint a governor together). The Board meets at least once a year and is supported by the Board of Directors (18 in total) who are responsible for the policies and daily operations of the bank and are elected for a period of two years, which may be renovated. The president of the Board of Directors is also the president of the bank and is elected every five years. In total, the bank employs 99 professionals from 11 countries and 98 support employees, most of whom are island residents.

Members

Members are divided into two types: regional and non-regional members. Regional members own 60% of the bank's shares and are the only ones with access to loans. Regional members are Anguilla, Antigua and Barbuda, Bahamas, Barbados, Belize, Colombia (since 1974), British Virgin Islands, Cayman Islands, Dominica, Grenada, Guyana, Jamaica, Mexico (since 1982), Montserrat, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Trinidad and Tobago, Turks and Caicos Islands, and Venezuela (since 1973). Non-regional members are Germany (since 1989), Canada, China (since 1998) and Italy (since 1988).