Prime Minister the Right Honourable Gaston Browne on Thursday held bilateral discussions with the President of the Caribbean Development Bank (CDB), focusing on strengthening the longstanding partnership between Antigua and Barbuda and the regional financial institution and identifying new opportunities to finance the country’s development priorities.
The meeting followed the successful hosting of the 2026 Commonwealth Heads of Government Meeting (CHOGM), which Prime Minister Browne described as a resounding success. He highlighted the substantial financial commitments secured through several of the summit’s side events, including US$1.2 billion pledged at the Global Eye Health Summit and more than US$200 million through the Commonwealth Nature Initiative.
The Prime Minister also underscored the renewed commitment among Commonwealth leaders to strengthen cooperation and increase intra-Commonwealth trade to approximately US$2 trillion by 2030. He said the Caribbean Development Bank would have an important role in helping the region take advantage of the expanded trade and economic opportunities expected to emerge from this commitment.
Prime Minister Browne expressed appreciation for the Bank’s continued support to Antigua and Barbuda, particularly its US$56 million facility for the expansion of the country’s school infrastructure. He noted that this investment complements the Government’s wider commitment to human development, including the expansion of the University of the West Indies Five Islands Campus, for which the Government secured a concessional US$80 million loan from the Kingdom of Saudi Arabia. The Prime Minister indicated that work on the campus expansion is expected to commence in January 2027.
The Prime Minister also acknowledged the Bank’s assistance in resolving matters relating to LIAT and its flexibility in accommodating the implementation of infrastructure works in Barbuda through the engagement of local contractors. He noted that such arrangements help retain a greater proportion of project financing within the local economy and create opportunities for domestic businesses and workers.
During the discussions, Prime Minister Browne raised the importance of strengthening contractual oversight and ensuring that agreements associated with externally funded projects adequately protect the interests of borrowing governments. He referred to a contractual dispute arising from a project financed through a European country infrastructure grant, which he said could expose Antigua and Barbuda to a substantial financial liability. He encouraged the Bank to pay close attention to contractual arrangements in the execution of development projects.
The Prime Minister also called for continued innovation in the Bank’s financing instruments, including consideration of equity-based arrangements for carefully selected private-sector projects supported by appropriate sovereign guarantees. He suggested that such instruments could help mobilise additional investment while providing safeguards for the Bank and its borrowing member countries.
The CDB President, Mr. Daniel Best welcomed the Prime Minister’s observations and reaffirmed the Bank’s commitment to Antigua and Barbuda. He commended the country’s hosting of CHOGM, describing the event as an impressive demonstration of Caribbean organisational capacity, hospitality and leadership. He specifically praised the contribution of local volunteers, liaison personnel, drivers and other workers who supported the successful delivery of the meeting and its associated forums.
The President also expressed satisfaction with the Bank’s participation in several CHOGM side events and the opportunities created for networking, partnership-building and follow-up engagement. He noted that the summit had generated valuable connections which could translate into further investment and development cooperation.
The CDB President outlined the institution’s ongoing reform programme, known as CDB Forward, which is intended to modernise the Bank and strengthen its relevance to the development needs of its borrowing member countries. He advised that the programme is being led from the Office of the President and places emphasis on innovation, new financial products and improved responsiveness.
As part of this reform effort, the President highlighted the Bank’s Trade Finance Guarantee Programme, developed in partnership with J.P. Morgan and IDB Invest. The programme is designed to provide guarantees to confirming banks that finance Caribbean issuing banks, thereby facilitating trade across the region.
He also outlined the Bank’s work on investment guarantee guidelines, which were to be presented to the Board for approval.
These guidelines are intended to support the development of additional guarantee instruments that can help mobilise private financing and strengthen resilience. The President referred to ongoing collaboration with other development finance institutions on guarantee arrangements and debt-for-resilience initiatives, including a multi-guarantor debt swap being pursued for Barbados.
The President further referred to a US$200 million portfolio guarantee approved by the CDB Board with the Government of Canada, which is expected to generate up to US$400 million in additional financing capacity for the Bank.
Both leaders discussed the importance of continued regional collaboration on major development initiatives, including energy projects, and the need to draw on technical expertise from development partners, philanthropists and private-sector stakeholders.
Prime Minister Browne reaffirmed Antigua and Barbuda’s support for the CDB’s reform agenda and expressed confidence that the institution could play an even greater role in financing sustainable growth, strengthening regional economic resilience and advancing the development priorities of its borrowing member countries. (Ends)
This article was originally published by Antigua News Room. Read the original article here: PM Gaston Browne and Caribbean Development Bank President Daniel Best Discuss New Financing Opportunities for Antigua and Barbuda.