Browne Urges CDB to Explore New Financing Options for Development

Prime Minister Gaston Browne has urged the Caribbean Development Bank (CDB) to explore new financing arrangements to help Antigua and Barbuda and other borrowing countries attract investment and advance their development priorities.

During bilateral talks on Thursday with CDB President Daniel Best, Browne proposed consideration of equity-based financing for carefully selected private-sector projects, backed by appropriate sovereign guarantees.

He also called for stronger oversight of contracts linked to externally funded projects, citing a dispute involving a European-funded infrastructure grant that he said could leave Antigua and Barbuda facing a substantial financial liability.

The discussions followed Antigua and Barbuda’s hosting of the Commonwealth Heads of Government Meeting (CHOGM), which both leaders praised for creating opportunities for investment and development cooperation.

Browne pointed to US$1.2 billion pledged at the Global Eye Health Summit and more than US$200 million through the Commonwealth Nature Initiative. He said the CDB could also help Caribbean countries benefit from efforts to increase intra-Commonwealth trade to approximately US$2 trillion by 2030.

Turning to domestic priorities, the Prime Minister welcomed the bank’s approximately US$56 million facility to expand school infrastructure. He said the investment complements the planned expansion of the University of the West Indies Five Islands Campus, supported by a concessional US$80 million Saudi loan. Work on the campus project is expected to begin in January 2027.

Browne also thanked the CDB for its assistance with LIAT-related matters and its flexibility in allowing local contractors to undertake infrastructure works in Barbuda, helping to retain project spending within the domestic economy.

Best reaffirmed the bank’s commitment to Antigua and Barbuda and outlined its modernisation programme, CDB Forward, which focuses on innovation, new financial products and improved responsiveness to borrowing countries.

Among the initiatives highlighted was a Trade Finance Guarantee Programme developed with J.P. Morgan and IDB Invest to help facilitate regional trade through guarantees supporting participating banks.

Best also discussed proposed investment guarantee guidelines and cooperation with other development finance institutions on debt-for-resilience arrangements, including a multi-guarantor debt swap being pursued for Barbados.

He said a US$200 million portfolio guarantee approved by the CDB Board with the Government of Canada is expected to create up to US$400 million in additional financing capacity.

Commending Antigua and Barbuda’s delivery of CHOGM, Best praised the volunteers, liaison personnel, drivers and other workers who supported the summit, describing it as a demonstration of Caribbean organisational capacity, hospitality and leadership.

Both leaders also discussed regional energy projects and opportunities to draw on expertise and financing from development partners, philanthropists and private investors.