Regional Banks in partnership to mobilise Climate and Development finance for ECCU
A NEW PARTNERSHIP between the Development Bank of Latin America and the Caribbean(CAF), and the Eastern Caribbean Central Bank (ECCB) seeks to mobilize climate and development finance for the Eastern Caribbean Currency Union (ECCU). The agreement, signed on the margins of the 2025 annual meetings of the World Bank Group and the International Monetary Fund in Washington, D.C., aims to accelerate the region’s transition toward greener, more resilient, and digitally connected economies.
The Memorandum of Understanding (MOU) was signed by Executive President of CAF, Sergio Díaz-Granados, and Timothy N. J. Antoine, Governor of the ECCB. It establishes a framework for cooperation to strengthen financial systems, expand access to climate finance, and accelerate sustainable growth across the eight countries of the ECCU, states a release states from on behalf of the partners.
The partnership will prioritize areas that are deemed critical to the region, such as renewable energy and energy security, digital transformation, private sector competitiveness, and institutional capacity building.
Díaz-Granados said the partnership demonstrates CAF’s determination to contribute to strengthening the region’s financial system and to work with key partner organisations to ensure that CAF can expand the financing options available to ECCU countries as well as amplify the reach and impact of our development financing.
“The Eastern Caribbean faces some of the most complex development challenges in the world,” stated Díaz-Granados.
“These range from climate vulnerability to the pressures of global finance, which limit access to affordable capital and constrain fiscal space in small island economies. This collaboration with the ECCB will help channel financing, innovation, and expertise to address those challenges while creating opportunities for transformation and inclusive growth.”
Governor Antoine described the signing as a pivotal step that will facilitate access to development financing, technical expertise and grants to support the development ambitions of ECCU countries.
“This partnership could not be more timely,” stated Antoine. “It brings together two institutions that share a commitment to building resilience and sustainable growth in the ECCU. For us at the ECCB, this collaboration is about turning our ‘Big Push’ challenge into meaningful and impactful action. It is about expanding the tools, partnerships, and resources that can help us empower and support our people to thrive in an ever-changing global economy.”
The agreement builds on CAF’s deepening engagement in the Caribbean, where it now counts six shareholder countries. Two of these are members of the Organisation of Eastern Caribbean States (OECS) that have completed the formal incorporation process, while all remaining independent OECS countries have officially expressed their intention to join CAF and are at varying stages of incorporation.
Since opening its Caribbean Regional Management Office in Port of Spain,Trinidad and Tobago, in 2022, CAF, a development bank has continued to expand its support for small island economies through financing, technical assistance, and knowledge partnerships that drive inclusive and sustainable growth.
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