Project profile — Support for a Risk Management Study for the Caribbean Development Bank

• Dominica (7.69%)
• Saint Kitts and Nevis (7.69%)
• Grenada (7.69%)
• Suriname (7.69%)
• Montserrat (7.69%)
• Anguilla (7.69%)
• Jamaica (7.69%)
• Guyana (7.69%)
• Saint Vincent And The Grenadines (7.72%)
• Haiti (7.69%)
• Antigua and Barbuda (7.69%)
• Saint Lucia (7.69%)
• Belize (7.69%)

• Banking And Financial Services: Financial policy and administrative management (24010) (100.00%)

• Environmental sustainability (cross-cutting) (significant objective)

This contribution represents support by Canada for a risk management study commissioned by the Caribbean Development Bank, to support stronger institutional effectiveness. The Caribbean Development Bank is a multilateral development financial institution based in Barbados. The Bank works towards the systematic reduction of poverty in its borrowing member countries through social and economic development in the Caribbean, including community-driven development and environmental sustainability and regional integration activities. Canada is one of the largest non-borrowing shareholders of the Caribbean Development Bank and one of the largest contributors to its Special Development Fund.

The intermediate results for this project include: 1) strengthened risk management at the Caribbean Development Bank for managing the Bank’s operational, credit, market, liquidity, reputation, legal and other risks to the Bank; 2) implementation of new initiatives by the Bank to improve its risk management and promote sound financial management; 3) contribute to the re-establishment of a stronger (AAA) credit rating in the medium to long term.

Results achieved as of July 2013 include: (i) A strengthened risk management framework at the Caribbean Development Bank is being created for managing the Bank's operational, credit, market, liquidity, reputation, legal and other risks to the Bank; (ii) This study lead to the creation of a new Risk Office, with a Chief Risk Officer already in place, who is reviewing and adjusting the Bank's risk policies and instruments to improve the Bank's financial and risk management; (iii) The study has contributed to improvement in risk management by the Bank, with a view to stabilise and improve the Bank's credit rating in the medium to long term.

• Proactive disclosure