In a significant move to bolster regional economic cooperation, development banks across the Eastern Caribbean Currency Union (ECCU) have initiated a transformative collaboration framework following a high-level consultative forum hosted by the Eastern Caribbean Central Bank (ECCB). The two-day gathering, convened in St Kitts and Nevis on January 29-30, 2026, assembled senior executives from development financial institutions to address pressing regional challenges and accelerate climate-resilient economic growth.
Royston Cumberbatch, General Manager of the Grenada Development Bank (GDB), represented his institution at the strategic meetings that focused on mobilizing concessional funding and enhancing sustainable development finance mechanisms. The forum served as a catalytic platform for knowledge exchange, best practice sharing, and strategic alignment across critical sectors including agricultural development, climate adaptation, infrastructure modernization, economic diversification, and financial inclusion initiatives.
A pivotal moment emerged when Dr. David Lowe, Managing Director of the Development Bank of Jamaica (DBJ), presented his institution’s innovative wholesale lending model. This approach, which channels funding through commercial financial institutions to reach end-borrowers, has yielded remarkable results including minimal non-performing loan ratios and enhanced institutional sustainability. Conference participants engaged in detailed analysis of how this framework could inform structural reforms within Eastern Caribbean development banks, particularly regarding balance sheet strengthening, risk management enhancement, and development impact amplification.
Dr. Lowe emphasized the critical balance between financial performance and measurable socio-economic outcomes, urging development banks to prioritize both institutional sustainability and tangible community impact. In response to these discussions, participants unanimously agreed to pursue a formal Memorandum of Understanding between Jamaican and Eastern Caribbean development institutions. This forthcoming agreement will establish mechanisms for technical cooperation, knowledge transfer, and capacity building, with formalization anticipated within coming months.
The GDB delegation presented updates on their digital transformation program, climate finance initiatives, and strategic plans to expand affordable credit access and technical support for micro, small, and medium-sized enterprises (MSMEs) and homeowners. These initiatives align closely with Grenada’s national development priorities and regional sustainable development objectives.
Cumberbatch reflected on the forum’s significance, stating: ‘This collaborative engagement reinforced the imperative of regional cooperation among development banks as we work collectively to expand financial access, strengthen climate resilience, and support inclusive economic growth. The insights gained will directly inform GDB’s strategic priorities as we enhance our developmental impact both nationally and regionally.’
The Grenada Development Bank has reaffirmed its commitment to fostering partnerships that unlock development financing, strengthen institutional capabilities, and promote sustainable prosperity throughout the Eastern Caribbean region.