CDB Bolsters Resources, Secures 5-Year FIDIC Agreement
The Caribbean Development Bank (CDB) has bolstered its resources and secured a significant agreement with the international engineering federation FIDIC. As of 31 December 2023, CDB's total assets stood at USD3.43bn, with USD2.03bn in Ordinary Capital Resources and USD1.40bn in special funds resources. This news follows a major agreement renewal and expansion with FIDIC.
The agreement, spanning five years, covers 12 FIDIC contract documents. These include various conditions for construction, plant & design-build, EPC turnkey projects, and more. This endorsement from a major international funding organization like CDB is a testament to the reliability and balance that FIDIC contracts offer. Therese Turner-Jones, acting vice president of operations at CDB, expressed enthusiasm for the agreement, stating it provides clients with internationally recognized forms of contract.
FIDIC, representing over one million engineering professionals worldwide, is delighted with the agreement. Catherine Karakatsanis, FIDIC president, highlighted the certainty and balance that FIDIC contracts bring to projects. The agreement will see CDB adopt these 12 standard contracts, including the latest 2022 FIDIC Rainbow Suite and the FIDIC Green book 2021, for the next five years.
CDB's total assets have grown significantly, reflecting its commitment to supporting inclusive growth and good governance in the Caribbean. The renewed agreement with FIDIC ensures CDB's projects will benefit from internationally recognized contracts, further boosting the bank's reputation and the region's development prospects.
