Mission Statement

CDB intends to be the leading catalyst for development resources into the Region, working in an efficient, responsive and collaborative manner with our BMCs and other development partners, towards the systematic

reduction of poverty in their countries through social and economic development.

P.O. Box 408,Wildey, St. Michael BB11000Barbados, West Indies

Telephone: (246) 431‑1600Telefax: (246) 426‑7269; (246) 228‑9670Internet Address: http://www.caribank.orgE‑mail Address: info@caribank.org

April 30, 2014

CDB – ITS PURPOSE, ROLE AND FUNCTION

Dollars ($) throughout refer to United States Dollars

CONTENTSPage

CDB AT A GLANCE 1

WHY WE ARE NEEDED 4

THE ORIGINS OF CDB 6

WHO MAKES DECISIONS AT CDB 8

HOW DOES THE BANK OBTAIN ITS RESOURCES? 11

LENDING ACTIVITIES 15

EQUITY OPERATIONS 23

TECHNICAL ASSISTANCE 24

APPENDICES1. Board of Governors 2. Board of Directors3. PrincipalOfficersoftheBank4. CapitalStockandVotingPower

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CDB AT A GLANCE

The Caribbean Development Bank (CDB) was established for the pur-pose of contributing to the harmonious economic growth and devel-opment of the member countries in the Caribbean.

To achieve this purpose, CDB:

• assistsitsborrowingmembercountriestooptimisetheuseoftheirresources,developtheireconomies,andexpand productionand trade;

• promotes private and public investment, encourages thedevelopment of the financial upturn in the Region, and facilitatesbusinessactivityandexpansion;

• mobilisesfinancialresourcesfrombothwithinandoutsidetheRegionfordevelopment;

• provides technical assistance to its regional borrowingmembers;

• supportsregionalandlocalfinancialinstitutionsandaregionalmarketforcreditandsavings;and

• supportsandstimulatesthedevelopmentofcapitalmarketsintheRegion.

The Bank is currently owned by 27 member countries: 22 mem-bers fromtheRegion,divided into19borrowingmembercountries(BMCs) and three non-borrowingmember countries; and five non-regionalmembers. The voting power of each country is linked toits subscription to theBank’s capital stock. Regionalmembers arerequired to hold not less than 60% of the shares, and non-regional membersnotmorethan40%oftheshares. OnlyregionalmemberscanborrowfromCDB.

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CDB’sCharterallowsformembershipof:

(a) StatesandTerritoriesoftheRegion;

(b) Non-regional States which are members of the UnitedNations or any of its specialised agencies or of the InternationalAtomicEnergyAgency;and

(c) Institutions.

AdmissiontomembershipinCDBmaybeobtainedupontheaffirmativevote of not less than two-thirds of the total number of Governors,representingnot less than three-fourthsof the totalvotingpowerof themembers.

The followingStates andTerritories are founding members of CDB – thoseStatesandTerritorieswhichsignedtheAgreementEstablishingtheBankin1969:

- Antigua andBarbuda;TheBahamas;Barbados;Belize;BritishVirgin Islands; Cayman Islands; Dominica; Grenada; Guyana;Jamaica; Montserrat; St. Kitts/Nevis/Anguilla, St. Lucia, St.Vincent and the Grenadines; Trinidad and Tobago; Turks andCaicosIslands;CanadaandtheUnitedKingdom.

Thosewhojoinedafter1969were:

- Venezuela (April 25, 1973); Colombia (November 22, 1974);Anguilla (May4,1982- formerlypartof theStateof St.Kitts/Nevis/Anguilla); Mexico (May 7, 1982); Italy (November 2,1988);Germany(October27,1989);China(January20,1998).Haiti (January 19, 2007). The newest member Suriname wasformallyadmittedonSeptember17,2013.

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TABLE 1 COMPLETE LISTING OF MEMBERS

Regional Members*

Anguilla HaitiAntigua and Barbuda JamaicaTheBahamas MontserratBarbados St.KittsandNevisBelize St.LuciaBritishVirginIslands St.VincentandtheGrenadinesCaymanIslands SurinameDominica Trinidad and TobagoGrenada TurksandCaicosIslands

GuyanaOther Regional Members* Colombia,Mexico,Venezuela

Non Regional Members* Canada,China,Germany,Italy,UnitedKingdom

*Regional MembersareentitledtoborrowfundsfromtheBankandhavevotingrightswhichentitlesthemtobeapartofthedecision-makingprocessoftheBank.

*Other Regional MembersarenotentitledtoborrowfundsfromtheBank.

*Non-Regional Members have voting rights but are not entitled to borrowfundsfromtheBank.

CDB’s priorities are to broaden themembership base of theBank,bothborrowingandnon-borrowing.WiththeintentiontohaveamorePan-Caribbeanflavour,initiativeshavebeentakentoinviteothernon-English-speaking Caribbean countries to become members. Brazil (2008) application for membership has been approved.

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The Bank is also seeking non-borrowing members which are keen onsupportingitseffortsthroughtheprovisionofresources,therebymakingtheirowncontributionmorecost-effective.

WHY WE ARE NEEDED

An institution that fights poverty: CDB embraces the MillenniumDevelopmentGoalsand isworking to facilitate theirattainment for the14.5millionpeoplelivinginitsBMCs.

The Bank provides resources to poor communities to improve their access to basic services, enhance employability and reduce socio-economic vulnerability. The objectives are:

- The expansion and conservation of social and economic infrastructure;

- The improvement of the human resources base; and

- The promotion and strengthening of the communities’ capacity to initiate and manage change.

CDB’s flagship poverty reduction programme is the Basic Needs Trust Fund (BNTF).

BNTF deals with the reduction of poverty in disadvantaged Caribbean communities in a holistic manner by providing avenues for sustainable social and economic development.

As projects are community based, the residents of the community are expected to assume ownership and provide essential input from the onset of the project. This bolsters the spirit of the community and ensures the project’s success and the continued maintenance of the result. The BNTF supports projects concerned with:

- Health- Education- Economic infrastructure

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- Day-care services (for infants and adults)- Skills training- Public access utilities including roads, drainage systems and

water lines

Development means more than financing:Ittakesmorethanfinancingto solve problems encountered by small andmedium-sized enterprises.CDB offers technical assistance to institutions and individual firmsthrough a variety of approaches in order to facilitate transfer of techniques, development of expertise, identification and promotion of investmentopportunities, and to build capacity generally in its BMCs. This complementsitsprojectsoperations.

CDB’s technical assistance programme for supporting the small- scale private sector is primarily through the Caribbean Technological Consultancy Services (CTCS). The CTCS is a network operated by the Private Sector Development Division within CDB in cooperation with regional and national institutions, laboratories, industrial enterprises and consultants. It contributes to strengthening private sector capabilities by linking people who have business and technical experience with businesses that need consulting advice and assistance. Interventions are carried out under three principal modes:-

- Direct technical assistance (facilitated by consultants)- Workshops- Job Attachments

An incomparable comparative advantage:CDB’scomparativeadvantageliesinitscloserelationshipwithitsBMCs,anditsunderstandingofthechallengesofthesmallstates;theeasyaccessofBankpersonneltopolicy-makers,administratorsandinstitutionsofcivilsociety;theownershipandconfidencethatBMCgovernmentsfeelintheirownregionalinstitution;theBank’sphysicallocationintheRegionandproximitytomanyofitsBMCs;anditscomparativelylowercostsfortheappraisalandsupervisionofprojectsof thesize that frequentlycharacterise theeconomiesof theCaribbean.

CARICOM economic cooperation and integration: TheBankundertakescooperation activities with countries and institutions in the Region initsefforts tosupporteconomicandsocialdevelopment in itsBMCs. Itmaintains close functional links with the CARICOM Secretariat, the

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Organisation of Eastern Caribbean States (OECS) Secretariat and theEastern Caribbean Central Bank, and participates in meetings of theOrgansofCARICOMandtheOECSAuthority.

THE ORIGINS OF CDB

AfterthedemiseoftheWestIndiesFederationin1962andthesubsequentindependenceofJamaica(August6)andTrinidadandTobago(August31)thatyear,internationalattentionwasfocusedonthesmallerTerritoriesoftheEasternCaribbean,i.e.thesevenWindwardandLeewardIslandsandBarbados.EffortsweremadebytheUnitedKingdomGovernmenttoformaFederationoftheLittle EightfortheseTerritoriesand,followinganEastCaribbeanConferenceheldinLondoninMay1962,severalsurveyswereinitiatedandCommissionsestablishedtopreparefortheFederation.There was the Survey byDr. CarleenO’Loughlin of theEconomic Potential and Capital Needs of the Leeward Islands and Windward Islands and Barbados published by the United KingdomDepartmentofTechnicalCooperationin1963;theReportoftheFiscalCommissionon theFederationofEastCaribbeanTerritories; theReportof theCivilServiceCommissionontheFederationofEastCaribbeanTerritories;andtheReportoftheJudicialCommissionontheFederationofEastCaribbeanTerritories,allpublishedinApril1963.

However,inspiteofallthedocumentationandpreparation,aConferenceheldinBarbadosinJune1963failedtoreachagreementonthetermsfortheFederation.

Following the failureof the attempt at theLittle Eight Federation, theUnitedKingdom,Canadaand theUnitedStatesofAmerica, in January1966,setupaTripartiteTeamofExpertstomakeaneconomicsurveyofBarbadosandtheLeewardIslandsandWindwardIslandsforthepurposeof formulating plans for the achievement of economic viability and tosuggestprioritiesforthenextfiveyears.

One of the recommendations of the Report of theTripartite Mission wasthataRegionalDevelopmentAgencyshouldbeestablishedfor theTerritorieswhichwereincludedinthesurvey,withinwhichaDevelopmentBankDivisionshouldoperate.

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SoonaftertheReportoftheTripartite Surveywasfinalised,aCanada/CommonwealthCaribbeanConferencewasheldinOttawainJuly1966,andoneoftherecommendationsoftheConferencewasthataStudybemadeofthepossibilityofestablishingafinancialinstitutiontoservetheCommonwealthCaribbeanCountriesandTerritories.A Conference of the sponsors of the Tripartite Survey and representatives of the Governments of Barbados, the Leeward Islands andWindwardIslands met in Antigua and Barbuda in November 1966 to considertheReportandagreed that,bearing inmind thedecisionof theOttawaConference, consideration be given to the establishment of a financialinstitution to serve all of the Commonwealth CaribbeanCountries andTerritories of the Region rather than only Barbados and the LeewardIslandsandWindwardIslands.

WiththeconcurrenceofallCountriesandTerritories,theUnitedNationsDevelopment Programme (UNDP)was requested to appoint a team ofexpertswiththefollowingtermsofreference:

“to undertake a study of the possibility of establishing a financial institution for regional development in the Caribbean which might be used as a method of financing projects of particular interest to the smaller areas as well as projects which might benefit the region as a whole.”

The team, whose Report was submitted in July 1967, recommendedthe establishment of a Caribbean development bank with an initialcapitalof$50million(mn).TheReportwasconsideredatameetingofofficialsinGeorgetown,Guyana,inAugust1967anditsacceptancewasrecommended. At a conferenceheld inBarbados inOctober1967, theHeads ofGovernment of the Commonwealth CaribbeanCountries andTerritoriesacceptedtheReportandestablishedaCommitteeofofficialstoworkoutdetailsfortheestablishmentofCDB,includingthepreparationofadraftAgreement.

ThedraftAgreementestablishingCDBwassubmittedearlyin1968andwasfinallyadoptedafterthreemeetingsatMinisteriallevel.Atthelastmeeting in July 1969, a Preparatory Committee for the establishmentofCDBwassetupandaProjectDirectorwassubsequentlyappointed.TheCommitteewas responsible for all arrangements leading up to theestablishment of CDB, including the Conference of Plenipotentiaries,ratificationand the InauguralMeetingof theBoardofGovernors. The

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CommitteereceivedassistancefromtheUNDP,theInternationalBankforReconstructionandDevelopment (WorldBank)and the Inter-AmericanDevelopmentBank(IDB).

TheAgreementwassignedatKingston,Jamaica,onOctober18,1969,ataConference of Plenipotentiaries of eighteen Countries and Territories and enteredintoforceonJanuary26,1970.TheInauguralMeetingoftheBoardofGovernorswasheldinNassau,TheBahamas,onJanuary31,1970.

The Secretary-General of the United Nations (UN) acted as the Depository for theAgreement and theGovernment of Barbadoswas appointed asTrusteeforthereceiptofpaymentsofthefirstinstalmentofsubscriptionstowardssharecapital.

ThepermanentHeadquartersofCDBis locatedatWildey,St.Michael,Barbados.ThefirstbuildingwaserectedbytheGovernmentofBarbadosaspartofitsobligationsundertheHeadquartersAgreementbetweenCDBandthatGovernment.In1980,theGovernmentdonatedtwohectaresofland adjacent toCDB’sHeadquarters for the construction of additionalofficeaccommodation,andthiswascompletedinSeptember1984.

WHO MAKES DECISIONS AT CDB

CDB is accountable to itsmember countries, and this accountability isessential to its effectiveness.

ThetoplinkofthechainofcommandistheBoard of Governors. All the powersofCDBarevestedinthisBoardwhichmaydelegateitspowerstotheBoardofDirectorsexceptoncertainmatters,suchasadmissionofnewmembers,changeincapitalstock,electionofDirectorsandthePresident,amendmentoftheCharter,andterminationoftheoperationsofCDB.

Each member country nominates one Governor and one AlternateGovernor. (For this purpose the Member Territories of Anguilla, British Virgin Islands, Cayman Islands, Montserrat, and Turks and Caicos Islands are regarded as one Member). EachGovernorcasts thevotesof theMemberTerritory orTerritorieswhich he represents. Except asotherwiseprovidedintheCharter,votingpowerisroughlyproportionaltosharessubscribed,withaslightweightinginfavourofthesmallerMemberTerritories.

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TheBoardofGovernorsmeetsonceayear,butmayalsobesummonedas required. Meetings of the Board of Governors, other than the Annual Meeting,may be called by theBoard ofDirectorswhenever requestedbyamajorityof theMembersofCDB. TheBoardofGovernorsat itsAnnualMeeting elects from among itsMembers a Chairman and twoVice-Chairmentoholdofficeuntilthenextelection.Appendix1showsthe Board of Governors.

The Board of Directors is responsible for the general policy and direction of the operations of CDB.

TheBoardexercisesallpowersdelegatedtoitbytheBoardofGovernors,and, in conformity with the Charter, takes decisions concerning loans,guarantees and other investments by CDB, borrowing programmes,Technical Assistance and other operations of CDB; it also approves the AdministrativeBudgetandsubmitsaccountspertainingtoeachfinancialyear for approval by the Board of Governors.

ItappointstheAuditandPost-EvaluationCommittee(APEC)consistingoffourofitsmembers,foratermoftwoyears.TheCommittee’smainresponsibilityistomonitortheefficiencyandadequacyoffinancialandlending policies and procedures, thereby enhancing the credibility and objectivityoffinancial,auditandpost-implementationevaluationreportsaswellasthecapacityofCDBtolearnfromitsownexperiences.

The Board comprises eighteen Directors, thirteen representing theRegional Members and five representing the non-Regional Members.Directorsholdofficeforatermoftwoyearsandareeligibleforselectionforafurthertermortermsofoffice.EachDirectorappointsanAlternatewithfullpowertoactwhentheDirectorisnotpresent(seeAppendices2for the listing of the Board of Directors).

The President,whobesidesservingastheChairmanoftheBoard,istheChiefExecutiveOfficeroftheBankandconductsitsbusinessunderthedirectionoftheBoardofDirectors.Appointedforarenewablefive-yearterm,thePresidentisassistedbytheVice‑President (Corporate Services) and Bank Secretary and Vice President (Operations).

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The ranking Vice-President exercises the authority and performs thefunctions of the President in the absence or incapacity of the President or whilethatofficeisvacant.

The Advisory Management Team (AMT), which is chaired by thePresident, is responsible for the consideration of matters of a broadcorporate nature. It is comprised of the twoVice- Presidents and theDirectorsofthevariousdepartments.(A list of Directors of Departments and Deputy Directors is at Appendix 3).

Management-Employee relations are assisted by the functioning of aStaffAssociationandStaff’sfinancialwelfareisfurtherpromotedbytheoperationsoftheCaribankCooperativeCreditUnionLimited.

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HOW DOES THE BANK OBTAIN ITS RESOURCES?

CDB’sfinancialresourcesconsistofitsOrdinaryCapitalResourcesandSpecialFundsResources.

Ordinary Capital Resources(OCR)includecapitalsubscriptionsfromits members, reserves, market borrowings on the international capitalmarketsaswellasloansfromothermultilateraldevelopmentbanks.

Members’subscriptionstoordinarycapitalarelistedinAppendix4.

AsatDecember31,2013,OCRcomprisedthefollowing:

($’000)

(a) MaturedSubscriptionsandReserves 743,590

(b) EIB 116,477

(c) IDB 36,539

(d) MarketBorrowings 782,963

TOTAL 1,679,569

The Special Funds Resources(SFR)consistofcontributionsandloanson highly concessionary terms, which are used to make or guaranteeloans of high development priority, with longer maturities, longerdeferredcommencementofrepayment,andlowerinterestratesthanthoseapplicabletotheBank’sordinaryoperations.TheSpecialFundcomprisestheSpecialDevelopmentFund(SDF)whichistheBank’smainSpecialFundandOtherSpecialFunds(OSF).ThesesfundsareusedprimarilyforsupportingCDB’spovertyreductionefforts.

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The Charter requires that the Special Funds of CDB be held, used,committed,investedorotherwisedisposedofentirelyseparatelyfromtheOCR.

The Charter precludes the allocation to any special fund of any part of paid-upcapitalorreserveofCDBorfromfundsborrowedbyCDBforinclusioninitsOCR.However,allocationsmaybemadetoanyspecialfundfromthenetincomearisingfromordinaryoperations(Article39ofthe Charter refers).

AsatDecember31,2013,theSDFwastheequivalentof$907,309,000 as showninthefollowingtable:

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($’000)Anguilla 2,045AntiguaandBarbuda 2,257TheBahamas 19,809Barbados 25,681Belize 6,575BritishVirginIslands 2,045Canada 330,489CaymanIslands 1,340China 48,298Colombia 35,657Dominica 4,874France 58,254Germany 98,574Grenada 3,345Guyana 19,810Haiti 1,560Italy 63,389Jamaica 33,204Mexico 27,067Montserrat 2,045Netherlands 24,902St.KittsandNevis 5,134St.Lucia 6,575St.VincentandtheGrenadines 6,588Suriname 2,160Sweden 4,037TrinidadandTobago 35,384TurksandCaicosIslands 1,440UnitedKingdom 258,657

UnitedStatesofAmerica 590

Venezuela 39,456

1,171,241

TechnicalAssistanceofAllocation1/ (352,163)

819,078

AccumulatedNetIncome 88,231

907,309____________________ 1/ There is a balance of $59,456,000 available of the amount allocated

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An additional amount of $55,607,000 has been pledged, but not yet contributed,byseventeenGovernments.

AsatDecember31,2013,OSFresourcesequivalentto$444,698,000wereasfollows:

($’000)

Other Special Funds

- CountryContributions/Loans

(i) Canada 6,880

- InstitutionalContributions/Loans

(i) IDB 38,807

(ii) InternationalDevelopmentAssociation 18,689

(iii) EuropeanUnion 3,703

(iv) EIB 1,377

- Non-ReimbursableContributions

(i) CDB/BNTF 225,554

(ii) OtherGrantFunds 96,610

- Reserves 53,078

TOTAL 444,698

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LENDING ACTIVITIES

CDB’slendingactivitiesaredividedintotwomajorcategories:OrdinaryOperations and Special Operations.

- OrdinaryOperationsarethosefinancedfromtheOCR

- SpecialOperationsarethosefinancedfromtheSFR

AprojectmaycombineaspectsfinancedasOrdinaryOperationsandotheraspectsfinancedasSpecialOperations.

CDB may make or participate in direct loans to governments of itsRegionalMember Countries, to any of their agencies or political sub-divisions and to both public and private entities and enterprises operating withinsuchcountries,aswellastointernationalorregionalagenciesorentitiesconcernedwiththeeconomicdevelopmentoftheRegion.

CDB will not, however, finance an undertaking in the Territory of aMemberifthatMemberobjectstosuchfinancing.

CDB’soperationsprovideprincipallyforthefinancingofspecificprojects,whether formingpartofnational, sub-regionalor regionaldevelopmentprogrammes in such fields as agriculture, livestock, fisheries, forestry,marketing, manufacturing, mining, refining, tourism, export services,transportation, housing (low and lower/middle income), education(includingstudent loansand trainingforhumanresourcedevelopment),power, water, sewerage, infrastructure and related services, wastemanagement,environmentalprotectionandpovertyreduction.

Thefocusoftheseprojectsisalwaysontheabilitytopromotesocialequityandprotect the environment. CDB’sBMCsareparticularlyvulnerableto natural disasters. As a result, theBank has introducedmechanismstohelpBMCstomitigateandrecoverfromdisasters.ThisisespeciallyimportantfortheRegion’spoor,whoaredisproportionately affected by disasters. Special attention is given to ensure that the intervention by CDBpromotessocialequityandenvironmentprotection.

ThelistingdoesnotnecessarilyexcludeproposalsinothersectorswhichareinconformitywithCDB’spurposesandcomewithinitsfunctions.

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Specific private sector development projects, which are considered notlarge enough to warrant direct supervision of CDB, may be financedthrough loans or guarantees of loans to national development banks orother suitable intermediaries. CDB has also invested in two regionalequityfundstargetedatsmallandmedium-sizedfirmsintheBMCs.

CDBmayalsomakeorparticipateinloanstofacilitatepre-investmentandfeasibilitystudiesandprojectpreparation,ifitconsiderstheprojecttobeworthyofdetailedinvestigation.

Methods of Loan Financing 2

In making direct loans or participating in them, CDB, in accordancewithArticle15 (n)of theCharter, providesfinancingby furnishing theborrowerwithcurrenciestomeettheforeignexchangecostsoftheproject,and, in exceptional circumstances and to a limited extent, some localcurrencytomeetlocalexpendituresfromthelocalcurrencyprovidedbytheGovernmentofthatTerritory.

However, in practice, becauseof the impracticability, inmost cases, ofdistinguishing between local and foreign exchange expenditures andhavingregardtotheeconomiccircumstancesofBMCs,theborrowerisaskedsimplytomakeanappropriatecontributiontothecostoftheprojectfinancedbyCDB.

CDB’s ability to finance local expenditures in its special operations isdeterminedineachcasebytheagreementunderwhichthefundsaremadeavailable to CDB.

2 CDBisalsoempoweredunderArticle13ofitsChartertomakeequityinvestments, but there are strict limitations on CDB’s exercise of thispower.

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Forthepurposesofitslendingoperations,CDBgroupsBMCsasfollows:

wherefinancingisfromtheOCR:

Group 1 The Bahamas, Barbados, CaymanIslands, Trinidad and Tobago;

Group 2 Anguilla, Antigua and Barbuda, British VirginIslands,Suriname;

Group 3 Belize, Dominica, Grenada, Jamaica,Montserrat, St. Kitts and Nevis, St.Lucia, St. Vincent and the Grenadines,TurksandCaicosIslands;

Group 4 Guyana, Haiti.

where financing is from the Unified SDF and other availableinterest-freecontributionstotheSFR:

Group 1 The Bahamas, British Virgin Islands,CaymanIslands;

Group 2 Anguilla, Antigua and Barbuda, Barbados*, Montserrat*, St.Kitts andNevis,Trinidad andTobago,Turks andCaicosIslands,Suriname;

Group 3 Belize,Dominica,Grenada,Jamaica,St.Lucia,St.VincentandtheGrenadines;

Group 4 Guyana, Haiti.

* In the case of Barbados, the same terms as for Group 1 would continue to apply, as in the past. Montserrat would continue to receive the same terms as for Group 3 in recognition of the impact of natural disasters.

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Interest and other Charges

Inmakingaloan,therateofinterest,thescheduleofrepaymentandothercharges shall be such as are, in the opinion of CDB, appropriate for the loan concerned.

TheinterestchargedbyCDBonallloansmadeinitsordinaryoperationsandtheservicefeeinSDFoperations,arecomputedontheamountofloanoutstanding.OnloansmadefromOCR,CDBalsoleviesacommitmentfeeof1%perannumontheamountundisbursed,and,onloansdirectlyto the private sector, a 1% front-end fee. One half of the front-end fee is payableasadepositasaconditionofprojectappraisalandtheremainderis payable on loan approval. The deposit is refundable if the loan is not recommendedorapproved,butisretainedbyCDBiftheloanisapproved.

CDBchargesavariableinterestrateonamountsoutstandinginrespectofloansfromCDB’sOCRapprovedafterApril1,1984.Theinterestrateisreviewedsemi-annuallytotakeeffectinrespectofeachsuchloanonthedayfollowingthefirstduedateafterJune30andDecember31ineachyearforthepaymentofinterestoronsuchotherdateasCDBmayspecify.Thecurrent interest rateon loans from theOCR to thepublic sector is4.10%perannum. Inthecaseof theprivatesector, thecurrent interestrateonloansapprovedafterMarch15,1991is6.10%perannumwiththecommitmentfeeof1%perannumonundisbursedbalancesandthefront-end fee equivalent to 1%.

LoansfromtheOCRarerepayableovervaryingperiods,dependingonthe group intowhich theBMC is classified, and themaximumperiods(inclusiveofafive-yeargraceperiod)willnotexceed:

(a) 17yearsforGroups1and2Countries;and(b) 22 years for Groups 3 and 4 Countries.

Graceandrepaymentperiodsaredeterminedonthebasisoftheproject’sprojectedcashflowandtheborrower’sabilitytorepay.Whereloansaremadetofinancelinesofcredit,themaximumrepaymentperiodwillnotexceedthreeyearslongerthantheweightedaveragetermofthesubloanstobefinanced.

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The rate of interest andother termsof loansfinanced from theUnifiedSDFandotheravailableinterest-freecontributionstotheSFRaresummarisedbelow.

Group

Maximum Maturity

(Including Grace Period)

(Years)

MaximumGrace Period

(Years)

Interest RatePer Annum

(%)

UpperLending

Limit(%)

1 10 5 5 80

2 25 5 4 80

3 30 10 2.5 90

4 30 10 2 90

Regional 25 7 2.5 to be

determined

TheinterestrateonloansfinancedfromtheSDFincludesaservicechargeof1%perannum.

AllloanrepaymentsshallordinarilybemadeinthecurrencyloanedexceptforloansmadefromtheunifiedresourcesoftheSDF,inwhichcasethecurrencyofrepaymentisUnitedStatesdollars. Amortisationandgraceperiods shall be such as are, in the opinion of CDB, appropriate for the loan concerned.

Project Appraisal

In appraising and/or preparing prospective projects, CDB considerstheir technical, commercial, financial, economic cost-benefit, legal,organisationalandmanagerial,environmentalvalidity;theireffectonthegeneraldevelopmentactivityofthecountryconcerned;theircontributionto the removal of economic bottlenecks; the capacity of the borrowingcountrytoserviceadditionalexternaldebt;theintroductionofappropriatetechnologiestoraisethecontributiontodomesticoutputandproductivity;andtheexpansionofemploymentopportunities.

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Projects are now looked at through a “poverty prism”, assessing theprospectiveimpactonpovertyandonvulnerability.

Inrespectof theenvironment,CDBrequires itsborrowers toundertakean impact assessment of project proposals to ensure that they areenvironmentally sound and sustainable, and that any environmentalconsequences are taken into account in the project design. Terms ofReference for pre-investment and feasibility studies are to includeenvironmentalanalysis. CDBwillconsideradditionalfundingtocoverthecostofmitigationmeasuresrequired.

In considering the application for a loan, CDB pays due regard to the ability oftheborrowertoobtainfinancingelsewhereontermsandconditionsthatCDB considers reasonable.

General Conditions

CDB generally requires that borrowers seek competitive bids frompotential suppliers, that engineering plans and specifications be drawnup independent of the suppliers, and, if appropriate, that independent consultingengineersberetainedbyborrowers.

Exceptinspecialcircumstances,CDBrequiresthattheproceedsofloans,investmentsorotherfinancingbyCDBbeusedonlyforprocurementofgoodsandservicesproducedinMemberCountriesandwherethefinancingismadeinCDB’sOrdinaryOperationsinsuchothercountriesasmaybepermitted under agreements betweenCDBand lenders or donors to itsresourcesor,whenthefinancingismadeinCDB’sSpecialOperations,inthosecountrieswhichhavecontributedsubstantiallytotheSDFandarepermittedintheagreementbetweenCDBandthelenderordonor.

Incaseswheretherecipientofaloanisnotitselfamembergovernment,CDB may, where necessary, require the guarantee of the membergovernmentoranotheracceptableentityand,inthecaseofaloanforaprivatesectorproject,CDBnormallyrequirestheloantobecoveredbyadequatesecurityeither in the formofafirst legalmortgageof landorinsomeother formacceptable toCDB. Incasesofadirect loanmadeby CDB, the borrower is permitted to draw on the loan only to meetexpendituresinconnectionwiththeprojectastheyareactuallyincurred.

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Loan Applications

ProspectiveborrowersshouldaddresspreliminaryinquiriestoCDB.Onthebasisoftheseinquiries,CDBwilldecidewhatadditionalinformationisrequiredandwillprovidetheprospectiveborrowerwithanappropriateLoanApplicationForm.

Inprocessinganapplicationforaloan,CDBdealsonlywiththeapplicantorauthorisedrepresentative,notwithintermediaries.

Basic information which CDB requires in writing in order to studyapplicationsincludes:

1. Brief history of business and principal activities of the proposedborrowerinthecaseofapplicationsfromentitiesotherthannationalgovernments.Inaddition,applicationsfrompublicentitiesshouldspecifytheapplicantagency’sfinancialandlegalrelationshiptoitsgovernment;and,inthecaseofapplicationsfromprivateentities,thenamesofholdingor subsidiaryorassociatecompanies, ifany,alongwith their interest inorownership relation to theborrowerconcerned.

2. Ageneraldescriptionoftheproject.

3. Aplanofoperationsfortheactivityincludinginformation,whereappropriate,on:

- kindandamountofproductsandservices;- typeandsourceofrawmaterials;- availability of transportation and other essential

utilities;- manufacturingprocessandequipment;- procurementarrangements;and- managementplans.

4. Feasibilitystudies,pre-investmentsurveysandanyotherinformationwhich helps to establish the economic andtechnical feasibilityof theproject. If all pertinentdataarenotavailable,theapplicantshouldinformCDBofanyplansforobtainingtheadditionalinformation.

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5. Thetotalestimatedcostoftheprojectbrokendownintoprincipalitemsandthebasisofcostestimatesincludingdetails of contingencies.

6. Thesizeof the loan required fromCDB, fulldetailsofthe specific purposes for which the loan is sought, theproposedrepaymentschedule,andtheamountandtermsof the balance of total financing needed, including theapplicant’sowncontribution.

7. Details and results of efforts, if any, made to obtainfinancingorfacilitieselsewhere.

8. Financialreports,whenpertinent,forthepreviousthreeyearsofoperation,includingbalancesheetsandprofitandlossstatements.

9. Estimatesoffinancialresultsandcashflowincludingtheannualincome,expendituresandprofitsanticipatedinthefirstthreeyearsofoperationoruntilthefirstyearoffulloperationisreached,whicheverislater.

10. Estimates,bymainproductsorclassesofproducts,ofthevolumeandvalueofsalesforeachyearuntiltheprojectisexpectedtobeinnormaloperationtogetherwithbasesof these estimates, details of system of distribution,long-term sales contracts, if any, and other marketingarrangements.

Loan Approvals

CDBcommencedoperationsin1970,andinOctoberofthatyearmadeitsfirstloanfromOCR.ThefirstloanfromSFRwasmadeinApril1971.ProjectsfinancedsofarbyCDBfrombothOCRandSFRcoverawiderange of development activities including ports, agriculture, livestock,processing of agricultural products and marketing facilities, industrialestates, roads and bridges, water and electricity, sea and air transportequipment, airport buildings and runways, hotels and tourist facilities,agricultural credit, small and medium-sized industries, residentialmortgages and human resource development, directly and indirectly,throughnationaldevelopmentbanksandotherauthorisedintermediaries.

23

In 1987, CDB made its first loan to assist a structural adjustmentprogrammeinoneBMC;andin1990,madeasubstantialloanforasimilarprogrammeinanotherBMC.SuchassistancewillbemadeinassociationwithstructuraladjustmentprogrammesfundedbytheWorldBankGroup.

Somerecently-approvedinterventionsinclude:-- Education for All Project – Haiti- Schools Rehabilitation and Reconstruction Project - Grenada- Carib Territory Capacity Building Project – Dominica- Fifth Road Improvement (Washington Boulevard Project - Jamaica

EQUITY OPERATIONS

Subject to certain limitations, CDB makes direct or indirect equityinvestments. CDBmaymake loans to financial intermediaries for thepurchase of equity (including preference shares) or convertible debentures, and may consider investments in finance corporations whose majorfunction is the purchase of equities.

Inmakingdirectinvestments(includingpreferenceshares)orconvertibledebentures, CDB invests only where it is necessary to supplement theinvestment activity of other regional development institutions or thelocaldevelopmentfinanceinstitution.Investmentsmayalsobemadetosupplementaloan.

Theminimumdirectinvestmentinspecialoperationsis$100,000andthemaximuminordinaryoperationsis$50,000.InvestmentsmaybemadeinnewenterprisesinthedirectlyproductivesectorsprovidingthatCDB’sequityinvestmentdoesnotexceedone-thirdoftheequityoftheenterprise.Investmentincertainspecialcasesmayalsobemadefortheexpansionofexistingenterprises.

24

TECHNICAL ASSISTANCE

TechnicalAssistance (TA)maybeeitherproject-relatedornonproject-related.

1. ProjectrelatedTAincludesthefollowingactivities:(a) pre-investment studies of a general or specific

nature for the identification of programmes orprojects suitable forfinancingbyCDBorotherlending institutions;

(b) provision of expertise to facilitate the projectpreparation and loan appraisal process by CDB;

(c) technical, advisory and training services during the implementation and operational phases ofcapitalprojects;and

(d) assistanceofaremedialnaturetocorrectproblemsanddeficienciesarising in thecourseofprojectoperation.

2. Nonproject-relatedTAisbroaderinscopeandincludesthefollowingactivitiesonaregional,sub-regionalornationalbasis:

(a) the provision of consultants to supply advisory servicesofageneralorspecificnature;

(b) institutional support to national or regional bodiestointroduceandimplementmoreeffectivemanagementsystems;and

(c) training programmes for the upgrading andtraining of staff as well as workshops andseminars to address development issues of ageneral,sectoralorprojectnature.

InadditiontotheabovementionedTAactivities,CDBwill,ifrequested,assistintheplanningandcoordinationofvariousTAoperationswhicharebeing carried out at a national or regional level.

25

Methods and Sources of Financing TA

TherearefourpossiblemethodsoffinancingTA:

(i) Grants;

(ii) ContingentlyRecoverableLoans;

(iii) Loans;and

(iv) Somecombinationsof(i)to(iii).

Grants: Thesearenon-repayableandusuallycovernonproject-related TA such as general studies e.g. sector assessments, training,advisoryservicesofageneralnature,demonstrationprojects,aswellasfinancingstaffexpertsandshort-termconsultancyservicesforCDB,andother regional institutions.

Contingently Recoverable Loans:Theserelatespecificallytopre-investmentactivitywithaspecificcapitalprojectinview.Theseareusedtofinance feasibility studies,projectdesigns, technologicalassessmentsin the pre-investment/preparation phases of projects.CDBprovides forthe cost of this activity and interest is charged on the outstanding balance. IfacapitalprojectensuesthenthefullcostoftheTAisrecoverablefromthefirstdisbursementof thecapital loanproject,whether theproject isfinancedbyCDBorbyotherfundingsources.However,iftheresultsofthestudyshowthattheprojectisnotfeasibleor,intheeventthatCDBdeterminesforanyreasonthatitwillnotfundtheprojectandfinancingcannotbefoundfromanyothersource,thenCDBmaybynoticeconvertthe loan and all interest secured thereon into a grant.

Loans: These are used specifically in the case of projectimplementationforcapitalloanprojectswhichareconsideredsufficientlyviabletopaybackthecostofthetechnicalandadvisoryservicesprovided.

Combinations of Grants, Contingently Recoverable Loans and Loans: Loans may be mixed with grant funding proportionate to theviabilityofeachproject.

26

Funding Sources

Non-reimbursableTA is funded fromCDB’snet incomeor any specialfundsreceivedbytheBankforthispurpose.ReimbursableTAoperationsare funded from CDB’s SDF as well as OSF provided by bilateral ormultilateralagencies.

Beneficiary Contribution

AsaconditionoftheprovisionofTA,allbeneficiariesshallagreetoprovideaminimumof 15%of totalTAcosts in cashor in kind. Beneficiariesmatching contributions may include several local elements of projectcosts,suchasofficeaccommodation,professional,technical,secretarial,clerical services and local transportation.

Local Counterpart Personnel

Beneficiaries are required to provide local personnel to understudyexpertsengagedinon-line,operationalactivitiestoensurecontinuityonterminationoftheexperts’assignments.

27

APPENDICES

28

BOARD OF GOVERNORS (As at April 30, 2014)

Dr. the Hon. Ashni Singh Guyana Chairman

Hon. Mauricio CardenasSanta Maria

Colombia Vice‑Chairman

Hon. Pier Carlo Padoan Italy Vice‑Chairman

COUNTRY GOVERNORALTERNATE GOVERNOR

Anguilla,BritishVirginIslands,CaymanIslandsMontserrat,Turks&Caicos Islands

Hon.RubenT.MeadePremierandMinisterofFinanceandEconomicManagement,Montserrat

ToBeConfirmed

Antigua and Barbuda Hon.HaroldLovell,MinisterofFinance,theEconomyandPublicAdministration

Mr.WhitfieldHarris.Jr.,FinancialSecretary

TheBahamas Hon.MichaelB.HalkitisMinister of StateMinistryofFinance

Mr.JohnA.RolleFinancialSecretaryMinistryofFinance

Barbados The Hon. C hristopher PeterSinckler,M.P.MinisterofFinanceandEconomicAffairs

Mr.GrantleySmithDirectorofFinanceandEconomicAffairs

Belize Hon.DeanBarrowPrimeMinisterandMinisterofFinance

Mr.JosephWaightFinancialSecretaryMinistryofFinance

Canada Hon. John BairdMinisterofForeignAffairs

Mr.RobStewartAssistant Deputy Minister, Int. Trade and FinanceBranch,Dept.ofFinance

APPENDIX 1Page 1 of 3

29

COUNTRY GOVERNORALTERNATE GOVERNOR

Colombia Hon. Mauricio Cardenas Santa Maria Minister of FinanceandPublicCredit

Mr. José Darío UribeGovernorBancoDelaRepublica

Dominica Hon.RooseveltSkerritPrimeMinisterandMinisterofFinanceandForeignAffairsandInformationTechnology

Mrs.RosamundEdwardsFinancialSecretaryMinistryofFinanceandPlanning

Germany MrHansJoachimFuchtelParliamentaryStateSecretaryFederalMinistryforEconomicCooperation and Development

Mr. Claus-Michael HappeHeadofDivisionIC5FederalMinistryofFinance

Grenada Dr.theHon.KeithMitchellPrimeMinisterandMinisterforFinanceandEnergy

Mr.TimothyN.J.AntoinePermanentSecretary,MinistryofFinance

GuyanaDr. the Hon. Ashni SinghMinisterofFinance

Mr.ClydeRoopchandChiefPlanningOfficerMinistryofFinance

Haiti Hon.WilsonLaleauMinisteroftheEconomyandFinance

Mr. Charles CastelGovernorCentralBankofHaiti

Italy Hon. Pier Carlo Padoan MinisterofEconomyandFinance

Mr. Carlo MonticelliHead of International FinancialRelationsMinistryoftheEconomyandFinance

Jamaica Hon. Dr. Peter PhillipsMinisterofFinanceMinistryofFinanceandPlanning

Mr.DevonRoweFinancialSecretaryMinistryofFinanceandPlanning

Mexico Mr.LuisVidegarayCasoSecretaryofFinanceandPublic Credit

Mr.FernandoAportelaRodriguezUnder-Secretary of FinanceandPublicCredit

APPENDIX 1Page 2 of 3

30

APPENDIX 1Page 3 of 3

COUNTRY GOVERNORALTERNATE GOVERNOR

People’sRepublicofChina

Mr. Zhou XiaochuanGovernorPeople’sBankofChina

Mr. Yi. GangDeputy Governor People’sBankofChina

St.KittsandNevisDr.theHon.Denzil DouglasPrimeMinisterandMinisterofFinance,SustainableDevelopmentandHumanResourceDevelopment

Mrs.HillaryHazelFinancialSecretary(Ag)MinistryofFinance

St.Lucia TheHon.Dr.KennyD.AnthonyPrimeMinisterandMinisterofFinance

Dr.ReginaldDariusPermanentSecretaryMinistryofFinance,EconomicAffairsandSocial Security

St.VincentandtheGrenadines

Dr.theHon.RalphGonsalvesPrimeMinisterandMinisterforFinance,

Hon. Dr. Douglas Slater MinisterofForeign Affairs,ForeignTradeandCommerce

Trinidad and Tobago Sen. Dr. the Hon. BhoendradattTewarieMinister of PlanningEconomicandSocialRestructuringandGenderAffairs

Hon.StephenCadizMinister of Trade and Industry

UnitedKingdom Rt.Hon.JustinGreening,MP Secretary of State for International Development,Departmentfor International Development

Hon. Alan Duncan Minister of State for InternationalDevelopment

Venezuela MsEdmeeBetancourtdeGarcia President,VenezuelanEconomicandSocialDevelopmentBank(BANDES)

Ms.VeronicaGuerreroDeputy Minister for LatinAmericaandtheCaribbean, Ministry of ForeignAffairs

31

APPENDIX 2

BOARD OF DIRECTORS(As at April 30, 2014)

Chairman: Dr. Warren Smith, President

DIRECTOR ALTERNATECOUNTRY OR GROUP OF COUNTRIES

Regional

Mrs.RoseLemonius-Stewart

Dr. Carol Nelson Jamaica

Mr.ClintRamcharan Mr.EricJames Trinidad and Tobago and Haiti

Mr.JohnA.Rolle Mr Hugh Chase TheBahamas

Mr.NeermalRekha Mr.KeithBurrowes Guyana

Mrs. Juanita Thorington Powlett

Mr.SeibertFrederick Barbados

Mrs.RosamundEdwards Ms. Tracy Polius DominicaandSt.Lucia

Mr.MauriceEdwards Mr.TimothyAntoine GrenadaandSt.Vincentand the Grenadines

Mr.KennethJefferson,JP Ms Yvonne S. Hyde BelizeandAnguilla,BritishVirginIslands,CaymanIslands,MontserratandTurksand Caicos Islands

Mrs.HilliaryHazel Mr.WhitfieldHarris,Jr. Antigua and Barbuda and St.KittsandNevis

Mrs.LianePinas-HalfhideMr. Alberto de Brigard

Mr.CarloMikeEbecilioMr.AdolfoMeiselRoca

SurinameColombia

Ms.BeatrizH.Bolivar Mr.JoseA.MendozaLopez

Venezuela

Dr.JesusGustavoGarzaGarcia

Ms.MariaIsabelLozanoSantin

Mexico

Non Regional

Ms.LouiseClement Ms.JeanE.McCardle Canada

Mr.HughWalker Ms.CherianneClarke UnitedKingdom

Mrs.StefaniaBazzoni Mr.PabloFacchinei Italy

Dr.MartinKipping Vacant Germany

Mr.HeJianxiong Mr. Bu Yu People’sRepublicofChina

32

APPENDIX 3

PRINCIPAL OFFICERS(As at April 30, 2014)

President Dr.WarrenSmith*

Vice-President(Operations) Dr.CarlaBarnett**

Vice-President(CorporateServices) Mrs.YvetteLemoniasSeale**andBankSecretary

Director,Economics DrJustinRam**

Director,Projects Vacant**

Director,FinanceandCorporatePlanning Mr.NigelRomano**

GeneralCounsel Mrs.DianaWilsonPatrick

Director,InformationandTechnology Mr.MarkTaitt Solutions

Director,HumanResourcesandAdministration Mr.PhillipBrown

DEPUTY DIRECTORS

DeputyDirector,PresidentsOffice Dr.KathleenR.Gordon

DeputyDirector,HumanResources Mrs.FayeAlleyne-Kirnon

DeputyDirector,CorporatePlanning Ms.MonicaLaBennett

DeputyDirector,Finance Mr.CarlyleAssue

Deputy General Counsel Mrs. S. Nicole Jordan

DeputyDirector,Economics Mr.IanDurant________________________*Chairman,SeniorManagementGroup**Members,SeniorManagementGroup

33

34

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APPENDIX 4