BRIDGETOWN, Barbados – President of the Caribbean Development Bank (CDB, the Bank), Daniel Best, has doubled down on the institution’s vision for transforming the region’s creative economy through innovation, sustainable financing, and strategic investment. Speaking on the evolution of the Bank’s flagship Cultural and Creative Industries Innovation Fund (CIIF), president Best highlighted the urgency of supporting Caribbean talent in building globally competitive, self-sustaining creative enterprises.
“CIIF is a game-changer for the region—supporting not just talent, but the systems and resources creatives need to thrive. We are moving beyond handouts and designing tools that make it possible for creatives to own their future. This is about sustainable growth, not just for the industry, but for the region’s identity,” shared president Best.
Speaking at a CARIFESTA XV Symposium entitled “Beyond the Grant: Financing Futures in the Creative Economy,” president Best highlighted several challenges faced by many Caribbean creatives and opportunities being explored by CDB. To date, CIIF has directly benefited over 1,000 creatives across 17 countries, catalysed 144 new jobs, and funded 30 successful projects. The Fund has also supported a special initiative in Haiti, investing USD 200,000 to empower 90 creatives through technical assistance and capacity-building.
While CIIF offers training and grant support, president Best, emphasised the strategic importance of transitioning from grant dependency to sustainable financing models. In this regard, CDB’s board approved the Bank’s first-ever Trade Finance Guarantee Programme, aimed at de-risking investments into Micro, Small and Medium-sized Enterprises (MSMEs) involved in trade, including those in the creative sector. This initiative will be followed by the launch of an MSME Partial Guarantee Scheme in 2026, further easing access to capital for creative entrepreneurs.
CIIF’s re-capitalisation through 2027 marks a new phase focused on blended finance, receivables financing, and investment readiness. The bank is also working to bridge the gap between creatives and financiers by training commercial loan officers to appraise intellectual property and creative assets, and educating creatives on proposal writing and financial literacy.
“We’re pulling out all the stops—blended finance, guarantees, receivables financing. It’s time for creatives to receive the kind of sustainable investment they need to flourish. We’re making it make sense.” The bank’s vision also includes linking climate resilience with cultural financing, recognising the economic vulnerability of major cultural events like Crop Over, Trinidad and Tobago Carnival, and Junkanoo to climate disruptions. “The biggest revenue earners in our economies are tourism and culture. One weather event could devastate these sectors. The two, therefore, cannot be considered mutually exclusive,” president Best stated.
CDB, through CIIF, continues to support capacity-building, mentorship, and policy development, while promoting cultural equity and representation. Through strategic partnerships and data-driven approaches, the bank is helping creatives move from extraction of ideas to ownership, ensuring that Caribbean talent is not only celebrated but sustainably supported.
