Central Bank of Barbados reports CARICOM governors sign World Bank and International Finance Corporation deal for a regional green taxonomy and back CAPSS expansion

The Central Bank of Barbados published an update on the 64th Bi-Annual Meeting of the CARICOM Central Bank Governors, highlighting agreement to work with the World Bank and International Finance Corporation (IFC) on a regional green taxonomy and continued progress on regional payments, KYC and climate-finance initiatives. The meeting was hosted in hybrid format by the Central Bank of Curaçao and Sint Maarten on May 22–23, 2025 and chaired by CBCS President Richard Doornbosch, bringing together senior central bank officials from eleven Caribbean jurisdictions. Discussions focused on global trade policy uncertainty and associated risks including supply chain disruption and inflation pressures. Governor Kevin Greenidge signed the green taxonomy cooperation agreement on behalf of the participating central banks. Governors also reviewed work on a centralized electronic Know Your Customer and customer due diligence system, and a proof-of-concept for the CARICOM Payment and Settlement System demonstrating real-time cross-border payments between the central banks of The Bahamas and Barbados, with in-principle agreement to adopt CAPSS and to undertake a stronger validation phase involving at least two additional central banks. A proposed 200 million regional bond for climate-resilient infrastructure, to be issued by the CARICOM Development Fund, was discussed on the basis of a draft term sheet, with governors agreeing to finalize a position paper for the CARICOM Heads of Government meeting in July 2025. The next governors’ meeting is scheduled for November 2025 in Curaçao alongside the 56th Annual Monetary Studies Conference.