The British Virgin Islands government said it wants greater access to concessional financing from the Caribbean Development Bank after talks in Nassau on possible funding for a range of infrastructure projects.

Premier Dr Natalio Wheatley said the effort had formed part of recent talks at the bank’s 56th Annual Meeting of the Board of Governors, which was held in Nassau, Bahamas, from June 1 to June 5.

Dr Wheatley said the territory had wanted to deepen its relationship with the regional lender and broaden the range of support it could draw on.

That includes discussions about the current loan portfolio, possible financing for the Terrance B Lettsome International Airport runway extension and more participation in the CDB’s Special Development Fund, including support for the airport runway extension.

Talks with CDB officials in Nassau

The Premier said he had attended the meeting with Financial Secretary Jeremiah Frett. While there, the delegation held bilateral talks with CDB President Daniel Best and members of his team. The talks also reflected the territory’s need to secure financing and technical support for projects tied to growth, resilience and public services. The government did not say which proposals were most urgent or how much funding it hoped to secure. According to Dr Wheatley, the talks covered several matters.

"Among other things, we discussed the Virgin Islands' current loan portfolio, potential financing of the extension of the runway at the Terrance B Lettsome International Airport, and the Virgin Islands' greater participation in the CDB’s Special Development Fund that provides concessional financing to borrowing member countries," he said.

The Special Development Fund is the bank’s main source of concessional financing for development projects in the region. It supports development projects in eligible borrowing member countries through loans and grants on terms that are more favourable than conventional financing. For a small territory such as the Virgin Islands, that type of support can be important when governments are weighing costly infrastructure work against other budget pressures.

Runway extension and wider development plans

The airport proposal raised immediate questions about cost, timetable and whether the government had compared concessional borrowing with other funding options. Those details were not set out in the material provided. Projects of that kind can affect air access, trade, tourism and the movement of people and goods.

The government has previously argued that the runway extension is central to the territory's future. In a statement to the House of Assembly in October 2025, Communications and Works Minister Kye Rymer described the airport expansion as "a transformative initiative that stands as a cornerstone of our Territory's economic development and long-term resilience."

The government said it had increasingly turned to multilateral development partners for financing and technical assistance as it advanced infrastructure, climate resilience and economic development plans. The significance of that shift will depend on what projects are eventually approved and on what terms. That approach has become part of the wider regional pattern, as Caribbean governments continue to look for affordable borrowing and project support in a tight fiscal environment.

For residents, the talks mattered because the outcome could influence how quickly major projects moved forward and how much pressure fell on public finances. The talks echoed a regional challenge faced by several small territories: how to fund airports, roads and resilience work without taking on borrowing that is too costly or too restrictive.

Plans to update the engagement strategy

Dr Wheatley said the government had wanted to build on what he described as a strong partnership with the CDB by updating the territory’s country engagement strategy. He said that would open the door to more technical assistance and other facilities already available at the bank.

"Building on the strong partnership between the Virgin Islands and the CDB, we are preparing to invite the CDB to update its country engagement strategy for the Virgin Islands that will provide more opportunities for technical assistance and other facilities available at the bank," he said.

That step indicated the government was seeking not only money but also a more structured framework for working with the bank. A country engagement strategy can help shape how a lender supports a territory over time, including priorities for policy advice, technical help and project preparation.

Regional engagement and youth participation

The CDB talks were part of a wider round of regional and international meetings the Premier has held in recent months. Dr Wheatley said those engagements included discussions with leaders through the Organisation of Eastern Caribbean States and CARICOM, where development financing, climate resilience, food security and economic cooperation had featured prominently.

He also pointed to the participation of the Virgin Islands’ youth representative, Fina Andrews-Paul, at the CDB Youth FIRE Forum. He described that involvement as a positive part of the annual meeting, though he did not give further detail.

The Virgin Islands has worked with the Caribbean Development Bank before on infrastructure and institutional development initiatives. The latest talks suggested that relationship remained central as the territory looked for support for future projects and ways to fund them on better terms.

The government now plans to invite the CDB to update its country engagement strategy for the Virgin Islands. If that process moves ahead, it could help define the next phase of co-operation between the territory and the bank, especially on large projects that require both money and technical support. For Cayman readers, the discussion underlined a wider Caribbean reality: major public projects often depend on access to regional lenders that can offer finance beyond what commercial markets usually provide.