The CDB was established by an Agreement signed on October 18, 1969, in Kingston, Jamaica, which entered into force on January 26, 1970.

[2] The permanent headquarters of the CDB is located in Wildey, St. Michael, Barbados, adjacent to the campus of the Samuel Jackman Prescod Polytechnic.

[6] During the first meeting of governors in Nassau, Lewis, who was an economist, was appointed the first president of the Caribbean Development Bank.

His leadership was essential to establishing the bank's operations, emphasizing the importance of financial discipline and efficiency in development through agriculture and infrastructure projects.

[4] Lewis set the CDB's independence up by retaliating against political interference in the financial decisions of the bank.

A candidate must receive votes from two-thirds of the Board of Governors (representing 75% of the member countries) in order to be selected.

The downgrade reflected concerns about the deteriorating financial conditions of its borrowing member countries, this posed risks the banks ability to finance loans effectively.

This design was meant strengthen the bank's governance, risk management, and operational processes, ensuring better oversight, accountability, and financial stability.