Tuesday, July 16, 2024
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HomeNewsCaribbean NewsCDB restates commitment to Caribbean prosperity at annual meetings in Canada

CDB restates commitment to Caribbean prosperity at annual meetings in Canada

OTTAWA, Canada – The Caribbean Development Bank (CDB) has reaffirmed its commitment to spearheading transformative initiatives to accelerate economic growth and bolster resilience across the Caribbean. Acting president, Isaac Solomon highlighted the bank’s unwavering commitment to support infrastructure projects, socioeconomic development, and poverty eradication throughout the region.

In his keynote address at the Opening Ceremony of the 54th Annual Meeting of the CDB’s board of governors, Solomon highlighted the institution’s efforts to drive positive change across the Caribbean.

“In 2023, the Caribbean Development Bank approved over $400 million in financing across diverse sectors, including water, renewable energy, education, health, and social protection,” he said. Then, in a nod to the event’s theme, “Partnerships for Resilient Prosperity”, the chief executive added, “… this substantial investment was made possible through our strategic partnerships with the government of Canada, the Inter-American Development Bank, the European Investment Bank, the European Commission, and the United Kingdom’s Caribbean Infrastructure Partnership Fund.”

In outlining a refined approach to its mandate,  Solomon explained that to ensure higher and sustained levels of economic growth, the bank will intensify its focus on developing climate-resilient infrastructure, enhancing institutional frameworks through digitalisation, improving human capital, strengthening energy security, and boosting intra-regional trade. He also cited gender equality, education, addressing the needs of vulnerable groups and capacity building in public sector institutions as areas that will continue to receive high priority.

“Even as we acknowledge the long path before us, we must remain vigilant in addressing the challenges that lie ahead, such as high inflation, geopolitical tensions, and the ever-present threat of climate change. Our response to these challenges must be comprehensive and forward-thinking,” he said.

Turning to the future, Solomon said the bank will increase its agility to ensure it adds the most meaningful value to the Region’s governments and communities. “This organisation began in 1969, when challenges like digital literacy and Generative AI, let alone climate change, weren’t on the development agenda. But we have continued to endure over the decades as an institution, not because of any single individual but because of our capacity to reinvent ourselves… and adapt with the times, while staying resolute in our mission and focus,” he said.

Solomon also called on all participants to envision the next decade and explore how innovation and new ideas can meet the Caribbean’s evolving needs for infrastructure, finance, and connectivity. “The future may hold uncertainties, but we are evolving to meet them,” he concluded. “Together, we will create a Caribbean that stands strong against climate change, boasts world-class infrastructure, and eradicates poverty. We stand with the people of our region, united in building a future brimming with resilient prosperity.”

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