Indigenous Peoples' Forum Opening Ceremony

The Opening Ceremony for the Forum under the theme, Catalysing Caribbean-Canada Collaboration on Indigenous Peoples Affairs for Resilient Prosperity. The Forum will focus on pathways for facilitating greater economic empowerment, voice and agency of Indigenous Peoples.

Haiti Now: Development Priorities and Interventions

This Forum will discuss recent developments in Haiti. Panellists will share views on how the new interim council, as well as the new administration might work with international and regional partners to restore stability and maintain peace.

The seminar will help focus the work of the CDB, as part of the international community of partners engaged in Haiti. CDB’s collaboration with internal and external stakeholders will be key to optimising efforts in the country. The Forum’s objectives are: (a) to outline the current socio-economic/security situation in Haiti; (b) to share CDB’s approach to development in Fragile States; (c) to reiterate the Government of Haiti’s Development Plans and Priorities; and (d) to highlight CDB’s Haiti Programme and its alignment with Haiti’s Priorities and CDB’s Strategic Objectives.

24th William G. Demas Memorial Lecture & Cocktail

The Lecture Series seeks to honour the thought leadership of CDB’s second President, William G. Demas, by bringing into the spotlight issues and initiatives of significance to the economic development of the Bank’s member countries.

This year’s William G. Demas Lecture will be delivered by Mr. Paul Barnaby “PB” Scott, a Jamaican entrepreneur and CEO, Chair and Principal Shareholder of the Musson Group, a leader across the Caribbean in food, pharmaceuticals, information technology, and insurance.

The title of the of lecture is, Economic Therapy for a Frustrated Regionalist.  Mr. Scott will address the conditions that are needed for the private sector to reach its potential in driving development in the Caribbean, drawing from the experiences of the Musson Group of companies under his management. He will compare the regional business ecosystems with a range of other countries in which the company operates to demonstrate where additional focus needs to be in key policy areas, including the labour  market. 

54th Annual Meeting Opening Ceremony

Chairman of the CDB Board of Governors and Canada's Minister of International Development, Honourable Ahmed Hussen will address the Opening Ceremony. In addition, CDB Acting President, Mr. Isaac Solomon will deliver a keynote statement.

Seminar 1 - Employment Equity: Promoting Inclusion in Caribbean Labour Markets

This seminar intends to broaden the discourse on policies to promote the equal participation of vulnerable groups in the labour market. The recommendations and insights that are expected to emerge from the seminar will touch areas such as education and training, gender equality, digitalisation and good governance. Furthermore, the research and knowledge outcomes derived from this seminar will provide CDB and its stakeholders with valuable insights to support the implementation of the sustainable development agenda.

The specific objectives of the seminar are to increase awareness on the structural and systemic challenges in the Caribbean labour market and its disproportionate impact on vulnerable populations; exchange knowledge on evidence-based policies to achieve equitable labour market outcomes for key demographic groups; and promote good practice guidance and recommendations on innovative inclusive policies that drive equitable and sustainable labour market growth. 

Seminar 2 - Imagineering: Using Creative Industry Research to Devise Development Strategies

The discussion, anchored by direct reference to two Cultural and Creative Industry Fund (CIIF)-supported research outputs on the Contribution of Copyright Industries to Gross Domestic Product and in-progress collaborative research into the impact of public development bank engagement with culture and arts for sustainability. The discussion will further be bolstered by a CARICOM perspective emerging from the Regional Cultural Committee on the role of data in developing responsive policy and programmes for the Region. 

Seminar 3 - Accelerating Development: Optimising Trade Connectivity and Logistics for Growth

The seminar aims to build consensus around the imperatives for creating a facilitating ecosystem for trade in the Region. The seminar will bring together policy makers, private sector leaders and technicians to discuss these imperatives, using two CDB-commissioned reports as a platform.

The seminar seeks to achieve the following outcomes: (a) identification of the infrastructure needs to facilitate trade; (b) identification of the enhancements to the trade facilitating environment: inclusive of regulation, legislation, quality infrastructure, and platforms; and (c) identification of specific opportunities for greater regional trade and the establishment of value chains across the Region.

54th Annual Meeting Closing Ceremony

Chairman of the CDB Board of Governors and Canada's Minister of International Development, Honourable Ahmed Hussen and CDB Acting President, Mr. Isaac Solomon will deliver closing statements.

Thank you so much!

It’s wonderful to be here in Ottawa.

Thank you to the team who has worked so hard to make this day a reality, including putting together that wonderful video.

2,400 miles…that’s the distance between where we are gathered here today and the headquarters of the Caribbean Development Bank in Barbados.

But today I can’t feel much of any distance at all. I see so many familiar faces from our beloved Region.

I especially want to recognise the Premier of Montserrat, Hon. Joseph Farrell, and the Deputy Prime Minister of St. Kitts and Nevis, Hon. Dr. Geoffery Hanley, distinguished members of the CDB Board of Directors, Board of Governors, – and, of course, our Chair, Hon. Ahmed Hussen, for being with us.

Canada is a true partner to us, and we thank you for hosting our Annual Meeting for the third time, and for welcoming us with such hospitality.

I look forward to strengthening our ties with you as we continue to chart a course for the future.

This year’s meeting has the perfect theme for our current moment – Partnerships… for Resilient… Prosperity.

Indeed, we know that the challenges we face are too complex and too large for any single organisation, government, or community to solve alone. No institution on its own can achieve the tasks we have ahead.

It will take all of us – working together as one. We must work together to share knowledge, exchange ideas, and mobilise sorely needed resources.

That’s why we continue as one to boost our partnerships with key organisations acting on a multilateral basis – that includes the Inter-American Development Bank, Green Climate Fund, Global Partnership for Education, and many others.

And that’s why I’m privileged to be here with so many thought leaders, innovators, academics, business leaders, indigenous groups from the Caribbean and Canada, policymakers, elected officials, and others so committed to the continued prosperity and development of the region.

…we are blessed with so many incredible resources, so much natural beauty in our corner of the world. So many people think of the Caribbean and think of words like – Carnival… Holiday... Paradise.

That’s especially true during those LONG Ottawa WINTERS.

But we know there’s so much more when you look closer.

What makes the Caribbean so special is our people – people driven by dreams, ambition, and potential.

We may be a collection of relatively small nations, but we're a great Region too.

In fact, the key reason we are able to be a great Region is due to our resilience AND our ability to compete globally with our knowledge and intellectual dexterity.

As a boy growing up in the Caribbean, I have come to appreciate and acknowledge the institutions that have shaped who we are as a people. The institutions that are indelibly knitted into the fabric of what it looked like to be Caribbean. As youngsters we were inspired by the exploits and all conquering nature of our West Indies Cricket team. The titans nurtured and developed by the University of the West Indies. And of course the roads, the schools, our saviour in times of disaster, the Caribbean Development Bank. We can ill afford for these pillars to become vestiges of our past.

CDB plays a pivotal role in funding critical infrastructure projects, supporting economic and social development, and eradicating poverty across the region – and is the region’s best friend in times of disaster.

Yet, it is only with the steadfast support of all of us, TOGETHER, that we can ensure that these pillars not only endure but also lead us towards a brighter, more prosperous future.

Ladies and Gentlemen, each step of the way, our success has been built on partnerships. Together – working with local communities, governments, financial institutions, businesses and entrepreneurs – we are driving change across our borrowing member countries.

There is so much that we can do with the accumulated brainpower in this room and in the region to drive development…build greater resilience…and prioritise shared, broad-based prosperity that benefits the people and communities in the Caribbean.

Reflecting on Success

I’m pleased to report that we have seen incredible momentum in meeting our vision of collaborating to build stronger Caribbean economies and societies.

The Caribbean region has seen remarkable developments highlighted recently during key international fora.

For example, the Global Supply Chain Forum spotlighted the Caribbean's innovative strides in digital transformation within logistics and supply management, significantly enhancing intra-regional trade efficiency and integration into global markets.

This reflects the Caribbean's proactive and forward-thinking approach to sustainable development, and global economic integration.

CDB’s Contribution

In 2023, the Caribbean Development Bank approved over $400 million in financing across diverse sectors, including water, renewable energy, education, health, and social protection.

And in keeping with this meeting’s theme… this substantial investment was made possible through our strategic partnerships with Canada, the Inter-American Development Bank, the European Investment Bank, the European Commission, and the United Kingdom’s Caribbean Infrastructure Partnership Fund.

The year saw so many accomplishments we can take pride in. I’d like to take a moment to highlight a few:

In times of distress, our efforts in providing budgetary support have proven instrumental in restoring public trust and helping governments to steady the ship. We allocated $150 million to The Bahamas and $43 million to Saint Lucia, enabling these nations to navigate financial challenges with resilience and fortitude.

A cornerstone of our mission is poverty reduction, and our flagship Basic Needs Trust Fund stands as a testament to this commitment. With close to 100 projects underway, representing a $30 million investment, we are making tangible differences in the Region’s poorest communities…

…whether it was the opening of the Caribbean’s first state-of-the-art therapeutic centre at the Maxfield Park Children’s Home in Jamaica providing comprehensive support and healing for victims of child abuse...

…or our Youth Economy Project in Saint Lucia, investing $6 million in young entrepreneurs and giving young people a pathway to a better future that rejects the choices of street violence and other anti-social behaviours.

Gender equality remains a vital priority. In partnership with the International Trade Centre, we launched the SheTrades Caribbean Hub, creating opportunities for women entrepreneurs to thrive. As the chair of the Multilateral Development Bank Working Group on Gender Equality, we proudly amplify the Caribbean’s voice on the international stage.

Our dedication to infrastructure development saw landmark projects – from the George Price Highway in Belize to the Linden to Mabura Hill Road Upgrade in Guyana. Think of the multiple positive impacts that a well-executed road project can have – helping workers commute on time, increasing school attendance, and reducing transit costs.

There is also the Port Modernisation project in Saint Vincent and the Grenadines that will improve the efficiency of cargo port services and support national development.

We are also advancing the Region’s transition to sustainable energy with initiatives like the Grid Interconnection and Renewable Energy Scaling project, aiming to lower electricity costs and reduce greenhouse gases.

In the social arena, we are addressing gender-based violence through the establishment of One-Stop Centres in Saint Lucia and St. Vincent and the Grenadines, in collaboration with UN Women. These centres provide a holistic response to survivors, ensuring they receive comprehensive support.

I’m proud of how far we have come – 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.

To ensure higher and sustained levels of economic growth, we need to focus on several key areas:

• Developing climate-resilient social and economic infrastructure.
• Improving institutional frameworks through digitalisation and the rise of generative artificial intelligence – after all, we can’t allow for a continuation of the “digital divide” between rich and poor, that has plagued us.
• Enhancing our pool of human capital by reducing skill-gaps and developing career pathways.
• Creating an environment that will strengthen energy security and stabilise costs.
• And improving logistics to boost intra-regional trade and food security.

Across all these challenges, I come to the same conclusion: none of us can do it alone.

As we move forward, we recognise that making the necessary investments to achieve resilient prosperity will require greater access to adequate and affordable financing.

And that’s why we’re committed to strengthening our partnerships – to mobilise the resources we need so critically, to tackle our biggest problems at scale.

A Call to Leadership and Collaboration

Take just one example: the climate crisis demands urgent attention. As we gather here, we know that the window is narrowing for us to take action on meeting the targets laid out in the UN’s Sustainable Development Goals.

The stakes could not be higher. We know that we can’t prevent or even necessarily plan for every great shock that we may experience.

What we CAN do is strengthen our foundation – and strengthen our resilience and capacity to withstand future shocks.

Now is the time to help our member countries build climate-resilient pathways. It may be painful to act now – but the pain will be far greater in the future, consequent upon inaction.

And we can’t delude ourselves: climate change is not a crisis to confront in some distant future.

It’s in the here and now! And the Caribbean is on the front lines!

We don’t have any time to waste.

To build environmental resilience, we will continue to support Climate Action through steps like our Climate Change Project Preparation Fund. This Fund will assist our Borrowing Member Countries in identifying and preparing climate change adaptation and mitigation projects. By providing the necessary resources and expertise, we aim to empower our members to take more proactive steps towards a more resilient future.

And in promoting energy security, through our sustainable energy framework, we assist members in establishing regulatory and governance systems to attract more sustainable energy investment, while reducing dependence on fossil fuels.

Finally – on the topic of addressing the needs of the most vulnerable, I must highlight our work in Haiti, the most populous country we serve and a nation that remains fragile and requires special attention from the Bank.

In Education, we are actively supporting the Government's national education plan by preparing two new projects. In ongoing vocational training efforts, we are equipping four technical institutes and will be training over 700 women to enhance their employability and entrepreneurial skills.

In addition, two days ago, our Board of Directors approved a special 5 million grant to help Haiti deliver electricity via three mini-grids to rural customers.

While CDB is mobilising resources to meet critical development needs, we recognise the challenges governments face with project implementation.

This year, we are conducting rigorous analysis to identify the root causes of implementation issues in the Region.

To build in-country capacity, we will provide "hands-on" support to improve procurement processes and leverage our upgraded digital systems to enhance project monitoring and reporting.

Each step of the way, the Board of Governors has played a crucial role in setting priorities, sharing insights, and holding us accountable.

In the days ahead, I look forward to discussing with you how we can take this collaboration to the next level, including in our roundtable discussion on the future direction of the Bank.

Envisioning the Next Decade

We’ll be taking a look together this week at a few crucial questions…

What does our next decade look like?

Where can we be most relevant? Where can we move the needle in the most meaningful way possible? How can we ensure impact through the 2020s and into the 2030s?

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.

Over the days ahead, I look forward to exploring with all of you what we see for the coming decade…and how we can apply innovation and new ideas to meet the Region’s demands for infrastructure, finance, connectivity, and evolving technologies.

Conclusion

It is important to remember that this development work is about putting the right conditions in place – the conditions that will enable us as a people to achieve our full potential, realise a better quality of life, and build a secure future for our children.

As stated in the video at the beginning, the future may hold uncertainties, but we are evolving to meet them. Our commitment to steering the Region through any challenge remains steadfast. Caribbean citizens and communities can trust in our proven capacity to navigate whatever may come.

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.

I can’t wait to see what the next 10 years holds – and we can’t wait to build that future TOGETHER. Thank you very much.

Hon. Ahmed Hussen, Chairman of the Board of Governors; Isaac Solomon, CDB Acting President; fellow Governors; members of the Board of Directors, Vice President, Government representatives, development partners and other distinguished guests; the CDB’s Management and staff, ladies and gentlemen, good morning. It is an honour to deliver this message not only on behalf of the Government and people of Jamaica, but also on behalf of all our Borrowing Member Countries (BMCs).

Firstly, I want to thank our host country, Canada, for your warm welcome and kind hospitality. I also want to recognise the assiduous work of the management and staff of the Bank in ensuring the success of this annual meeting. Your unwavering dedication to meeting the needs of our people across the Region is deserving of the highest commendation.

Over the past fifty four (54) years, the CDB has significantly contributed to the Caribbean’s development agenda across various thematic areas, including education, agriculture, disaster emergency response, infrastructure, private sector development through credit facilities, budgetary support via policy-based loans (PBLs) and social development through social investment funds. Jamaica has benefited tremendously from a wide range of grant-funded technical assistance (TA) initiatives, which have strengthened our public financial system, conducted pre-investment feasibility studies for the water sector, built capacity in post-disaster needs assessment (PDNA) and climate change adaptation, facilitated trade and supported the Micro, Small, and Medium Enterprise (MSME) sector.

The shared challenges we face as a region have brought us here to collaborate to devise solutions in the midst of extant threats, while building resilience as a buffer against our inherent vulnerabilities. May we be mindful of the wisdom of good policy in entrenching stability and mitigating volatility as we pursue our development priorities.

Jamaica remains committed to making sound, sustainable decisions that strengthen our economic resilience. These include building out our framework for natural disaster financing and ensuring the public investment process supports the investment needs of the country through effective public-private partnerships (PPPs) with our multilateral stakeholders. As we accelerate the pace of recovery from the pandemic, bolstered by twelve consecutive quarters of economic growth, we continue to prioritize macroeconomic stability and fiscal and debt sustainability. This focus has enabled us to record robust economic performance including continued record-low unemployment, debt that is lower than pre-pandemic levels, upgrades in our sovereign credit ratings, the moderating of inflationary pressures and record levels of Net International Reserves (NIR) as a critical buffer against external shocks. This recovery process has benefitted from the underlying principles of policy sustainability, economic resilience and economic stability.

Jamaica also continues to be steadfast in our efforts towards Public Sector Transformation through the implementation of our compensation restructuring exercise and further improving service delivery to enhance efficiency. The Government is also far advanced in the operationalization of the Independent Fiscal Commission (IFC) to institutionalize our fiscal gains, while we continue to focus on other key governance reforms including the maintenance of the Database of Prospective Directors for the transparent nomination, selection and appointment to the Boards of Public Bodies, as well as, efforts towards anti-money laundering and combating the financing of terrorism (AML/CFT). The acceleration of crucial reforms within our Ministries, Departments and Agencies (MDAs), as well as, the enactment of key legislations that underpin these and other reform efforts, remain high on our list of priorities for the foreseeable future.

As we engage in knowledge sharing for a more resilient future, we are reminded of our particular vulnerability to natural disaster risks, with which we must contend and prepare for as natural disasters have the potential to destabilize our economies. We have had cause to reflect on the best ways to prepare ourselves for the fiscal impact of natural disaster. As of today, Jamaica has the distinction of leading the region and beyond in implementing a multi- layered suite of financial instruments that can provide needed resources in the wake of a natural disaster event. This suite of instruments includes savings in the National Natural Disaster Fund, annual budgetary allocations, contingent credit claims from our multilateral partners, as well as, insurance through the regional Caribbean Catastrophe Risk Insurance Facility (CCRIF). Three years ago, Jamaica also became the first small country in the world to independently sponsor a catastrophe bond, which we have recently renewed and there is an opportunity to explore a regional product.

As we look towards the future, there is an opportunity for Jamaica, and indeed the Caribbean, to build its economic recovery on a modern foundation – better use of technology and digitization of public and private sector services. We recognize the invaluable role of the CDB in continuing to provide support to our member countries across a raft of areas including but not limited to enhancing educational quality and improving the effectiveness of social protection, enhancing governance and citizen security; investing in inclusive growth and competitiveness reforms and strengthening environmental sustainability and energy security.

The CDB can be proud of its diligent work and professionalism amidst the various challenges we face. The teams involved in generating and executing our economic policies have demonstrated their capacity to undertake significant projects and programmes across the region of varying magnitude and complexity.

Thank you once again, Mr. Chairman, for convening this meeting and thank you for the opportunity to address this session. As we move forward, let us remain resilient in service to our people. May we continue to foster productive dialogue and engage in meaningful conversations as we partner to advance the region’s development interests.

Thank you.

Mr. Chairman, Honorable Ahmed Hussen, President (Ag.) of The Caribbean Development Bank, Mr. Isaac Solomon, Distinguished Governors, Ladies and Gentlemen,

I am deeply honored to stand before you today, representing the regional non-borrowing member countries and the Government of Colombia. First and foremost, I extend heartfelt gratitude to the Government of Canada for graciously hosting this pivotal annual meeting and for their steadfast leadership as chair during this period. Additionally, I commend the dedicated efforts of the Bank's staff whose hard work has ensured the success of this significant event.

The challenges facing the Caribbean Region today are multifaceted, encompassing climate change, food insecurity exacerbated by global tensions, disruptions in value chains, and the lingering economic impacts of COVID-19, compounded by high debt and interest rates. In light of these pressing issues, it is imperative that we embrace a paradigm shift. Business as usual is no longer an option; we must adapt and innovate.

Multilateral banks, including our esteemed Caribbean Development Bank, have a crucial role to play in this transformation. They must not only expand their portfolios but also actively seek out structural and countercyclical solutions. The theme of this year's Annual Meeting, "Partnerships for Resilient Prosperity," resonates deeply. It underscores the pivotal role of strategic alliances in fostering growth, innovation, and efficiency. By pooling our strengths and experiences, we can expedite progress and achieve collective prosperity.

I am heartened by the Bank's proactive stance in intensifying partnerships aimed at enhancing productivity, sharing knowledge, facilitating technology transfer, and mobilizing finance. The development of initiatives such as the CMVI+ exemplifies the Bank's commitment to mobilizing resources for vulnerable countries affected by climate change, even those not traditionally eligible for concessional financing.

As nations within the same region, we share common challenges and successes. Colombia, for instance, has emerged as a regional leader in structuring innovative financing instruments to attract new investors dedicated to climate adaptation and mitigation. Our issuance of sovereign green bonds and the establishment of a national green taxonomy underscore our commitment to sustainable development and environmental stewardship. We stand ready to share our expertise and collaborate closely with the Bank and fellow member countries in these critical areas.

In conclusion, Mr. Chairman, I express sincere appreciation for the opportunity to address this esteemed gathering and extend gratitude to the Caribbean Development Bank for its steadfast partnership and support. Let us seize the momentum of this meeting to deepen our relationships, foster knowledge sharing, and forge resilient partnerships that will propel our region towards a prosperous and sustainable future.

Thank you once again, and I wish everyone a productive and successful Annual Meeting.

Honorable Chairman and members of the Board of Governors, Acting President of the Caribbean Development Bank, Distinguished Guests,

Ladies and Gentlemen,

On behalf of CDB’s non-regional members, I wish to thank Canada and the City of Ottawa for its hospitality and the excellent facilities provided in this iconic Hotel.

The year ahead will be an important one for the CDB, as we develop a new institutional strategy and negotiate the Special Development Fund (SDF) replenishment.

These deliberations take place in a context of broader discussions within the international community to reform and strengthen multilateral development banks, to better address development and global challenges. MDBs have been called upon to work better as a system, to leverage their respective comparative advantages and to coordinate better to maximize impact. The CDB is an essential component of this system, and a partner of choice in the Caribbean region for other MDBs and International Development Partners.

The multilateral development banks reform processes have highlighted the need to address global challenges, including climate and biodiversity, fragility, and pandemics. The new institutional strategy of the CDB should aim to integrate this approach more deeply into operations in the field. In this regard, we urge management to explore ways to incentivize and leverage investments in the provision and protection of regional and global public goods in the Caribbean, with a particular focus on the ever-increasing impacts of climate change, which disproportionately affect vulnerable country groups and communities.

The Special Development Fund is a vital tool in this regard. With respect to the SDF, several issues and challenges were identified in recent reviews. As donors, we concur with the need to improve the Fund’s performance and make it more effective and impactful. Concerning the replenishment of the Fund, given that a sizable balance remains available, we should consider extending the current cycle or, at least, bring forward unused funds into the financing framework of SDF11.

Regarding resources, one of the key components of the ongoing MDB reform process concerns the G20-commissioned Independent Review of MDB Capital Adequacy Frameworks, which is unlocking substantial additional financing for development. We are pleased to acknowledge that CDB’s risk management and balance sheet optimization efforts, such as the new Enterprise Risk Framework, the development of Exposure Exchange Agreements, and implementation of other G20 CAF recommendations, are pointing in the right direction. Over the past year, we have seen good progress in improving CDB's risk profile and maintaining its AA+ rating. We appreciate the regular updates to the Boards of Directors and Governors on the financial health and risk exposure of the Bank. Our common aim is to protect current lending conditions and volumes to borrowing countries.

Maintaining the highest standards of corporate governance is a necessity in this regard – for credit rating agencies, as well as for regional and non-regional shareholders, including our country group.

This year has been a challenging one for the Caribbean Development Bank. Today, we find the Bank at a crossroads. As Governors of this Bank, we are called upon to take key decisions to ensure that the CDB grows stronger from this experience.

We note the external, independent investigator has concluded its investigation of the President. We believe that a multilateral development bank that works to improve the living conditions of its recipients must lead by example. We expect the highest standards for integrity, ethics, and transparency.

Lessons will be learned in the aftermath. Going forward, we should review arrangements for strong governance and look at procedures and process. We should draw on best practice from other development banks to ensure that the CDB is best in class. In this way, we have to maintain confidence in strong governance, which underpins the credit rating of the Bank and its ability to provide concessional support to its Caribbean members. The populations of the Caribbean deserve a Bank that will help transform the region and that will devote its energy to the wellbeing and prosperity of its people.

Mr. Chairman, Mr. President, Fellow Governors, Ladies and Gentlemen,

It is my great pleasure to attend the 54th Annual Meeting of Board of Governors of the Caribbean Development Bank (CDB). Please allow me to extend my sincere thanks to the Chairman of the Board of Governors, Canada’s Minister of International Development Hon. Ahmed Hussen, the host government of Canada, and management and staff of CDB for the excellent organisation of the one-week annual meeting events.

The theme of this Annual Meeting is "Partnerships for Resilient Prosperity", which is aligning with the current situation and concerns of the Caribbean region, and holds great practical significance. Today, our world, our times and history are changing in ways like never before. We have just emerged from the shadow of the Covid-19 pandemic, and the world economy has not yet fully recovered. Meanwhile, geopolitical conflicts, inflation, debt risks, climate change, and wealth disparity are intensifying, hindering the progress of achieving the 2030 Sustainable Development Goals. Human society is facing unprecedented challenges. In the face of these major crises, no country can stand alone, and no country can solve these problems single-handed. Unity, cooperation, and common development are the only correct paths forward.

We are pleased to see that over the past year, as an important multilateral development bank in the Caribbean region, the CDB has made great strides in strengthening international cooperation and building regional resilience. In 2023, the CDB was designated a technical partner of the Global Infrastructure Facility (GIF), and a grant recipient agency of the fund from the Global Partnership for Education (GPE), which is the largest international fund for education in lower-income countries, thereby diversifying and expanding the bank’s funding channels. Meanwhile, with the overall COVID-19 situation being alleviated, operational efficiency of the CDB has significantly improved. In 2023, focusing on building “social resilience, production resilience, environmental resilience, financial resilience and institutional resilience”, the CDB has approved a total of US$ 461.6 million in loans and grants, a substantial increase of 140% compared to 2022, making important contributions to overall regional resilience and sustainable development. We highly commend these achievements.

As the world's largest developing country, China has always adhered to the concept of a community with a shared future for mankind, upheld the principles of peace, development, and win-win cooperation, and constructively participated in global governance and international cooperation, including cooperation with the Caribbean region. Since becoming a member of the CDB, China has participated in all previous donations of Special Development Funds (SDF). This year marks the conclusion of the SDF 10, as well as a critical year for kick-starting the next cycle. In the future, China will continue to work together with other contributors to support the SDF projects in key areas such as regional infrastructure, climate change, private sector development, poverty reduction, and educational transformation. China is always ready to share its development experience to promote sustainable and inclusive development in the Caribbean region.

Finally, I wish the Annual Meeting a great success.

Chairman of the Board of Governors and Minister of International Development of Canada, the Honourable Ahmed Hussen;

Honourable Prime Ministers; Distinguished Governors;

Acting President of the Caribbean Development Bank (CDB), Mr. Isaac Solomon; Members of the Board of Directors; Vice-Presidents and the Management and Staff of the Bank; Distinguished Delegates, Observers, Representatives of the Media; and Ladies and Gentlemen.

On behalf of the Government of the Republic of Trinidad and Tobago, it is an honour to participate in the 54th Annual Meeting of the Board of Governors of the Caribbean Development Bank. I wish to express my sincere gratitude to the Management and Staff of the Bank for their consistent commitment to convening the leaders of the Region in a single space and for providing a platform to collaborate and unlock practical solutions to the Region’s challenges.

Grounded in the Bank’s commitment to reduce poverty and transform lives, the theme for the Annual Meeting: “Partnerships for Resilient Prosperity,” perfectly complements the Bank’s impassioned drive towards greater mobilisation of resources in support of our Region’s ambitions to realise resilient prosperity. The Annual Meeting occurs at a time when the world seeks to recover from a confluence of events that continue to impact our regional economies. Amid this recovery, albeit at slower rates, the risks associated with these events remain high, and our vulnerability to economic and climate-related shocks continues to place our hard-won development gains in peril. The strain on our healthcare systems, heightened unemployment, and increased poverty levels during the pandemic continue to challenge our governments. Disruptions to our food and energy supply have contributed to global inflation, while the need to manage crime and criminality demands a constant injection of vital resources. Additionally, the frequency and intensity of extreme weather events, such as droughts, floods, and hurricanes, have underscored the need to adopt more proactive approaches to Disaster Management and Preparedness. Addressing these challenges will require significant investment to shore up regional resilience and progress towards achieving our development goals.

As Borrowing Member Countries of the Caribbean Development Bank, though we may be connected by the common thread of our unique circumstances and vulnerabilities, we are, by nature, resilient nations. Despite the headwinds, such resilience is evident in our persistent efforts to navigate the turbulence by concentrating our efforts on the diversification of our economies, strengthening our implementation capacities and mitigating the threats associated with climate change impacts. Further, we remain steadfast in our commitment to achieving the Sustainable Development Goals (SDGs), though the journey has been fraught with many challenges. These challenges are further compounded by institutional capacity gaps, which have delayed the timely collection and dissemination of data, resulting in limitations in measurement and reporting against the SDGs. From Trinidad and Tobago’s perspective, in spite of these impediments, the Government is pleased to report the achievement of significant milestones in the areas of Health, Education, and Climate Change, and we remain committed to enhancing our institutional capacities to expedite progress towards fully realising the SDGs.

In the spirit of fostering partnership and collaboration, we gathered in Antigua and Barbuda from May 27th to 31st, where we reviewed the Small Island Developing States' (SIDS) sustainable development progress and proposed a new decade of partnerships and solutions. The Fourth International Conference on Small Island Developing States (SIDS4) reinforced the need to reform the international financial architecture to meet the needs of SIDS, specifically to enable easier access to affordable and concessional finance to mitigate the accelerating effects of climate change. Trinidad and Tobago, as both a small island developing state and a significant oil and gas producer, is at the forefront of the climate change crisis. The country acknowledges the importance of developing and implementing climate change initiatives to reduce emissions, build climate resiliency, and institute adaptation measures. To this end, climate financing plays a pivotal role in bolstering Trinidad and Tobago's endeavours to fortify our climate resiliency, while simultaneously addressing pressing developmental challenges.

If we are to regain any tangible momentum towards transforming our economies, then our partners, like the CDB, must continue in their quest to establish new, strategic partnerships and seek to be innovative in broadening the scope of existing partnerships to bridge the development financing gap. The manner in which the Bank seeks to pivot in the regional development space to remain relevant and responsive to the growing demands of its BMCs is highly commendable. The tremendous work of the CDB has been made visible through its support across key sectors and in forging partnerships for access to critical resources to fuel its operations. This is evidenced in the Bank’s recent efforts to deepen its cooperation with the Inter-American Development Bank (IDB) and IDB Invest through an addendum to its current Mutual Cooperation Agreement; the collaboration with the Green Climate Fund (GCF) through the implementation of the Blue Co Caribbean Umbrella Coordination Programme; and the Bank’s accreditation as a technical partner of the Global Infrastructure Facility. We are also pleased to see the Bank initiate Technical Assistance to examine the implementation conditions in its Borrowing Member Countries, to identify and remove obstacles to implementation. This is an initiative for which Trinidad and Tobago has long advocated, and we maintain that the successful implementation of projects and programmes can act as a catalyst for achieving sustained socio-economic growth and driving development effectiveness.

Another testament to the Bank’s resource mobilisation efforts can be found in the Special Development Fund (SDF), which remains a most relevant mechanism through which the Bank continues to address poverty and human development challenges throughout the Region. We urge the Bank to leverage the current negotiations for the Eleventh Cycle of the Fund, to secure the additional resources needed to propel the Region forward and to ensure the sustainability of the Fund. The Bank’s plan to improve the methodology for determining eligibility for the SDF resources, by exploring options to incorporate the Caribbean Multidimensional Vulnerability Index (CMVI) in the next SDF cycle, is also supported and will certainly redound to the benefit of the Region.

Against this backdrop, I wish to commend the Management and staff of the Bank for your unwavering commitment to ensuring work continues, and for your sustained support to the BMC’s over the last year. As Governor for Trinidad and Tobago, I wish to thank the Bank for its support, and I look forward to the Bank’s continued assistance towards driving our national development agenda. I also wish to reaffirm my Government’s commitment to working collaboratively with the CDB to aid in building a more sustainable, inclusive, and resilient Region.

In the spirit of this year’s theme, it would be remiss of me not to mention the Canada- Caribbean nexus. The support provided by the Government of Canada over the years in key areas of development, specifically in building environmental, social and economic resilience and promoting gender equality, must be acknowledged. The Government of Canada’s consistent support to the Bank and more specifically, for the replenishment of the Special Development Fund (SDF) continues to allow critical aid to be provided to the poorest and most vulnerable countries in the Region and for this, we are grateful.

To my fellow Governors, collaboration and consensus as a Board has become a necessity in order to strengthen and support our regional institution, the CDB. Through robust dialogue, continuous engagement and appropriate actions, the governance framework of the Bank must be augmented to ensure that the CDB remains a most trusted development partner in the Region. I look forward to working collaboratively as a Board to ensure this.

I also want to express sincere thanks to the Government of Canada for its gracious hospitality, and to the Management and staff of the CDB for the arrangements made to facilitate this Annual Meeting. I pray that the Annual Meeting is a success and that our deliberations over the week can be transformed into tangible actions, as we continue on the path to achieving resilient prosperity.

The United Kingdom thanks the Caribbean Development Bank (CDB) and Canada for hosting this year’s Annual Meeting under the theme, ‘Partnerships for Resilient Prosperity’.

Caribbean countries remain important partners and friends to the UK. We greatly value our relationships across the region and look forward to close and valuable conversations as part of these Annual Meetings.

The region’s poor and vulnerable have faced multiple crises over recent years, including coronavirus, Russia’s illegal invasion of Ukraine, and significantly, climate change. As the recent UN Small Island Developing States Conference highlighted, countries like those in the Caribbean are uniquely vulnerable, facing specific challenges in accessing affordable finance and in managing debt. Amid all this, the Bank is playing a critical role in providing predictable and substantial long-term financing and technical support.

These Annual Meetings come at an important time for the Bank as it develops its new long-term strategy, which will provide the framework for future Special Development Fund (SDF) cycles. The UK welcomes the conclusion of the leadership investigation. We firmly believe that it is incumbent on the senior leadership of international organisations to set and maintain the highest standards for integrity and ethics. The Board’s role is to ensure that this is the case and to take appropriate action to protect the integrity and reputation of the institution. The deliberations of the Board of Governors should be confidential. We are disappointed that details of the independent investigation and the views of some member countries have been so publicly aired in the media.

Lessons must now be learned in response to the recent investigation, and this should begin with haste. Now is the time to renew commitment to strong governance, which underpins the credit rating of the Bank and its ability to provide concessional support to its Caribbean members. Recent events have highlighted the importance of good governance and clear and robust procedures and process. A governance review - drawing on external advice and best practice from other development banks - should be prioritised to ensure that the CDB is best in class.

Last November, the UK published its International Development White Paper to set out how we will partner to build a bigger, better, and fairer international financial system. The UK is committed to working with partners to end extreme poverty, tackle climate change, address fragility and conflict, prevent biodiversity loss, and empower women and girls.

Consistent with these objectives, the UK has called for the following as part of replenishment negotiations for SDF 11 and in preparation for the Bank strategy:

(a) Greater focus on resilience to shocks, particularly from climate, with clearer sectoral focus on areas of comparative advantage (such as infrastructure and agriculture)

(b) Higher climate ambition with a target of at least 40% of approvals and at least half of that target for adaptation.

(c) Improved planning and preparation of the “pipeline” for new investments using targeted technical assistance and better management for project preparation and delivery (including improvement in delivery of the current SDF cycle and full programming and disbursement of funds from previous cycles);

(d) Concessional resources to remain prioritised for the poorest countries and those most in need;

(e) A conflict sensitive offer for Haiti, the poorest, most fragile country in the region, in coordination with other development partners; and

(f) Stronger partnerships with other development actors, including with the Inter- American Development Bank Group to collaborate under its ‘One Caribbean Framework’ and with IDB Invest as it expands regional operations.

The UK continues to value its partnership with the CDB as a founding member and welcomes collaboration with other members in support of the Bank, as it delivers its critical mission.