May 20, 2010 No. 23/10-BG CDB BOARD OF GOVERNORS CONCLUDE ANNUAL MEETING President of the Caribbean Development Bank (CDB), Dr. Compton Bourne, is suggesting that while the International Monetary Fund is projecting real GDP growth for the Caribbean of 1.5% in 2010, and 4.3% in 2011, "it is advisable to be cautious about such an optimistic outlook for 2011." Dr. Bourne said that "asset markets remain depressed and personal sector credit is less accessible. This situation portends slower economic recovery in the Caribbean." He made these comments in his Annual Statement to CDB's Board of Governors at the Fortieth Annual Meeting, which has just concluded in Nassau, The Bahamas. The Statement was entitled was entitled "The Caribbean Development Bank at Forty". Dr. Bourne reviewed the progress which the institution has made since the last occasion on which the meeting was held in The Bahamas in 2000. Among other things, he pointed to strengthening of relations with member countries and other multi-lateral financing institutions. He said that CDB had become a more cost-efficient and cost-effective bank, and has emerged as a leading institution in the domains of national and regional economic policy. However, he said that "CDB must always be aware that in keeping with its mission to be the leading catalyst for development resources into the Caribbean, it must accelerate its efforts, work closely with familiar ;and new development partners, be closely attuned to the social and economic development needs of its Borrowing Member Countries, and be more effective." Governors held discussion sessions on "The Future of the Offshore Financial Services Industries", and "Growth and Development Strategies for the Caribbean". The Governors also attended the Eleventh William G. Demas Memorial Lecture, which was given by Professor Patricia Martin-DeLeon, Trustees Distinguished Professor of Biological Sciences at the University of Delaware. She spoke on the topic "Increasing the Caribbean's Human Capital in the STEM (Science, Technology, Engineering and Mathematics) Fields: The Pivotal Role of Mentoring". The Fortieth Annual Meeting was chaired by Governor for The Bahamas, Hon. Zhivargo Laing, Minister of State in the Ministry of Finance. The Governor for Trinidad and Tobago has been elected Chairman of the Board of Governors, to serve up to and during the Forty-First Annual Meeting, which is to be held in Trinidad and Tobago in 2011. The Governors for Colombia and the United Kingdom have been elected Vice-Chairmen.