April 17, 2012 No. 20/12-BG Governors of the Caribbean Development Bank (CDB) will gather in George Town, Grand Cayman, Cayman Islands, for the Annual Meeting of the Board of Governors on May 23 and 24, 2012. Prior to the Governors' meeting, related activities will get underway on Thursday, May 17, with the Vybzing Youth Forum on the theme Citizen Security and the Development Agenda. Young people in the Cayman Islands have also been invited to participate in a video challenge competition with the same theme, and the winning entry will be screened for the Governors. On Monday, May 21, the CDB Board of Directors will meet. On Tuesday, May 22, there will be a meeting of the Procedures Committee of the Board of Governors, the Annual Meeting of Contributors to the Bank's Special Development Fund (SDF), followed by a resumption of negotiations for a replenishment of the SDF. The SDF is CDB's largest source of concessionary finance for providing soft loans and grants to its Borrowing Member Countries (BMCs). Replenishment of the SDF takes place every four years, and the current cycle comes to an end in December. The first formal negotiation meeting was held in Dominica in March 2012. The Thirteenth William G. Demas Memorial Lecture will also take place on Tuesday, and forms part of the Annual Meeting activities. Meetings of the Board of Governors will be held at the Ritz-Carlton hotel, while the Board of Directors will meet at the Westin Casuarina Resort and Spa and the Youth Forum will also be held there. The Demas Memorial Lecture will be delivered at the Marriott Grand Cayman. Headquartered in Barbados, CDB - of which the Cayman Islands is a founding member - is the Region's premier development financing institution. It was established in 1969 to respond to the urgent social and economic development needs of its BMCs. CDB's Board of Governors is the Bank's highest decision-making body. Each year the annual meeting is held in a different member territory. Prior to this year, Cayman hosted the meeting in 1993 and 2002. The Cayman Islands Premier, the Hon. McKeeva Bush, OBE, JP, has been serving as Chairman of the Board of Governors since the 2011 Annual Meeting. He will preside over this year's Governors' Meeting, and then hand over to his successor at the conclusion.