It is with great pleasure that I welcome Delegates and Observers to this Forth-Ninth Annual Meeting of the Board of Governors of the Caribbean Development Bank (CDB).  It is an honour for Trinidad and Tobago to host this meeting and I am deeply humbled by the confidence reposed in me as your Chairman.  It is my earnest wish that this meeting, coming at a time of economic anxiety for many, provides member countries with the opportunity to engage in discussions that will further strengthen the Bank’s profile in the Region, while simultaneously ensuring that the very persistent and pertinent issues affecting our Region are addressed holistically.  

None of the Member Countries gathered here today have been spared the deleterious effects of the external vulnerabilities to which we are prone, by virtue of both our size and our geography.  While we have collectively experienced many years of minimal growth in our gross domestic product, it is anticipated that the Region will experience increased economic activity which augers well for our development agendas.  Targeted policy interventions have helped to reduce unemployment across the Region, and the Bank will continue to undertake rebuilding efforts geared towards shoring up resilience.  This is especially important given the heightened impact of climate change which has resulted in more intense flooding, drought and extreme weather conditions across the Region.  Through concerted efforts by regional Governments and Institutions such as CDB, our people are now more conscious about their obligation to assist in preservation and conservation.  Indeed, we have a moral obligation to protect our environment and to ensure that we cultivate a planet which is habitable for all species of creation.

A major opportunity for the Region then, lies in seeking to tran­si­tion to­wards a sus­tain­able economy by building on our po­ten­tial for eco­nom­ic growth.  Traditional wasteful approaches to our consumption must give way to behaviours that will ensure preservation of the marine environment.  Currently, there is tremendous strain on the oceans, from plas­tic and styrofoam pol­lu­tion which adversely affects marine life, to sargassum seaweed which impacts our coastlines and affects tourism and local recreation.  Thankfully, some countries around the Region have already initiated the process with regard to eliminating the use of these products, while others are following suit.  Our global commitments speak to ensuring that we do more to protect our marine life in an in­clu­sive and sus­tain­able man­ner, especially as we understand that our oceans and econom­ic de­vel­op­ment are not mu­tu­al­ly ex­clu­sive, but rather complementary to each other and inextricably linked.

Just as the Bank provides us with a collective economic voice, so too our membership in CARICOM has proven to be an invaluable asset as we seek to present a united voice that speaks to democratic independence, inclusion and sovereign strength, as opposed to the growing global chorus of isolationism and nationalism.  Now more than ever, we, as a Region, must be resolute in our defence of democracy and the promotion of regional integration.  If we all do more, then the individual effort is lessened.  As the words of Trinidad and Tobago’s national motto declare, positively Together we aspire, together we achieve.

While CDB continues faithfully to serve as a useful, unifying, relevant and key development partner in addressing regional issues, its fiftieth anniversary next year must, of necessity, give rise to a more determined effort to leverage rapidly advancing technology, as it seeks to place digital transformation and innovation at the top of its agenda.  The Bank cannot and indeed, has never intended only to be seen as a repository of funding.  Throughout the years of its existence, financial and technical assistance have resulted in Member Countries being able to make significant progress in fulfilling their development agendas.  It is therefore necessary for us to continue to capitalise on this most critical resource.