Community News
Devising solutions to urgent regional issues; The 53rd Annual Meeting of Governors
BY SIMONE J. SMITH
With its stunning scenery and vibrant cultures, the Caribbean is one of the world’s top tourist destinations. Sustainable use of ocean resources, known as the “blue economy,” offers potential for economic diversification, while preserving the region’s environment, as well as further development of other sectors with potential for growth. This makes the Caribbean a diverse region with significant economic potential and growth opportunities.
It is one of the reasons that the Annual Meeting of Governors brings together the bank’s highest decision-making body to discuss key development challenges facing the region. The meeting was held under the chairmanship of the Honorable. Philip J. Pierre, Prime Minister of Saint Lucia, who currently serves as Chairman of the Caribbean Development Bank’s BOG.
The Toronto Caribbean Newspaper was invited to the 53rd Annual Meeting of its Board of Governors, (BOG) which was scheduled for June 12th -23rd, 2023 in St. Lucia under the theme “Marshalling Finance for Development: Access to Adequate, Affordable Financing.” This year, the Bank’s Annual Meeting seminar series was strategically designed to bring stakeholders together in order to devise solutions to urgent regional issues.
The objective was to tackle the main constraints hindering access to the various categories of finance necessary for propelling economic growth and sustainability. Sustainable financial solutions for regional development and greater inclusion of private sector partners were high on the agenda, and a focus of the meeting was also about deepening the bank’s outreach to the youth and strengthening engagement with potential and upcoming young regional leaders.
“The Annual Meetings focus on access to adequate and affordable financing for development supports the Bank’s objective of building economic resilience through the provision of increased resources to fuel growth and reduce the vulnerabilities the Region faces,” said CDB President, Dr Hyginus “Gene” Leon. “Considering our internal challenges and the uncertainties coloring the external landscape, it is critical for us to address the urgent need to mobilize additional resources to meet current needs while responding to external shocks that can potentially derail our fiscal systems and development programmes.”
With technology on the forefront, they utilized a hybrid format with over 200 participants expected to attend events in Saint Lucia, while thousands more were able to view all public sessions via online platforms.
In the next couple of weeks, I will be doing what Simone Jennifer does; going over the highlights of the week: from the meet and greet at the Governor’s home, to the opening and closing ceremony, I will share everything that our community needs to know about what is happening financially in the region, but first, it is time for a short history lesson, so that you are caught up with why there is an annual governor’s meeting.
The Caribbean Development Bank is a regional financial institution established by an Agreement signed on October 18th, 1969, in Kingston, Jamaica, and entered into force on January 26th, 1970. The purpose was to contribute to the harmonious economic growth and development of member countries in the Caribbean and promote economic cooperation and integration among them.
After a Canada/Commonwealth Caribbean Conference in 1966, a recommendation was made that a study be conducted to investigate the possibility of establishing a financial institution to serve the Commonwealth Caribbean countries and territories. The report, submitted by a team of experts in July 1967, recommended the establishment of a Caribbean Development Bank. This report was considered and accepted at a meeting of officials in Georgetown, Guyana in August of the same year and a committee formed to prepare the draft agreement and finalize the details for the Bank’ establishment.
This agreement was submitted in 1968 and a preparatory committee for the Bank’s establishment was set up and a project director appointed. Assistance was received from the International Bank for Reconstruction and Development (later called the World Bank), the Inter-American Development Bank and the United Nations Development Programme.
The Board of Governors is the highest policy making body of CDB and they meet once a year in one of the member countries of CDB. All of the powers of CDB are in the hands of the Board of Governors, which can delegate its powers to the Board of Directors except on certain matters such as: the admission of new members, change in capital stock, election of Directors and the President, amendment of the Charter, and termination of the operations of CDB.
Governors representing CDB’s member countries convene yearly for an annual meeting, during which they receive updates on critical operational developments that could have implications for the Bank’s day-to-day management. They also discuss proposed strategic approaches that could enhance CDB’s effectiveness and responsiveness to its borrowing member countries.
When you get a moment, visit our Classic Man section as I interview the Managing Director at 1st National Bank St. Lucia Limited. 1st National was the host of a special guest luncheon for the top executives, international delegates and other special guests that included, you know who, me!