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CDB President: International trade critical to Caribbean’s growth strategy

William Warren Smith - Opening Statement - 47th Annual Meeting

Today, the President of the Caribbean Development Bank (CDB), Dr. William Warren Smith, urged regional leaders to focus on fully exploiting opportunities for deepening trade and investment within existing and new regional markets. This is necessary, he said, as the appeal of protectionism and inward-looking policies strengthens in several developed countries. Smith made the comments in his statement at the 47th Annual Meeting of the Board of Governors of CDB in Providenciales, Turks and Caicos Islands on May 24, 2017.

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USD 110 million of new support for climate change mitigation, adaptation and resilience projects across the Caribbean as EIB and CDB sign new financing agreement

EIB Vice President Pim van Ballekom, CDB President William Warren Smith

The European Investment Bank (EIB) and Caribbean Development Bank (CDB) have signed a USD 110 million financing agreement to support investment projects in the Caribbean under CDB’s climate action policy. The Climate Action Framework Loan II builds on the USD 65 million Climate Action Line of Credit (CALC) signed between EIB and CDB in 2011, and which supports nine projects in seven countries across the Caribbean. The EUR 100 million climate action initiative is the EIB’s biggest loan to the Caribbean.

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CDB study recommends strategies to promote regional innovation and productivity

If the Region is to enhance productivity and economic growth, new initiatives and strategies must be explored. A study by the Caribbean Development Bank (CDB), entitled “Enhancing Productivity and Growth in the Caribbean”, suggests ways of enhancing productivity and economic growth by focusing on four main areas: foreign direct investment (FDI); information and communications technology (ICT); research and development (R&D) and innovation; and the adoption of industrial clustering to promote innovation and productivity. “There is an urgency to find new ways of improving total factor productivity and propelling economic growth in the Caribbean, with the Region facing significant economic challenges associated with high levels of un- and under-employment and poverty; high fiscal deficits; high public debt; reliance on slow growing economic sectors; high levels of volatility; various economic and environmental threats; and the strain of maintaining adequate levels of foreign reserves,” said Dr. Justin Ram, Director of Economics, CDB. Dr. Wm. Warren Smith, President, CDB, noted: “The study sets out a core set of productivity enhancement strategies which […]

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World Bank Deputy Chief Economist urges Region to think big about small economies

It is time for the Caribbean Region to think big about its small economies, says Deputy Chief Economist for Latin America and the Caribbean at the World Bank, Dr. Daniel Lederman. Further, small economies can be successful by being open and nimble. Lederman delivered the 18th William G. Demas Memorial Lecture, which took place in Providenciales, Turks and Caicos Islands on May 23, 2017, ahead of the start of the Annual Meeting of the Board of Governors of the Caribbean Development Bank (CDB). Lederman, joining a distinguished roster of speakers who have delivered the Lecture, spoke on the topic, “Thinking Big about Small Economies: From ‘Open and Nimble’ to Talented Workforce”. The Deputy Chief Economist noted that the characteristic of being small helps ameliorate the volatility caused by fluctuations in global demand for specific goods and services. “Small economies appear to have an uncanny ability to reinvent themselves more quickly and more often than large economies. Simply put, they are more likely than large economies to innovate by […]

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CDB, global development partners launch Toolkit to support Public-Private Partnerships in the Caribbean

Regional governments, companies, investors and financiers interested in Public-Private Partnerships (PPPs) now have access to an online tool which offers guidance and practical assistance in preparing and managing PPP projects. The Caribbean PPP Toolkit, a joint initiative of the Caribbean Development Bank (CDB), the World Bank (WB), Public-Private Infrastructure Advisory Facility (PPIAF), Inter-American Development Bank (IDB), and the Multilateral Investment Fund (MIF), was launched today in the Turks and Caicos Islands, ahead of the 47th Annual Meeting of the Board of Governors of CDB. The Toolkit covers key areas of PPP theory and practice, with specific focus on the Caribbean, including: how to protect the public interest while attracting private investors; enabling environment, PPP policy and institutional structures; project identification; business case development; transaction implementation and contract monitoring. The Toolkit’s six modules are based on global best practice, adapted to Caribbean conditions, and draws upon lessons from Caribbean PPP experiences. Effective 23rd May, 2017, the PPP Toolkit is available on CDB’s website, and will also be available on […]

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CDB hosts workshops for artisans and small contractors in TCI

The Caribbean Development Bank (CDB) is hosting two workshops for artisans and small contractors in the Turks and Caicos Islands (TCI) between May 22 and June 2, 2017. Both events aim to equip attendees with the technology and skills to improve bid competitiveness, project management and costing techniques. The ‘Computerised Job Estimation Techniques’ (CJET) workshops will train approximately 60 participants in the use of CJET to analyse and manage the project execution and costing process at all stages. Artisans, small contractors and technical students of the Turks and Caicos Islands Community College will be joined by technical officers of the Ministry of Infrastructure, Housing and Planning at the workshops on May 22 to May 26 in Providenciales, and May 29 to June 2, 2017 in Grand Turk. Darran Newman, Division Chief (Ag.), Technical Cooperation Division, CDB, notes: “One of the Bank’s strategic objectives is to promote broad-based economic growth, by providing support which enhances the viability of micro, small and medium enterprises (MSMEs). Through the workshops, our goal […]

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CDB grant to support improvements in tertiary education in Grenada

The Caribbean Development Bank’s (CDB) Board of Directors has approved a USD500,000 grant to the Government of Grenada to undertake a comprehensive reassessment of the T.A. Marryshow Community College (TAMCC). The review will address the adequacy, effectiveness and sustainability of the infrastructure, governance systems and operational procedures of TAMCC.

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CDB approves funding to support climate resilience in Turks and Caicos Islands

turks and caicos islands

The Board of Directors of the Caribbean Development Bank (CDB) has approved funding to the Government of the Turks and Caicos Islands (TCI) to enhance its capacity to protect and manage the islands’ coastlines using climate-resilient approaches. The funding will support a feasibility study and designs for coastal protection works in Grand Turk, North Providenciales and Salt Cay, and the development of a Shoreline Management Plan.

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