2nd May

Published on
Caribbean Development Bank Board of Governors to Meet in Montego BayThe 36th Meeting of the Board of Governors of the Caribbean Development Bank (CDB) will be held May 17 and 18 at the Ritz-Carlton Golf & Spa Resort, Montego Bay, Jamaica. Several Caribbean Heads of Government, central bank governors and regional decision makers are expected to attend. The Hon. Portia Simpson Miller, Prime Minister of Jamaica, will deliver the main address at the Opening Ceremony.CDB was established in 1969 to foster economic development among member countries and mobilizes its financial resources from within and outside of the region. In addition to project financing, the Bank also provides technical assistance. "The CDB is one of the most important organizations promoting regional integration. The Bank's philosophy of supporting growth within the region has had a positive impact on the economies of member countries," said Dr. Omar Davies, Jamaica's Minister of Finance and Planning and Chairman of the Board of Governors of the CDB. "The benchmark of success for any regional organization lies in the way it which it changes people's lives. Here in Jamaica, in addition to the public sector, individual enterprises have also benefitted from the Bank's financing. The CDB is expected to continue to play an important role in our economic development plans." Regional members of CDB are Anguilla, Antigua and Barbuda, The Bahamas, Barbados, Belize, the British Virgin Islands, the Cayman Islands, Colombia, Dominica, Grenada, Jamaica, Mexico, Montserrat, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines, Trinidad and Tobago, the Turks and Caicos Islands and Venezuela. Of these, Colombia, Mexico and Venezuela do not borrow from the Bank. Non-regional members are Canada, China, Germany, Italy and the United Kingdom.In 2005, CDB had net approvals (loans, equity investments and grants) of US$152.7 million for 15 projects across the Caribbean. Part of this financing is delivered through national financial intermediaries in the borrowing member countries, an arrangement which helps in the development of the financial sector.In Jamaica, CDB-financed projects range from U$30 million for the Financial Sector Reform Programme to US$13.4 million for the Enhancement of Basic Schools Project and US$54 million for the Northern Coastal Highway Improvement Project.The CDB's Headquarters is in Wildey, St Michael, Barbados, where President, Dr. Compton Bourne, leads a team of more than 200 professionals and support staff from 11 countries. CDB is financed through Ordinary Capital Resources (OCR) comprising, mainly subscribed capital and borrowings; and Special Funds Resources (SFR) which may be established or accepted by the Bank.

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