Annual Meeting

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May 28, 2009 No. 14/09-BG CDB PRESIDENT ADDRESSES ECONOMIC GROWTH AT ANNUAL MEETING President of the Caribbean Development Bank (CDB), Dr. Compton Bourne, addressed the issue of "Returning to Economic Growth" in his annual statement to the Board of Governors at their Thirty-Ninth Annual Meeting which h has just concluded in Providenciales, Turks and Caicos Islands. He said that growth in the Bank's borrowing member countries had been adversely affected by the global economic crisis, and that if the downward trends persist, they would reverse social progress and have a strong negative impact on the most vulnerable members of Caribbean Society. Dr. Bourne said that "It is therefore a matter of major public importance that the slide be halted and economic growth restarted. Determined, rational economic leadership by governments is required." Governors also held discussion sessions on "Climate Change and Caribbean Economics: Implications, Adaptations, and Risk Management" and Management of Risk in the Financial Sector", and attended the Tenth William G. Demas Memorial Lecture, which was given by Professor Rhoda Reddock, Deputy Principal of the St. Augustine Campus of the University of the West Indies. She spoke on the topic "What Now for Caribbean People and their Leaders? - Reflections on the Current Social and Economic Crisis from a Gender Perspective". In addition, Governors met in a private session to consider a preliminary draft of the Bank's Medium Term Strategic Framework and its resourcing for the period 2010-2014. Further work in developing the strategy will be undertaken by Bank staff during the coming months. The meeting was chaired by Governor for the United Kingdom, Mr. Michael Foster, Under-Secretary for International Development. The Governor for The Bahamas has been elected Chairman of the Board of Governors, to serve up to and during the Fortieth Annual Meeting to be held in The Bahamas in 2010. The Governors for Mexico and China have been elected Vice-Chairmen.

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