The President of the Inter-American Development Bank (IDB), Mauricio Claver-Carone, says accelerating inclusive, sustainable growth in the Caribbean is imperative, indicating also that the Washington-based financial institution is ushering in a new 21st-century business model to boost investment in the region.
Claver-Carone will be one of four leaders of financial institutions providing assistance to the region, participating in a discussion that forms part of the activities for the annual board of governors meeting of the Barbados-based Caribbean Development Bank (CDB) that gets underway in the Turks and Caicos Islands June 1-16.
The others who will participate in the third edition of the CDB’s “President’s Chat” on June 9 are Dr. Akinwumi A. Adesina of the African Development Bank (ADB), President of the European Investment Bank (EIB), Dr. Werner Hoye and CDB President, Dr. Gene Leon.
Claver-Carone said the new business model will help correct market failures and structural bottlenecks while improving entrepreneurial ecosystems that incentivize job creation.
“We have also declared 2022 to be the Year of the Caribbean and we expect to triple financing for the region to a record US$1.3 billion this year.”
He said dialogue and collaboration are at the center of the IDB’s work as multi-lateral development banks (MDBs) “and only by working together, alongside the private sector, can we help the Caribbean achieve its sustainable development goals and create a more prosperous region”
The leaders of the four MDBs are expected to tackle the pressing matter of securing the extensive financing required to meet the United Nations Sustainable Development Goals (SDGs) and Adesina said the ADF has been at the forefront of mobilizing financing to drive Africa’s COVID response, ensure food security, promote climate resilience, and accelerate the sustainable energy transition for our countries.
Hoyer said the EIB places a strong emphasis on collaboration and it is through partnerships with MDBs and other institutions that it has been able to support adaptation investment in countries most affected by climate change.
“This discussion among MDB Heads will give us an opportunity to share with stakeholders in the Caribbean and wider international community how each institution is addressing current common challenges, so we can chart the way for even deeper collaboration going forward,” he added.
The CDB said the discussions will be guided by the theme “Innovative Financing for Sustainable Development: What Can MDBs Do” and will also explore the expanding role of the private sector in the development finance landscape.
“The discussion will examine how MDBs can create investment opportunities that will attract private financing for ventures that contribute to sustainable development outcomes. The dialogue will also allow the MDB heads to share success stories and lessons learned for takeaways that can shape approaches to common challenges, and issues that may be unique to particular regions,” it added.
Leon said achieving the SDGs will require an innovative approach to financing and MDBs must take the lead in forging regional and international partnerships to mobilize private sector financing for ventures that drive sustainable development “for us to achieve the best future for the countries and people we serve.
“I look forward to the exchange with my fellow presidents and to continued collaboration to move beyond dialogue to action,” he added.
CMC
