The Barbados-based Caribbean Development Bank (CDB) confirmed on Friday that efforts are underway to appoint a new president following the controversial resignation of St. Lucian-born economist Dr. Hyginus ‘Gene’ Leon in April.
Informed sources revealed to the Caribbean Media Corporation (CMC) that a meeting of the bank’s governors was held on Thursday to discuss potential replacements for Leon, who is now spearheading the Development Bank for Resilient Prosperity Initiative (DBRP).
This initiative, aimed at supporting Small Island Developing States (SIDS), was first introduced during the SIDS Inter-Regional Conference in Cabo Verde in August 2023. The goal is to amplify the voices of SIDS, mobilize financing for resilient infrastructure, and tackle regional economic disparities.
The fourth International Conference on Small Island States (SIDS4) held in Antigua and Barbuda in May this year, provided even further impetus for the DBRP that aims to address the persistent financial challenges faced by SIDS, which have long struggled to secure affordable financing and are often burdened by unsustainable debt.
The sources told CMC that three candidates from Trinidad and Tobago, Barbados and the Bahamas have been shortlisted and that the meeting on Thursday ended without the nod being given.
In a brief one-paragraph statement to CMC, the CDB said “The Caribbean Development Bank is still awaiting the completion of one of the external due diligence reports and will proceed with the election once that has been received. The selection of the new President will be announced once the election has concluded”.
It did not elaborate.
In his letter of resignation, lawyers for Leon, had given the region’s premier financial institution until May 4 this year “to negotiate unamicable separation” indicating also that their correspondence should be viewed “as our client’s pre-action protocol letter” regarding the entire situation.
Neither the CDB nor Leon and his lawyers have made any statements on the issue since then.
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