GEORGETOWN, Guyana – The Inter-American Development Bank Group (IDB Group) held its XII Annual Consultation with the Governors of IDB Caribbean member countries on February 23-24 in Georgetown, Guyana. The gathering was part of preparations for the IDB and IDB Invest Annual Meetings, which will take place on March 6-10 in the Dominican Republic.
This high-level dialogue included representatives from The Bahamas, Barbados, Guyana, Suriname and Trinidad and Tobago and a representative from the Caribbean Development Bank, a longstanding partner of the IDB, which facilitates support to Eastern Caribbean nation states.
During his first visit to Guyana as IDB president, Ilan Goldfajn acknowledged the bank's collaboration with the Caribbean region over more than 55 years. “Despite its relatively small size, the Caribbean is a big player in matters such as climate change, education and digital transformation. The region's experience, expertise, resilience and leading role in climate preparedness is an example for the world,” he said.
The meeting is a space for dialogue with the region’s ministers about which priorities should guide the development agenda in upcoming years and how the IDB can deepen its support to the countries through financing, knowledge and technical assistance. The IDB's new institutional strategy and the “One Caribbean” program were also presented as crucial components of the development agenda and direct responses to the needs of the region.
One Caribbean
“One Caribbean,” a new regional flagship program that aims to promote the sustainable development of the Caribbean with a sharpened focus on high-impact initiatives was also discussed at the meeting. The program focuses on four pillars: climate adaptation, disaster risk management and resilience; citizen security; private sector engagement; and food security, as well as two cross-cutting areas, strengthening institutions and facilitating digital transformation. This program is a result of the dialogue between President Goldfajn and the Caribbean governors in 2023.
Signings
The annual consultation was also the occasion for new signings with the governments of Guyana, Trinidad and Tobago and Suriname facilitating investments to support development needs in the areas of education, digital transformation, and transportation. Additionally, IDB Invest, the private-sector arm of the Group, signed three operations with companies in Guyana for financing in the logistics sector, tertiary education and sustainable tourism.
Impact on the Caribbean region’s development
In 2023, the IDB’s support to the region has impacted more than 11,000 people with disabilities in Suriname, over 1,800 farmers in Guyana, led to the provision of tele-monitoring services which will provide extended support for persons suffering from chronic illnesses in Jamaica, and nearly 1,400 micro, small and medium-sized enterprises (MSMEs) have already benefited from business advisory services in The Bahamas.
Approximately 18,680 residential customers in Barbados have been able to benefit from the Barbados Power Plant Project designed to provide firm and clean electricity to the Barbadian grid.
To strengthen private sector capacity across the Caribbean, IDB Invest has been supporting port infrastructure for fostering regional integration, facilitating foreign trade, and contributing to food security.
Additionally, IDB Lab has been accelerating digital transformation, supporting the adoption of climate-smart agricultural practices, addressing climate change mitigation and resilience, procuring basic infrastructure services, and fostering innovation in the health sector.
About the IDB Group
The IDB Group is the leading source of development financing for Latin America and the Caribbean. We contribute to improving lives by providing financial solutions and development expertise to public- and private-sector clients. The Group comprises the IDB, which has worked with governments for more than 60 years; IDB Invest, which serves the private sector; and IDB Lab, which tests innovative ways to enable more inclusive growth. Take our virtual tour.
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One Caribbean
IDB presents "One Caribbean" in a panel discussion that brought together the Prime Minister of Barbados, Mia Mottley; IDB President Ilan Goldfajn; Jamaica’s Minister of Finance, Nigel Clarke; the Secretary General of Caricom, Carla Barnett; and the President of the Caribbean Development Bank (CDB), Gene Leon.
President Goldfajn's Speech to Governors from the Caribbean