{"id":153899,"date":"2022-06-16T13:59:42","date_gmt":"2022-06-16T17:59:42","guid":{"rendered":"https:\/\/antiguanewsroom.com\/?p=153899"},"modified":"2022-06-16T13:59:42","modified_gmt":"2022-06-16T17:59:42","slug":"cdb-president-dr-leon-committed-to-accelerating-efforts-to-access-the-projected-usd-100-billon-required-to-achieve-the-development-envisioned-for-the-region","status":"publish","type":"post","link":"https:\/\/antiguanewsroom.com\/cdb-president-dr-leon-committed-to-accelerating-efforts-to-access-the-projected-usd-100-billon-required-to-achieve-the-development-envisioned-for-the-region\/","title":{"rendered":"CDB President, Dr. Leon, committed to accelerating efforts to access the projected USD 100 billon required to achieve the development envisioned for the region"},"content":{"rendered":"
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PROVIDENCIALES, Turks and Caicos Islands<\/em> \u2013 Caribbean Development Bank (CDB) President, Dr. Gene Leon, committed the organisation to accelerating efforts to access the projected USD 100 billon (bn) required to achieve the development envisioned for the region. CLICK HERE TO JOIN OUR WHATSAPP GROUP.<\/em><\/strong><\/a><\/p>

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Speaking at the Bank\u2019s 52nd Annual Meeting, Dr. Leon said the Bank will explore new mechanisms and leverage existing sources to crowd in funding for an ambitious development agenda over the next 3 years.<\/p>

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\u201cWe estimate that sustainable energy will require at least USD40 bn, water and sanitation USD22 bn, transportation USD11.5 bn, agriculture and food security USD13bn, and digital transformation another USD12 bn.\u201d the CDB President told the Board of Governors at the opening session of the meeting. Adding that priority will be placed on improving regional food, energy and water security which are tied to resilience buckets in the institution\u2019s corporate strategy and the Sustainable Development Goals (SDGs).<\/p>\n

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While indicating that the Bank is looking at SDG themed bonds, private equity, contingent debt, derivative based instruments – similar to the Belize debt swap – and concessional funding, President Leon expressed a desire to introduce mechanisms to increase the affordability of funding to the Bank\u2019s Borrowing Member Countries.<\/p>\n

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Strategies and tools to be utilised by the Bank to address this issue, include the Recovery Duration Adjuster, (RDA) a mechanism which considers and incorporates the impact of economic shocks on countries and the time and resources required to recover in order to achieve development goals. The RDA can assist many small island developing states that are limited in accessing funding under current vulnerability assessment regimes.<\/p>

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Although the Bank has committed to innovate to source funds for regional and national development, Dr. Leon also stated that capacity issues need to be addressed at the national level, \u201cHaving adequate and affordable finance, creating opportunities of demand, and promoting partnerships will not yield optimal, sustainable outcomes without effective implementation capacity\u201d he told the gathering.<\/p>\n

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Adding that decisive steps to address bottlenecks impacting effective implementation including legislative reform to facilitate investment and innovation; reducing bureaucracy and increasing the efficiency of procurement while enhancing project and people management, expanding skill sets, and encouraging a cultural change in mindset are required to facilitate anticipated increases in development related activities nationally.<\/p>\n

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He outlined to the Board of Governors that the Bank is energized and ready to support the mammoth undertaking ahead while seeking support from the membership. \u201cI ask us all to recommit to action, to not allow the optimism of the will to be overcome by the pessimism of the intellect.<\/p>\n

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CDB is the Caribbean\u2019s development bank and I pledge our readiness to act,\u201d he said, \u201clet us match words with action and transform our reimagined visions into reality for our people. Let\u2019s move forward with deliberate haste.\u201d<\/p>\n

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The Bank\u2019s highest decision-making body, its Board of Governors, has convened in the Turks and Caicos Islands for its 52nd Annual Meeting which concludes on June 16.<\/p>\n

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PROVIDENCIALES, Turks and Caicos Islands \u2013 Caribbean Development Bank (CDB) President, Dr. Gene Leon, committed the organisation to accelerating efforts to access the projected USD 100 billon (bn) required to achieve the development envisioned for the region. 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