PM Douglas chairs Special Meeting of CDB in Barbados

BASSETERRE, ST. KITTS, OCTOBER 20TH 2014 (CUOPM) – St. Kitts and Nevis’ Prime Minister the Right Hon. Dr. Denzil L. Douglas has chaired a Special Meeting of the Board of Governors of the Caribbean Development Bank (CDB).

The Meeting in Bridgetown, Barbados, reviewed CDB’s 2015 – 2019 strategic plan.

The Governors first reviewed the draft in May at the Annual Board of Governors’ meeting held in Georgetown, Guyana and provided additional feedback during the recent discussion.

In May this year at CDB’s 44th Annual Board of Governors Meeting in Guyana, Prime Minister Douglas, who is also Minister of Finance was appointed the new Chairman of regional lending institution.

While confessing to his audience that the successful recovery of St. Kitts and Nevis’ economy was due to the innovativeness and unyielding support of the CDB, Dr. Douglas said that based on the confidence expressed by members to elect him to such an important position, he would strive to ensure the Bank’s objectives are achieved and its agenda for change realised.

“Going forward, the Bank will need to accelerate the pace of disbursements in respect of projects that were already approved by the Board of Directors some years ago. The disbursement rate is critical to the bottom line of the Bank and can make a real difference in the growth prospects of borrowing member states. The Bank has to be more focused on maintaining relevance to its constituents, improve on efficiency and responsiveness.

“Further, the Bank should seize the present and emerging opportunities to expand the use of the Policy Based Loan and guarantee instruments to implement new products tailored to the needs of the clientele it serves…The Bank must enhance its systems to ensure full integration of the wealth of information generated by its reports.,” said the St. Kitts and Nevis leader.

St. Kitts and Nevis is to host the next Board of Governors Meeting in May 2015.

The Caribbean Development Bank is a regional financial institution established in 1970 for the purpose of contributing to the harmonious economic growth and development of the member countries in the Caribbean.

There are nineteen regional borrowing member countries, three regional non-borrowing member countries and five non-regional, non-borrowing member countries. Members outside of the Region are Canada, China, Colombia, Germany, Italy, Mexico, UK and Venezuela.

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