Flagship Ottawa meeting brings focus on sustainable development challenges, opportunities in the Caribbean
Source: Gov’t of Canada
June 11, 2024
When representatives of some 28 countries gather in Ottawa from June 17 to 20 for the 54th Annual Meeting of the Board of Governors of the Caribbean Development Bank (CDB), it will mark another milestone in Canada’s long history with the Caribbean and with the key regional financial institution.
The meeting will bring together the highest decision-making body of the bank, which helps Caribbean countries finance social and economic development programs. There will also be a gathering of thought-leaders, academics, financial experts, government and civil society officials, youth and Indigenous groups committed to addressing issues of critical importance to the region, such as climate change.
“This is a flagship event for an institution that is well positioned to help the Caribbean with its sustainable development challenges into the future,” says Therese Turner-Jones, acting vice-president of operations for the bank, which is based in Barbados.
The CDB was established in 1969, following a Canada/Commonwealth Caribbean Conference 4 years earlier that recommended studying the creation of a financial institution to serve Commonwealth Caribbean countries and territories. Its purpose is to contribute to the region’s growth and development, while promoting economic cooperation and integration among members.
Therese Turner-Jones is acting vice-president of operations for the Caribbean Development Bank.
Credit: Courtesy of Therese Turner-Jones
“We are transforming lives by thinking along many dimensions: education, infrastructure, social development, climate change, gender equality, Indigenous issues, financial resilience,” Turner-Jones says. “The goal is to support growth in the region.”
“A big part of Canada’s footprint in the Caribbean”
Today the CDB comprises 19 regional borrowing countries, 4 regional non-borrowing countries and 5 non-regional, non-borrowing countries, including Canada, a founding member of the institution.
The bank really is a big part of Canada’s footprint in the Caribbean,” says Sharon Peake, Canada’s executive director to the CDB Board of Directors, which oversees the institution’s policy and operations.
Peake, who is executive director for the Caribbean Regional Development Program at Global Affairs Canada, notes that Canada currently serves as chair of the CDB’s Board of Governors. The country has long ties to the Caribbean Community (CARICOM), she says, and hosted the first Canada-CARICOM Leader’s Summit in October 2023. “We have a big commitment at the highest level toward this ongoing relationship, and close links with the Caribbean.”
For example, Canada is the largest contributor to the CDB’s Special Development Fund (SDF), a pool of resources for borrowing member countries that are lower income or more vulnerable to climate change. The funds are used to address poverty and human development challenges. SDF loans have lower interest rates and longer repayment periods than regular CDB loans, and grants are available for technical assistance, capacity building and community-driven projects.
Sharon Peake is Canada’s executive director to the CDB Board of Directors.
Credit: Amanda Martinez
The SDF has provided more than $2.1 billion in loans and grants to the region since 1984. These projects have had a significant impact on regional development in areas ranging from education and infrastructure to water security and capacity building for government and national institutions.
