The Caribbean Development Bank (CDB) is set to break new ground, in partnership with the World Bank and the Inter-American Development Bank (IDB), later this month focused on the promotion of policies for region-wide increased economic growth and opportunities.
This commendable initiative, to be marketed as the Caribbean Growth Forum (CGF), had its formal launching last week in Washington.
The signing of a “collaboration agreement” by the three banking partners is scheduled for May 24 in the Cayman Islands during the CDB’s annual board of governors meeting. And the first regional meeting of the CGF is carded for Jamaica from June 28 to 30.
As has been the disappointing norm, precious little information from the governments of member states of the CDB preceded the announcement of the launch of the CGF initiative. Details on the modalities of its operations would, hopefully, flow following the signing of the agreement.
Nevertheless, it is an initiative that seems to hold much promise for future approaches in dealing with the serious structural problems that continue to plague economic growth in the Caribbean which is currently doing poorly compared with Latin American states of the World Bank Group. Last year, for example, the region averaged a 2.3 per cent growth in contrast to Latin America’s six per cent.
The official statement on the launch of the CGF admits to an awareness that Caribbean countries “face many common challenges”. It referenced examples such as frequent natural disasters, small size and lack of economies of scale as well as vulnerability to external shocks . . .”.
Well, since the CGF is intended to be a one-year initiative, there is clearly much work to be done in collaboration with the relevant regional stakeholders for a committed sharing of knowledge and ideas on policies to, as envisaged, “stimulate sustainable and inclusive growth and job creation”.
It is heartening to learn that the banking partners are anxious to facilitate “a Caribbean-led transformational dialogue” to generate “fresh thinking on innovation-based growth-oriented policies”.
There is no need to doubt, at this time, the stated commitment.
But we await results, as the CGF unravels, to note the difference between promise and reality as all stakeholders put their hands to the plough for this creative initiative.
