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Prime Minister Stephenson King Participates in CDB Board of Governors Meeting and 40th Anniversary Commemoration


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Contact: Darnley Lebourne



 

 

Tuesday, May 22, 2010 - Prime Minister Stephenson King returned to the island over the weekend from the Bahamas after participating in a series of meetings and activities in his capacity as a member of the Board of Governors the Caribbean Development Bank. During his visit to the Bahamas, Prime Minister King participated in meetings of the Board of Directors and the Procurement Committee of the Board of Governors.

The highlight of the Prime Minister’s visit was his participation in the meeting of the Board of Governors held on May 19th and 20th, 2010. One of the main outcomes of the meeting of the Board of Governors was the decision to increase the Bank’s Ordinary Capital by US $1. Billion. This represents the largest expansion in the Bank’s equity since its formation.

This injection of new funds will enable the Bank to increase its financial assistance to its Borrowing Member Countries (BMCs) to deal with the impact of the global financial and economic crisis as well as to execute their medium-term programmes for poverty reduction and economic and social development.

 During his address to the meeting of the Board of Governors, Prime Minister King made a number of observations which are pertinent to the following issues: the need for regulation of the global financial market, crime within the region, action on poverty as a strategy to address crime, deepening of the regional integration process, programme support for youth and the efficiency and expeditious response of the CDB in providing support to Caribbean Countries in response to the global financial crisis.

On the needs for regulation of the global financial market, Prime Minister Stephenson King expressed the following sentiment: “the nature and magnitude of the current crisis point to the need for a fundamental overhaul of the banking and financial system in the major economies and the international economy as a whole.  Unless there is fundamental reform, the next crisis might prove to be far more difficult to resolve, given the inter-connectedness of the world economy” . On the matter of crime and security, Prime Minister King submitted the following: “A concerted effort to clean up our poorest neighborhoods and communities and provide adequate housing and decent living conditions is a priority of the highest order.  While this is not the only issue relating to the epidemic of crime, it is a necessary step within a more holistic approach to finding solutions”.

The Caribbean Development Bank is currently celebrating its 40th anniversary this year. The staging of the CDB’s Board of Governors meeting in the Bahamas has historical significance as the very first meeting of the Board of Governors was held in that Country.

In commemoration of the Bank’s 40th anniversary, two special panel discussions were held as part of the Annual Meeting acitivities. On May 18, 2010, a panel discussion was held on the topic: The Future of the Offshore Financial Services Industries. The panellists were: Sir William Allen, Economic Advisor, Ministry of Finance, The Bahamas; Professor Rose-Marie Belle-Antoine, Professor of Labour Law and Offshore Financial Law, University of the West Indies, Mr. Paul Byles, Chairman, Cayman Islands Development Bank; and Dr. Terrence Dwyer, Visiting Fellow, Crawford School of Economics and Government, Australian National University.  The second panel discussion which was held on May 19th, 2010, addressed the topic: Constraints to Growth and Development Strategies for the Caribbean. Panelist were: Dr. Charmaine Gardner, Chairman, Cave Hill School of Business and Past President, Caribbean Association of Industry and Commerce; Professor John Agard, Member of the Nobel Prize Winning Inter-governmental Panel on Climate Change; and Dr. Andrew Powell, Regional Economic Advisor, Inter-American Development Bank and Dr. Denny Lewis-Bynoe, Director Economics, CDB.

The Caribbean Development Bank (CDB) is a regional financial institution which was established by an Agreement signed on October 18, 1969, in Kingston, Jamaica, and entered into force on January 26, 1970. The Bank came into existence for the purpose of contributing to the harmonious economic growth and development of the member countries in the Caribbean and promoting economic cooperation and integration among them.


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