BRIDGETOWN, Barbados, CMC—The Barbados-based Caribbean Development Bank (CDB) confirmed Friday that efforts are continuing to name a new president for the financial institution following the controversial resignation of St. Lucian-born economist Dr. Hyginus’ Gene’ Leon in April.
Informed sources told the Caribbean Media Corporation (CMC) that the bank’s governors met on Thursday to select Leon’s replacement. Leon is now leading the effort to establish the Development Bank for Resilient Prosperity Initiative (DBRP).
The concept of a financial institution dedicated to Small Island Developing States (SIDS) was first introduced at the SIDS Inter-Regional Conference in Cabo Verde in August 2023. The initiative aimed to amplify SIDS voices, mobilize finance for resilient infrastructure, and address regional economic disparities.
The fourth International Conference on Small Island States (SIDS4), held in Antigua and Barbuda in May this year, provided even further impetus for the DBRP, which aims to address the persistent financial challenges faced by SIDS. SIDS have long struggled to secure affordable financing and are often burdened by unsustainable debt.
The sources told CMC that three candidates from Trinidad and Tobago, Barbados, and the Bahamas had been shortlisted and that the meeting on Thursday ended without a nod.
In a brief one-paragraph statement to CMCC, the CDB said, “The Caribbean Development Bank is still awaiting the completion of one of the external due diligence reports and will proceed with the election once that has been received. The selection of the new President will be announced once the election has concluded.” It did not elaborate.
In his letter of resignation, Leon’s lawyers had given the region’s premier financial institution until May 4 this year “to negotiate unamicable separation,” indicating that their correspondence should be viewed “as our client’s pre-action protocol letter” regarding the entire situation.
Neither the CDB nor Leon and his lawyers have made any statements on the issue since then.
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