OTTAWA, Canada, CMC—The board of governors of the Barbados-based Caribbean Development Bank (CDB) began its 54th annual meeting here on Wednesday. Canada announced a multi-million dollar funding package and assured regional countries of its support in charting a new global financial order.
Canada’s Minister of International Development, Ahmed Hussen, told the meeting that Canada has heard the calls “loud and clear” from the Caribbean region for the reform of international financial institutions, and we know that the Caribbean Development Bank will rise to the challenge.
“Canada knows that we need to raise private capital to meet your development objectives, as government funding alone cannot meet the demand that you have for critical investments. Watch video
‘Development banks must find new ways to increase capital resources to meet the increased demands of their borrowing members and must do so responsibly,” Hussen said, adding that Canada is exploring legislation that will allow it to respond to “innovative instruments that development banks are proposing…”
“These innovative approaches and suggestions have come from the region. We know about the Bridgetown Initiative and other initiatives…and the suggestions the leaders in this region are forming the foundation for change in the multilateral development banks.
“We have also integrated climate resilience debt clauses into our sovereign lending so that we take into consideration the option of providing relief to borrowers experiencing climate crisis and natural disasters,” Hussen said, noting that it is unreasonable for countries that have suffered the effect of a hurricane, to have to be considering right away how they would meet their payments on outstanding debts.
“So we have to do better in responding to the realities on the ground in the region,” he said, noting that he is optimistic that the new steps will lead to more resiliency and prosperity for communities in the Caribbean.
“The ideas and reform initiatives that you are proposing to be carried out collectively…by all of us will set the standard for the rest of the world,” he said, pledging Canada’s continued support for the long-standing historical relationship with the Caribbean region.
Hussen, who is also the outgoing chairman of the CDB board of governors, said that the CAD$11.2 million (One Canadian dollar = US$0.47 cents) aid package is in addition to the other initiatives he announced during a visit to Guyana earlier this year.
“Today I am pleased to announce 11.2 million dollars in new funding to support key initiatives in the Caribbean region,” Hussein said, adding that this includes five million dollars to the Inter American Development Bank’s IDB) Complete Caribbean Plus to help create an enabling environment for economic growth and investment in the region.
In addition, Canada is providing 4.2 million dollars to the Environmental Foundation of Jamaica to address the inadequate availability of climate adaptation infrastructure in urban communities.
Hussen announced a “two-million dollar top-up” to the UNFPA to advance sexual and reproductive health and rights for women and girls in Guyana and Trinidad and Tobago.
He said Canada would also be willing to fund technical and vocational training programs for young people in the Caribbean, “and it is an area where we can also collaborate.”
Hussein said that while he was in Guyana, he announced funding for a digital skills development program that would benefit young women, saying, “Canada is prepared to do more to support skill training in the Caribbean, and we will be engaging with our partners on this issue shortly.”
He said he had already discussed the issue with the outgoing chairman of the Caribbean Community (CARICOM) grouping, President Irfaan Ali of Guyana, and Grenada’s Prime Minister, Dickon Mitchell, who will assume the chairmanship of the 15-member regional integration movement in July.
“This has the opportunity to empower the region’s youth, enabling them to navigate the digital world, but also obtain the skills necessary to access the jobs in the future,” he added.
Download video – Ahmed Hussen, Canada’s Minister of International Development
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