IDB commits US$20M over 5 years to accelerate regional integration

– money to be disbursed to further strategic development programme

Regional Governors of the Inter-American Development Bank (IDB) have agreed to commit US$20 million towards the bank’s Ordinary Capital Strategic Development Programme, which is aimed at accelerating regional integration in the Caribbean under the “One Caribbean” initiative.
“One Caribbean” envisions a region where climate adaptation, disaster risk management and resilience, citizen security, Private Sector engagement in the economy, and food security can all be improved through more digitalisation and strengthening of institutions.
During the recent 2024 Annual Meeting of the Boards of Governors of the IDB and IDB Invest in Punta Cana, Dominican Republic, the IDB Governors for Guyana, the Bahamas, Barbados, Belize, Jamaica, Suriname, and Trinidad and Tobago also agreed to commit US$20 million to this cause.
“The Governors agreed to the establishment of a Transitory Emerging Need for Sustainable Development in the Caribbean under the IDB’s Ordinary Capital Strategic Development Programme, representing a commitment of up to US$20 million over five years,” a statement from the Finance Ministry said, “to accelerate the advancement of the Programme’s priorities and a Partnership and Resource Mobilisation Strategy to help leverage additional funding sources for One Caribbean”.

While in Punta Canta, Guyana’s Minister of Finance ,Dr Ashni Singh participated in several discussions with some of the key issues to be addressed by Governors, including the new IDB Group Institutional Strategy, the proposal for a capital increase for IDB Invest to implement a new business model that would expand its development impact through the Private Sector, and new funding for IDB Lab to evolve its business model and make it more systemic and financially sustainable.
Recently, the Finance Minister described the IDB as a dependable, relevant, and responsive development partner over the past 47 years. Further, he had said that “this relationship has evolved since our membership from concessional lending during periods of challenging economic circumstances to our present reality of being amongst the fastest-growing economies in the world”.
He had also noted that the Bank has remained steadfast in its support of Guyana’s development agenda, maintaining its position as Guyana’s largest multilateral lender and main source of external financing. According to Dr Singh, the IDB has been providing major development support to Guyana through both its public and Private Sector arms.
The IDB Annual Meetings take place every year in a designated member country. This year, as a prelude to the Annual Meetings, Guyana hosted the Twelfth Annual IDB consultation with Caribbean Governors in February. On the sidelines of the February engagement, Guyana and the IDB signed several key agreements to advance development in various sectors.
The IDB Group is the leading source of development financing for Latin America and the Caribbean. It contributes to improving lives by providing financial solutions and development expertise to public and Private Sector clients. The Group comprises the IDB, which has worked with Governments for more than 60 years; IDB Invest, which serves the Private Sector; and IDB Lab, which tests innovative ways to enable more inclusive growth.
Minister Singh led the Guyana delegation at the 2024 Annual Meetings of the Boards of Governors of the IDB and IDB Invest, in Punta Cana.
The meetings were held from March 6 to March 10 and included discussions by economic and financial leaders from the 48 member countries of the IDB, about the challenges and opportunities for development in Latin America and the Caribbean.
Accompanying the Finance Minister to the meetings were the Chief Planning Officer at the Finance Ministry, Dr Tarachand Balgobin, and the Alternate Executive Director in the Caribbean Office of the IDB, Navita Anganu Ramroop.