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Caribbean Development Bank Seeks New President
Efforts Ongoing to Name New President
The Caribbean Development Bank (CDB) has confirmed that efforts are continuing to name a new president for the financial institution following the controversial resignation of Dr. Hyginus’ Gene’ Leon in April.
Selection Process Underway
According to informed sources, 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).
Background on 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.
DBRP Progress
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.
Shortlisting of Candidates
Sources told the Caribbean Media Corporation that three candidates from Trinidad and Tobago, Barbados, and the Bahamas had been shortlisted and that the meeting on Thursday ended without a nod.
CDB Statement
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." The bank did not elaborate.
Conclusion
The search for a new president of the Caribbean Development Bank continues, with efforts ongoing to select a suitable candidate. The decision is expected to have a significant impact on the entity’s future direction and the region’s economic prospects.
FAQs
- Who is leading the effort to establish the Development Bank for Resilient Prosperity Initiative (DBRP)?
- Dr. Hyginus’ Gene’ Leon
- When was the concept of DRS introduced?
- August 2023 at the SIDS Inter-Regional Conference in Cabo Verde
- Who are the shortlisted candidates for the CDB presidency?
- Three candidates from Trinidad and Tobago, Barbados, and the Bahamas