Caribbean Development Bank Seeks New President Amid Controversy
Efforts Underway to Appoint a New President
The Barbados-based Caribbean Development Bank (CDB) has confirmed that efforts are underway to appoint a new president following the controversial resignation of St. Lucian-born economist Dr. Hyginus ‘Gene’ Leon in April.
Meeting of the Bank’s Governors
Informed sources revealed to the Caribbean Media Corporation (CMC) that a meeting of the bank’s governors was held on Thursday to discuss potential replacements for Leon, who is now spearheading the Development Bank for Resilient Prosperity Initiative (DBRP).
About the Development Bank for Resilient Prosperity Initiative (DBRP)
This initiative, aimed at supporting Small Island Developing States (SIDS), was first introduced during the SIDS Inter-Regional Conference in Cabo Verde in August 2023. The goal is to amplify the voices of SIDS, mobilize financing for resilient infrastructure, and tackle regional economic disparities.
The Challenge Faced by SIDS
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 that aims to address the persistent financial challenges faced by SIDS, which have long struggled to secure affordable financing and are often burdened by unsustainable debt.
Candidates Shortlisted for the Position
The sources told CMC that three candidates from Trinidad and Tobago, Barbados, and the Bahamas have been shortlisted and that the meeting on Thursday ended without the nod being given.
Statement from the Caribbean Development Bank
In a brief one-paragraph statement to CMC, 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”.
Background on Dr. Hyginus ‘Gene’ Leon’s Resignation
In his letter of resignation, lawyers for Leon had given the region’s premier financial institution until May 4 this year “to negotiate unamicable separation” indicating also that their correspondence should be viewed “as our client’s pre-action protocol letter” regarding the entire situation.
Conclusion
The Caribbean Development Bank’s efforts to appoint a new president come amidst controversy surrounding Dr. Hyginus ‘Gene’ Leon’s resignation. The selection process is ongoing, and the bank is expected to announce the new president once the election has been concluded.
FAQs
- Who is Dr. Hyginus ‘Gene’ Leon?
- What is the Development Bank for Resilient Prosperity Initiative (DBRP)?
- Why did Dr. Hyginus ‘Gene’ Leon resign as president of the Caribbean Development Bank?
A St. Lucian-born economist who resigned as president of the Caribbean Development Bank in April.
An initiative aimed at supporting Small Island Developing States (SIDS) by amplifying their voices, mobilizing financing for resilient infrastructure, and tackling regional economic disparities.
The reason for his resignation is not publicly disclosed, but his lawyers have stated that they are seeking an “unamicable separation” and have given the bank until May 4 this year to negotiate the terms.
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