Inter-American Development Bank (IDB) President Mauricio Claver-Carone says accelerating inclusive and sustainable growth in the Caribbean is imperative, also noting that the Washington-based financial institution is ushering in a new 21steconomic model of the last century to stimulate investment in the region.

Claver-Carone will be one of four heads of financial institutions providing assistance to the region, taking part in a discussion that is part of the activities of the annual meeting of the Board of Governors of the Caribbean Development Bank (CDB) based in Barbados which begins in the Turks and Caicos Islands from June 1 to 16.

Others who will participate in the third edition of the CBD President’s Chat on June 9 are Dr. Akinwumi A. Adesina of the African Development Bank (AfDB), the President of the European Investment Bank (EIB), the Dr. Werner Hoye and CBD Chairman, Dr. Gene Leon.

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Claver-Carone said the new business model will help correct market failures and structural bottlenecks while improving entrepreneurial ecosystems that encourage job creation.

“We have also declared 2022 to be the Year of the Caribbean and we plan to triple funding to the region to a record $1.3 billion this year.”

He said dialogue and collaboration are central to the IDB’s work as multilateral development banks (MDBs) “and only by working together, alongside the private sector, can we help Caribbean to achieve its sustainable development goals and create a more prosperous region. ”

Leaders of the four MDBs are expected to tackle the pressing issue of securing the significant financing needed to achieve the UN Sustainable Development Goals (SDGs) and Adesina said the ADF has been at the forefront of the mobilizing finance to drive Africa’s COVID response, ensure food security, foster climate resilience and accelerate our countries’ sustainable energy transition.

Hoyer said the EIB places a high value on collaboration and that it is through partnerships with MDBs and other institutions that it has been able to support adaptation investments in countries most affected by change. climatic.

“This discussion between the Heads of MDBs will give us the opportunity to share with stakeholders in the Caribbean and the wider international community how each institution is addressing current common challenges, so that we can chart a course for even greater collaboration. further in the future,” he added.

The CBD said discussions will be guided by the theme “Innovative Financing for Sustainable Development: What MDBs Can Do” and will also explore the growing role of the private sector in the development finance landscape.

“The discussion will explore how MDBs can create investment opportunities that will attract private finance for businesses that contribute to sustainable development outcomes. The dialogue will also allow MDB leaders to share success stories and lessons learned for takeaways that can shape approaches to common challenges and issues that may be unique to particular regions,” he added. .

Leon said achieving the SDGs will require an innovative approach to financing and that MDBs must take the lead in forging regional and international partnerships to mobilize private sector financing for businesses that promote sustainable development “so that we may ensure the best future for the countries and people we serve”. .

“I look forward to the exchange with my fellow presidents and the continued collaboration to move from dialogue to action,” he added.

CMC