caribbean development bank This is a topic that many people are looking for. newyorkcityvoices.org is a channel providing useful information about learning, life, digital marketing and online courses …. it will help you have an overview and solid multi-faceted knowledge . Today, newyorkcityvoices.org would like to introduce to you 2020 Annual News Conference. Following along are instructions in the video below:
“Right members of the media. Both those here with us and viewing online. See to to be management and staff ladies and gentlemen good morning. I am.
Amanda lynch foster communications officer here at the caribbean development bank and it is my pleasure to welcome you to our annual news conference. I m going to introduce you now to our panel and in the order that they will speak so at center. Is our president dr. William warren smith to his right to his left.
Sorry is our director of economics. Dr. Justin ram. And to his left.
Our director of economic of projects. Mr. Daniel bass. Dr.
Smith will lead off followed by dr. Ram. And mr. Bass.
If you are following online. Please feel free to join the conversation and add to the conversation using our hashtag carib dev that is ca r ib. De vie and now without further ado let s get the mortage proceedings underway. I m going to call dr.
Smith to the lectern. Thank you very much amanda good morning ladies and gentlemen of the media. Let me on behalf of the bank. Extend a very warm welcome to you here this morning.
I would like to also welcome those of you who might be joining us online ladies and gentlemen today. We will follow the same format. Which we have used in the recent past. I will lead off with some general observations about the regional socio economic performance.
And the support. Provided by c db. To a borrowing member countries in 2019. I will also share our view of the region s economic prospects for 2020.
Our director of economics. Justin rahm and our director of projects daniel best. We ll follow with a closer examination of specific interventions. And other ongoing initiatives to support or bmc s response to their key development challenges bmc.
Is by the way means borrowing. Member countries. Today s conference is set against a backdrop of cdb celebrating its golden anniversary. We are very proud of our contribution to the region s development and the transformation of people s lives earlier this week.
We held a thanksgiving service for member governments or partners and the people of this region. Who have been on this journey with us that journey continues..
There are key milestones to be reached in this decade. If our bmc s are to meet their obligations to agenda 2030. The global blueprint for ending poverty and reducing inequality. Our barring members recorded another year of low.
Growth averaging just about 1 in 2019 compared with 16 percent in. 2018 this slowdown was consistent with relatively sluggish global growth of 29. Percent. The international economic environment continued to give mixed signals.
Especially concerning us. A china trade relations geopolitical anxieties in the middle east presented major downside risks was protests against corruption inequality climate change and lack of political freedoms mounted the slowdown also reflected the effects of prolonged drought in belize in haiti and jamaica as well as social unrest in haiti hurricane reconstruction. Efforts continued bolstering economic growth in affected bmc. s unsurprisingly the fastest growing economies were anguilla and dominica at.
109 157 respectively tourism performance improved in nearly every boring member country with visitor arrivals growing by double digits in st. Kitts and nevis and in the cayman islands arrivals also rose sharply to pre hurricane levels in anguilla in ibaka and grand bahama islands. They suffered substantial damage as a result of the passage of hurricane durian in september nonetheless the bahamas recorded the highest ever number of visitor arrivals reflecting pre hurricane performance. An increased airlift from north america guyana reported strong performance in the timber and gold industries.
An activity rose as preparation for the commencement of oil production in 2020. Heightened in that country. However economic growth remained flat in trinidad and tobago pointing to subdued activity in energy. Manufacturing and construction and real gdp contracted by 03.
Percent in haiti. Where social unrest and political instability. Undermined economic confidence. Despite gains and tourism.
The barbados economy also contracted slightly following delays in the commencement of major private sector projects primarily in the hotel sector. Nonetheless barbados made notable progress in implementing its economic recovery and transformation plan and a strengthened fiscal framework led to a primary surplus of 6 in 2019 compared with 35 of gdp in 2018. Staying with barbados. The debt.
Raesha dropped under 120 percent of gdp from around 127 percent in 2018 and barbados is credit rating improved. Following the successful restructuring of the government s external commercial debt towards the end of last year in grenada tax revenues increased and the fiscal surplus rose following the implementation of a new tax administration act commendably the debt ratio fell below. The international benchmark of 60 percent of gdp. Continuing.
The good news. Saint. Kitts. And nevis also recorded a debt ratio below 60 percent of gdp reflecting the benefits of a healthy fiscal surplus associated primarily with revenues from its citizenship by investment program encouragingly the debt to gdp ratio fell in ten borrowing.
Members with the declines being steepest in barbados in grenada jamaica. And saint kitts and nevis these bmc s are various stages of implementing homegrown fiscal reform programs prior to hurricane durian the bahamas fiscal deficit was actually narrowing but that rose slightly to sixty six point three percent of gdp as the government attempted to meet the initial post hurricane financing requirements. But the debt nevertheless remained manageable in this environment. What was seedy be doing for its boring.
Member countries in 2019. We remain resolute in our commitment to assist the vmc s to meet the sustainable development goals by 2030 approvals for capital projects policy based operations and technical. Assistance. Totaled 347 million us.
Dollars and disbursements on those per projects rose by eight percent to three hundred and five million in 2019. The board of directors approved funding for several size of a projects..
I m going to share a few of them with you a 110 million. Us. Dollar loan from cdb under twenty five point six million pound grant from the serie b. Administered united kingdom infrastructure fund to modernize the kingstown port in saint vincent and the grenadines is the first of this.
List a second policy based loan of seventy five million. Us. Dollars to support barbados is ongoing economic stabilization and recovery program and a 50 million. Us.
Dollar exogenous shock policy based loan for the bahamas following the passage of hurricane durian. Let us now take a look at some of the strategic initiatives. We leveraged or partnerships in search of new and additional sources of concessionary funds while operationally our interventions were underpinned by the imperatives of adaptation resilience building innovation and inclusion early in 2019 three international rating agencies reaffirmed cd b s credit rating this paved the way for our inaugural borrowing on the german capital market and the issuance of a 250 million euro 20 year registered bond with our entry into this market. We diversified our investor base and increase our bmc s access to resources at attractive terms we signed an agreement for a new procurement procedural framework with european investment bank this framework is intended to harmonize our procurement procedures and promote more efficient financing.
Implementation and monitoring for a range of climate focused in investments in the caribbean. The agreement came on the eve of the rollout of a new procurement policy and procedures in november last year. We successfully concluded the accreditation master agreement with the green climate fund. Which is paving the way for a mobilization of additional climate financing by that i mean concessionary financing.
We also partnered with the german development agency deutsche gesellschaft fear internationale to summon arbeit. G i said to provide almost 250000 euros to help eastern caribbean countries prepare projects for funding consideration by the green climate fund. The adaptation fund and cdb proposals have already been prepared for dominica. St.
Kitts and nevis saint lucia and st vincent and the grenadines ladies and. Gentlemen we also secured a 85. Million dollar grant from the adaptation fund to build resilience in st. Lucia s agriculture sector.
A key component of that country s economy st. Vincent. And the grenadines became the first beneficiary of concessional financing under our 27 million dollar geo smart initiative. I stand here proud this morning to announce that in july 2019 our sustainable energy facility for the eastern caribbean was named best financing program at the geothermal congress for latin america and the caribbean at its geolock industry awards ceremony.
Kudos to my colleagues who have led on that particular initiative let me now turn briefly to our prognosis for. 2030 we re. Projecting regional gdp growth of 41. Consistent with expectations of accelerated economic activity.
With estimated daily production of about a hundred thousand barrels of oil guyana should dominate regional growth performance. This year. Other growth drivers in the region should be the construction tourism and agriculture sectors. But economic growth will remain lopsided and below the sustainable rates needed for long term resilience.
Boring members like barbados grenada jamaica and st kitts and nevis must stay on course with their homegrown socio economic reform programs others should join the bandwagon and commence with alacrity implementation of their own adjustment programs in cdb. We will be pressing on with our internal transformation program. Which started last year. We must become better better equipped to be a more effective partner for or barring members some immediate tasks call for deepening our customer relationships and becoming more responsive to the needs of our boring.
Members supporting capacity and institution building and ramping up the pace of disbursements. So that the projects can deliver even faster. The promised development impacts ladies and gentlemen. I thank you i m now going to ask.
Dr. Justin rom..
My colleague who s director of economics to take over this relay. Thank you thank you very much dr. Smith. I ve taken that baton and began to run right now good morning to members of the media.
Colleagues ladies and gentlemen and viewers online. The caribbean development bank on the score is the need to build inclusive competitive and resilient economies to improve the quality of life for caribbean citizens to achieve this we need some macroeconomic management environmental preparedness human development productivity and competitiveness now each of these characteristics is a necessary component in resilience building. But is not enough on its own let me give you a few examples of how cd b s support for it s boring. Member countries was guided by these characteristics in 2019 on what we will be doing going forward following the devastation caused by hurricane durian in the bahamas cdb approved a us.
50. Million policy based on the approval recognized the government s ongoing reform program to maintain fiscal discipline and build resilience against natural disasters. Our intervention will help fund the recovery while keeping necessary reforms on track similarly cdb continued to support the barbados economic recovery and transformation program or bert by providing as. Dr smith.
Said a second us. 75 million policy based on the intervention will strengthen finances and improve the business environment. In addition the loan will help protect the most vulnerable in society by helping strengthen social protection systems and by improving capacity within relevant ministries turning now to knowledge products in 2019 cdb published its new multi dimensional vulnerability index this provides a more holistic view. Than the previous economic vulnerability.
Index. As it includes measures of social vulnerability and a climate change. Vulnerability component. The index shows that may involve a tease of bmc s our dependence on strategic imports export concentration and the exposure to natural hazards and climate change the index assist countries in determining their development priorities to build up resilience and has a potential to broaden bmc s access.
The concessional finance regardless of income per capita cdb continued the advocacy for the sustainable development of the blue economy and according to a working paper on measuring the impacts of the blue economy using the example of jamaica our analysis suggests that the blue economy was responsible for about 7 of course gross domestic product in 2017 these result cities and gentlemen support increased investment in blue economy activities turning to service delivery and implementation in 2019. We began supporting the government of saint lucia to improve its delivery of public services. The performance management delivery unit was created in the office of the prime minister to provide critical implementation support to ministries and agencies in order to deliver agreed results in priority areas such as agriculture crime education health infrastructure and tourism to date the unit support has already helped achieve some positive outcomes. Moving forward our research will provide an evidence base for promoting truly inclusive and resilient economies for example.
We will examine the social benefits of equal opportunity combined with economic competitiveness. We will explore enhance regional integration through a study of factor mobility and we will consider how inclusivity and resilience might be undermined by high levels of crime in blue economy research. We will focus on measurement and the potential of marine renewable energy and we will also provide recommendations for innovative financing mechanisms for building resilience in our region in 2020. We will continue to carry out research and offer policy advice.
That is relevant and of a high quality providing pathways to solutions for our board member countries and their citizens. Ladies and gentlemen. I thank you in ohand over to mr. Daniel best thank you.
Dr. Ram. I will attempt to successfully finish the race thank you management and staff of the caribbean development bank viewers joining in online good morning ladies and gentlemen as the region s development bank. Our people are the center of everything we do as i spend the next few minutes.
Reviewing highlights of key projects. Approved and under implementation in 2019. The focus will be on how our investments are transforming the lives of our people. By helping them to achieve their goals and aspirations.
We approved just over us 200 million dollars in loans and grants in 2019 for the preparation and construction of economic infrastructure. Projects and investment in agriculture and msmes collectively. These projects are aimed at increasing the region s competitiveness building climate resilience and ensuring environmental sustainability in addition to the financing for the port of kingston. Which the president spoke about earlier another important project for st.
Vincent. And the grenadines is a lawn of us thirteen point four million dollars to enhance the resilience of sandy bay and other north windward communities to coastal hazards through the construction of sea defences in sections along the coast..
Laying. Our board of directors approved. The loan of us twenty nine point eight million dollars to the government of barbados to assist in constructing a new marino fall for the south course. Sewerage system financing of us six point eight four million dollars.
Was provided to belize electricity limited to connect the island of key cocker to the mainland power grid grid by submarine cable with the intended result of replacing seven hundred and thirty thousand gallons of imported diesel and reducing greenhouse gas emissions by four thousand tons yearly to the uk safe we are providing a sixteen point seven million pound grant to the government of jamaica for the southern plains agricultural development project. This project will help jamaican farmers increase productivity and gain greater market access. Our us ten million dollar industrial credit was made available to the development finance limited of trinidad and tobago to provide financing to small and medium sized enterprises for agricultural industrial and or tourism purposes in 2019. The bank increased disbursements by 8 over 2018.
The fourth consecutive year of such increases. This is the result of our ongoing focus on supervision. An essential technical support to our bmc s. So that they can implement projects that have been approved development does not happen without implementation cdb will continue to work closely with our bmc s to help them implement the projects that will transform the lives of our people in haiti city be funded a project aimed at building agricultural resilience.
This project. Saw 722 small farmers been fitting from 135 hectares of irrigated land with a further four thousand three hundred and thirty two persons benefitting indirectly in addition. It is six thousand seedlings were provided of which thirty five thousands have been planted thus far covering a further 150 hectares our thrust awards enhancing energy security continued through our program to retrofit street lights with leds at the end of 2019 cdb had invested almost us 100 million dollars to finance installation of more than 200000. Led streetlights across antigua and barbuda jamaica.
The bahamas st vincent and the grenadines suriname and. St kitts and nevis this translates to. 86000 tons of co2 emission savings more than 85000. Kilowatt hours of energy savings and in excess of us twenty six million dollars in savings annually in 2019 or mission to increase access to inclusive and quality education for all included the construction of four schools in rural haiti.
Providing fear into classrooms for a combined capacity of 1280 students the schools will also serve as community centres catering to a combined population of approximately 250000. We fund the training for 438 teachers in special education needs in st. Lucia. While 169 teachers were trained at the autism conference on summer camp in saint.
Vincent. And grenadines. We enhanced the employability of 94 persons through the award of the caribbean vocational qualifications certification we also improved institutional frameworks for technical institutes in saint vincent and the grenadines to enroll and support persons with disabilities looking ahead to 20 our investments will go towards enhancing the resilience of critical infrastructure assets to the impacts of climate change specifically we will focus on reducing vulnerability of key rural transport corridors to flooding and landslides in this regard. Major investments are programmed for sin lucia.
Belize dominica and guyana. In haiti we expect to complete the appraisal. Of. A.
Us 75 million dollar project in. Renewable energy and a. Us. 65.
Million dollar project in agriculture. The projects and plans. I have outlined today demonstrate the bank s unwavering commitment to being more responsive to its vmc s while transforming the lives of caribbean people especially the most vulnerable in our societies as a region. We will continue to work tirelessly until poverty is eradicated and sustainable development is achieved.
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