BASSETERRE, St. Kitts – PRIME MINISTER and Minister of Finance the Rt. Hon. Dr. Denzil Douglas was appointed the new Chairman of the Caribbean Development Bank (CDB).
This announcement was made at the closing ceremony of the 44th Annual Board of Governors Meeting held at the Guyana International Conference Centre on Thursday (May 29).
According Kaieteur News, in extending his heartfelt appreciation to the outgoing Chairman, Guyana’s Finance Minister Dr. Ashni Singh, Dr. Douglas said that as the stakeholders of the CDB embrace the fact that change is inevitable, it is important for the financial institution to act as a catalyst to help the Caribbean region in the adaptation process.
While confessing to his audience that the successful recovery of St. Kitts and Nevis’ economy was due to the innovativeness and unyielding support of the CDB, he said that based on the confidence expressed by members to elect him to such an important position, he would strive to ensure the Bank’s objectives are achieved and its agenda for change realised.
“Going forward, the Bank will need to accelerate the pace of disbursements in respect of projects that were already approved by the Board of Directors some years ago. The disbursement rate is critical to the bottom line of the Bank and can make a real difference in the growth prospects of borrowing member states. The Bank has to be more focused on maintaining relevance to its constituents, improve on efficiency and responsiveness.
“Further, the Bank should seize the present and emerging opportunities to expand the use of the Policy Based Loan and guarantee instruments to implement new products tailored to the needs of the clientele it serves…The Bank must enhance its systems to ensure full integration of the wealth of information generated by its reports,” Kaieteur News quoted him as saying.
In his closing remarks, Dr. Douglas lauded Dr. Singh for his valuable contributions when he served as Chairman and promised to uphold, if not exceed, the standard set by Guyana’s Finance Minister.
The next Board of Governors Meeting will be held in St. Kitts and Nevis in 2015.
