IDB to prioritise region’s needs

PRESIDENT OF the Inter American Development Bank (IDB) Ilan Goldfajn called on the company to prioritise areas that would directly align with the Caribbean region’s needs.

Speaking at the opening of the ninth annual consultation of Caribbean governors of the IDB, Goldfajn said the IDB should focus on emphasising social issues, supporting the region as it adapts to the climate and climate change and investing in sustainable physical and digital infrastructure.

“The IDB is uniquely positioned to help solve regional challenges,” Goldfajn said. “This is in our mandate, to think beyond national borders, to think of regional problems – like the climate crisis and food insecurity in the Caribbean – and regional solutions. And we can, and should, do so much more together as a group.”

He added the IDB should support the region in making it easier to invest in climate change mitigation and adaptation.

“We need to think of innovative ways to prepare, adapt and react with agility to natural disasters,” he said.

He said investing in sustainable infrastructure physically and digitally will create jobs, boost productivity and promote regional integration. Pointing out that expensive and slow internet connection is common in the Caribbean, he said the IDB must strive to connect everyone.

“Connectivity is a gateway to financial inclusion and countless educational and economic opportunities,” he said.

Goldfajn said the region is faced with a triple challenge of rising social demands, slow growth and high debt in a world affected by global warming, but he lauded TT’s management of disasters and external shocks over the past two years, saying that in some ways TT was an example of how countries should overcome challenges.

“TT used its Heritage and Stabilisation fund to expand social support and provide credit to small companies,” he said.

“That kept businesses afloat and protected jobs.”