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Shaw wants CDB to give weak nations a boost

Published:Thursday | May 19, 2016 | 12:00 AMChristopher Thomas

Western Bureau:

Finance Minister Audley Shaw says the Caribbean Development Bank (CDB) should seek to maximise opportunities to provide financial assistance as well as encourage partnerships to boost weakened Caribbean economies.

"Financing for the build-out of economic and institutional infrastructure is a critical focus of the CDB," said Shaw, while addressing yesterday's first day of the two-day CDB Board of Governors Meeting at the Montego Bay Convention Centre in St James.

"This has been a particularly strong point historically for the CDB, and the institution needs to continue to build its comparative advantage in this area going forward," added Shaw, who is also the outgoing chairman of the CDB's board of governors.

"Without doubt, Jamaica and its Caribbean neighbours face serious economic, social, and political challenges but within every crisis is an opportunity for transformative change, and with every challenge comes the opportunity for creative solutions."

united vision

In advancing his call for the forging of partnerships, Shaw said the CDB's stakeholders must be willing to partner in a united vision for growth amid a tough economic climate.

"In challenging times, when we have to undertake tough reforms, which may take time to bear fruit, we need to coalesce around a shared vision and shared values," stated Shaw.

"We have to marshal our stakeholders around their respective roles and contributions towards a common objective, and we have to pledge our collective commitment. This is as true for us as leaders in our respective economies and societies as it is for us as partners in a multinational CDB."

The two-day meeting, which is being attended by representatives from various Caribbean countries, has listed matters relating to the restructuring of regional economies to ensure sustained economic growth among the issues to be


Before the two meeting days of the conference, there were various committee meetings in which matters to include poverty in the Caribbean region, the Caribbean maritime port services industry and the development of micro, small and medium enterprises were discussed.