IDB strengthens support to Anglophone Caribbean, Suriname

The Inter-American Development Bank (IDB) said on Monday it has increased its investment in the English-speaking Caribbean and Suriname, among them the Caribbean Community’s (CARICOM) five largest and most developed member nations.



“The Bahamas, Barbados, Belize, Guyana, Jamaica and Trinidad & Tobago – along with Dutch-speaking Suriname – are brought together by commerce, geography and traditions.



"Their economic situations and development challenges, however, may vary widely,” said IDB General Manager for the Caribbean Department, Gerard Johnson.



IDB said lending to borrowing member countries in the English-speaking Caribbean and Suriname reached more than US$900 million per year in 2010 and 2011.



“With an active portfolio of US$3.5 billion and a pipeline of around US$1.5 billion, the IDB is deeply invested in these countries,” it said.



Johnson hailed results achieved by the countries in the region by discussing and identifying the main areas in which the IDB and other international and regional organizations may cooperate with each other and with the countries.



He said the Washington-based institution had made a firm commitment to helping these countries tackle economic, financial, social and environmental challenges.



The IDB said these countries share some common development challenges, one of which is the need to “become more competitive in the global economy.”



Other challenges include more economic growth, overcoming the threat of macroeconomic imbalances that weaken development efforts, the need to strengthen public-private dialogue to promote private sector development, and institutional capacity constraints that affect efficiency and public policy, said the IDB.



It added that the global economic slowdown has made these challenges “more daunting.”



The IDB said it also partners with CARICOM to support regional integration, and provides financing and technical support for members of the sub-regional Organization of Eastern Caribbean States (OECS) in partnership with the Caribbean Development Bank.



The IDB said it finances programmes to promote sustainable energy, infrastructure strengthening, governance, fiscal reform and citizen security, as well as furthering reforms in social sectors, such as health, housing and education in the Caribbean.



In the area of competitive regional integration and private sector development, the IDB said it finances projects in the trade sector and fosters competitiveness.



CMC