(May 24, 2012) Hon. Dr. Kenny D. Anthony in an address to the Forty-Second Annual Meeting of the Board of Governors of the Caribbean Development Bank on Wednesday, May 23, 2012, called on the regional bank to adapt to meet the needs of its members particularly in this time of crisis. Noting that the approval rate of loans, grants and equity in 2011 were just 55.4 percent of the amount approved in 2010, while disbursements in 2011 amounted to 51.3 percent of the level in 2010, Prime Minister Anthony called on the CBD to be more responsive in times of hardship. Dr. Anthony said, “…because of the role of CDB as a development bank, it must find creative strategies for intervening effectively when its borrowing members are affected by adversity. During crises it must be more, not less responsive.”
Prime Minister Hon. Dr. Kenny D. Anthony went further to speak to the CDB’s current response to natural disasters in the region. While the Prime Minister praised the CDB for its Post Hurricane Tomas assistance he stressed the importance of timely intervention in the aftermath of natural disasters. Dr. Anthony called on the bank to review its procedures in that regard, stating that:
“The Bank must re-examine its procurement and other approval, disbursement and delivery mechanisms, if it is to provide timely and relevant assistance to countries following natural disasters. Nothing short of a new regime governing the approval process for reconstruction and rehabilitation to address the fallout from natural disasters will do. ”
Dr. Anthony expressed the intention to make a similar recommendation to international organizations which provide resources for post-disaster relief and rehabilitation.
The two day meeting of the Board of Governors of the Caribbean Development Bank is currently being held in Grand Cayman, Cayman Islands.
From the desk of: Mrs. Jadia Jn. Pierre-Emmanuel, Press Secretary to the Prime Minister