New CDB chairman PM Douglas promises to exceed standard set by Guyana’s Finance Minister

Basseterre, St. Kitts (CUOPM) — The 27-member Barbados-based Caribbean Development Bank (CDB), has appointed the Federation’s Prime Minister and Minister of Finance, the Rt. Hon. Dr. Denzil Douglas as the new Chairman of regional lending institution.

Outgoing Chairman, Guyana’s Minister of Finance, His Excellency Dr. Ashni Singh made the announcement at the closing ceremony of the 44th Annual Board of Governors Meeting held at the Guyana International Conference Centre last week.

Guyana’s newspaper, Kaieteur News, reported that Prime Minister Douglas in extending his heartfelt appreciation to the outgoing Chairman 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.

It said 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.

Kaieteur News reported Prime Minister Douglas as saying: “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.”

Prime Minister Douglas lauded his predecessor, Dr. Singh for his valuable contributions when he served as CDB Chairman and promised to uphold, if not exceed, the standard set by Guyana’s Finance Minister.

St. Kitts and Nevis is to host the next Board of Governors Meeting in May 2015.

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