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Regional Prosperity Attainable in numbers says Presidents of Multi-Lateral Development Banks during CDB’s 52nd Board of Governor’s Meeting

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By Dana Malcolm

Staff Writer

 

June 17, 2022 – Private sector partnerships are going to be the Caribbean’s saving grace as governments try to make the region the home of choice. This was the perspective of the heads of three major banks at the Caribbean Development Bank’s 2022 staging of their ‘Presidents Chat’, an event bringing together the presidents of multilateral development banks worldwide.

This year the meeting featured: Dr. Gene Leon president of the Caribbean Development Bank; Dr. Werner Hoyer president of the European Investment Bank and Mauricio Claver-Carone President of the Inter-American Development Bank along with past president of the CDB Dr. Warren Smith.

The Moderator of the event Dr. Marion Williams explained why the chat was so important.

“The series is designed to discuss issues in a non-technical manner that is readily accessible to citizens on all our continents,” she said

This year’s focus was on how multilateral development banks could play a catalytic role in finding innovative financing to push the development goals of their member countries, especially from the private sector; basically how to make companies want to invest within their member countries futures.

Most of the goals held by countries around the world stem from the United Nations 2030 Sustainable Development Goals including the elimination of poverty, enhancing food security, good health, quality education, climate action, etc. Leon explained the needs of the developing Caribbean states were huge and all of them needed to be tackled because,

“If we don’t do it all we simply cannot achieve the development goals.”

To make the Caribbean region a place of choice Leon said we must achieve four things; water, energy, food and quality of life security.

To meet these goals, the Caribbean had to have three key facilitators:

  • embracing a digital transformation

  • Solving our implementation capacity deficit

  • Strong evidence-based governance

Financing to hit all of these targets was the region’s biggest problem Leon said and ‘Access to Adequate and Affordable Finance’ (#AAAF) was the goal.

“There is no way we can fix a trillion-dollar problem with a million dollars…there is no way we can get there without crowding in [and] partnerships in all areas.”

Hoyer of the EIB lauded the CDB citing its unparalleled experience with development challenges noting that by working together they could “achieve so much more”, especially in climate action.

He stressed that the time for investing in issues like climate change was now or the most vulnerable would suffer.

“The provision of grants and loans is not enough. New financial instruments need to be deployed in order to bring private capital to fund climate action.”

Claver-Carone of the IDB, who is from Miami, describes himself as the closest president to the Caribbean (geographically) in years.

“It was on my agenda to raise the profile of the Caribbean with the bank.” He maintained

Allocations to the six Caribbean countries that the IDB serves have tripled to about $1.2 billion across 16 different projects. He described his relationship with the Caribbean Development Bank as his most important relationship of all as it enabled support to Caribbean countries which are not a part of the IDB.

Claver-Carone reiterated that the financing gaps in the Caribbean and Latin America are too large for taxpayers to handle.

“The recovery of Latin America and the Caribbean will be private sector led… We’re gonna make this the biggest public-private push in the history of the bank.”

Creating a good investment climate is key to achieving more privately-funded financing that the governments in the Caribbean desperately need.

To do this Claver-Carone said stricter regulations, digitized government to promote transparency and more aggressive moves towards garnering private sector investments are the needs for the region.

The IDB President said the Caribbean is viewed globally as a ‘sea of peace’ in comparison to the current state of the rest of the world, maintaining that “We’re gonna turn that peace and tranquility into prosperity.”

Caribbean News

First Caymanian Drafted to NHL as Jaxon Cover Makes History    

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GEORGE TOWN, Cayman Islands – A young man who learned to play hockey on Cayman Islands’ only roller hockey rink has achieved

what once seemed impossible—becoming the first Caymanian ever selected in the National Hockey League Draft.

Eighteen-year-old Jaxon Cover was chosen 32nd overall by the Ottawa Senators, making him the final first-round selection in the 2026 NHL Draft and the first player from the Cayman Islands to hear his name called by an NHL franchise.

The achievement is remarkable not only because of where Cover comes from, but because of how recently he began playing on ice.

Growing up in Grand Cayman, Cover developed his skills playing roller and ball hockey, as the islands have no permanent ice rink. He did not lace up ice skates until he was 13 years old, yet within just five years had developed into one of the world’s top junior prospects.

Last season, the talented right winger starred for the London Knights of the Ontario Hockey League, recording 52 points on 20 goals and 32 assists in 67 games, performances that caught the attention of NHL scouts.

His mother, Nanalie Cover, described the family’s emotions as “very thankful, grateful and humbled,” adding that she hopes her son’s journey becomes “a symbol of what we can do, and what is possible for all, irrespective of where they originate.”

The Cayman Islands Government also hailed the milestone, saying Cover had “redefined the boundaries” of Caymanian sport and demonstrated the limitless potential of the nation’s young people.

Minister for Youth, Sports, Culture and Heritage Isaac Rankine called the draft selection “a proud and historic moment for the Cayman Islands,” saying Cover’s success will inspire a new generation of athletes to pursue their dreams, no matter how unconventional the path.

For a country better known for beaches than ice rinks, Jaxon Cover’s remarkable rise proves that talent, determination and opportunity can overcome even the most unlikely beginnings.

From a roller rink in the Caribbean to the bright lights of the NHL, Cayman has produced its first hockey trailblazer—and perhaps not its last.

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Caribbean News

Migration Is No Longer Just About Borders

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What Caribbean migration dialogues reveal about the region’s future

 

By Patrice Quesada, Coordinator, IOM Caribbean

Migration has become one of the defining issues shaping the Caribbean’s future—not simply because people are moving, but because our economies, labour markets, populations and climate realities are changing.

Over the past several weeks, I have participated in migration discussions at the global, regional and national levels. While each conversation was different, they all pointed to the same conclusion: the Caribbean is beginning to recognize migration not only as a border issue, but as a development issue.

The challenge now is moving from dialogue to action.

From Global Commitments to Caribbean Solutions

That shift was evident during the International Migration Review Forum held at the United Nations in New York, where Caribbean participation was particularly strong. Delegations from ten Caribbean countries, including ministerial representatives from Barbados and Belize, reinforced the region’s growing commitment to shaping international migration policy.

Two messages emerged clearly.

First, migration governance must be grounded in each country’s realities and supported by concrete national commitments. Second, migration cannot be viewed in isolation. It is closely linked to labour markets, demographic change, climate vulnerability and long-term development planning.

Every Caribbean Country Has Its Own Story

Across the region, governments are approaching migration through different lenses.

In Saint Lucia, the launch of the country’s draft migration policy reflected concerns about declining birth rates, labour shortages and continued emigration. The discussions recognised that labour needs, diaspora engagement, remittances, return migration and protection must all work together within one national strategy.

Jamaica demonstrated how migration planning can begin at the local level, with Clarendon becoming the country’s first parish to integrate migration considerations into its long-term development strategy.

Guyana, meanwhile, is managing migration in the context of rapid economic growth, balancing increased labour demand with worker protections and orderly migration systems.

Barbados has also begun incorporating migration into broader population planning as it addresses demographic decline and an ageing population.

The Bahamas has focused on disaster preparedness, bringing together government agencies to strengthen national plans for managing inter-island and cross-border movement during emergencies while safeguarding the rights and dignity of displaced people.

Different countries face different challenges—but all are recognising migration as an essential part of national planning.

The Caribbean’s Greatest Untapped Asset

One message resurfaced repeatedly throughout these discussions.

The Caribbean diaspora should no longer be viewed simply as a source of remittances.

Across the region, citizens living abroad continue to contribute through investment, entrepreneurship, professional expertise, advocacy and, in many cases, by returning home with new skills and experience.

The opportunity now is to engage the diaspora more deliberately as a strategic development partner.

Turning Dialogue into Action

Technical discussions held throughout May demonstrated that governments are beginning to move beyond policy conversations.

CARICOM, supported by the International Labour Organization and the Inter-American Development Bank, convened regional labour migration specialists to explore how migration can help address workforce shortages while ensuring fair recruitment and decent working conditions.

Together, these initiatives suggest the Caribbean is entering a new phase—one where migration is no longer viewed simply as movement across borders, but as a tool for economic resilience, demographic planning and sustainable development.

The conversations have begun.

The next challenge is ensuring they lead to meaningful action.

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Caribbean News

Caribbean Urged to Rethink Tourism as Travel Patterns Shift

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Deandrea Hamilton | Editor

The Caribbean’s tourism industry has mastered the busy season. Now, a new report says the region’s biggest opportunity lies in transforming the months it has long considered its slowest.

The latest Amadeus Travel Insights Report, produced in partnership with the Caribbean Hotel and Tourism Association (CHTA), urges Caribbean destinations to strengthen marketing efforts and forge closer partnerships with airlines to stimulate demand during the traditionally quieter months of September and October.

The report comes despite a strong performance by the region, with international visitor arrivals climbing by approximately 30 percent over recent years. Researchers caution, however, that continued growth cannot be taken for granted simply because demand remains strong during peak travel periods.

Instead, the study points to a persistent seasonal challenge.

While Caribbean destinations continue to attract robust visitor numbers during the winter travel season, arrivals typically flatten once the calendar turns to late summer and early autumn. Those months coincide with the height of the Atlantic hurricane season—a reality that has long influenced travel decisions and presents a challenge largely beyond the control of tourism-dependent economies.

The report suggests the solution lies in changing traveller behaviour rather than simply waiting for demand to return.

That means targeted promotions, strategic airline partnerships, expanded route development and marketing campaigns designed specifically to encourage off-season travel.

There is another encouraging finding for the Caribbean.

According to the report, airfares to Caribbean destinations remain broadly competitive with those to South America, giving the region a valuable advantage as travellers continue searching for affordable international getaways.

For tourism leaders, that pricing competitiveness provides an opportunity to attract visitors who increasingly weigh value alongside destination appeal when planning holidays.

The challenge now is convincing travellers that the Caribbean offers compelling experiences beyond its traditional high season.

Whatever strategy emerges, the report suggests success will depend on balancing innovation with reality. September and October will always bring heightened weather risks, but with stronger airline partnerships, creative marketing and attractive pricing, the region could unlock new opportunities during months that have historically been among its quietest.

For a tourism industry built on resilience, the next frontier may not be attracting more visitors—but attracting them at a different time of year.

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