Matters Related to Financing for Development in the Region

March 3, 2024

Heads of Government are of the view that funds should be streamlined to ensure that there are no conflicting mandates.

In this regard, Heads of Government supported the establishment of the Blue-Green Investment Bank, which is being established by Barbados, whose mandate is exclusively on investments aimed at achieving adaptation and safeguarding resilience in our Region and in our individual Member States.

Heads of Government are also of the view that pursuit of the CARICOM Development Fund’s  (CDF) mandate should support investments aimed at stabilising Disadvantaged Countries, regions and sectors, with a view to achieving high levels of long-term economic growth in our Region and our individual Members States.

Heads of Government noted the existence of substantial amounts of funds held by households and the private sector in the financial institutions of the Region, both bank and non-bank.  A fraction of these deposits could be mobilised to finance Bonds issued by the CDF after consultation with the Regional Central Banks and preserve compliance with the prudential requirements of the financial sector in the respective jurisdictions.

It was agreed that the Lead Head of Government in the CARICOM Quasi Cabinet with responsibility for CARICOM Single Market and Economy, Honourable Mia Amor Mottley, Prime Minister of Barbados, will coordinate the establishment of a Working Group on Financing for Caribbean Development, to be convened and headed by Vice-President Bharrat Jagdeo to address the matter of mobilising financing including from the sources identified above, to be intermediated through the Blue-Green Investment Bank and the CDF to advance the objectives of regional resilience and growth.

It was also agreed that this Working Group on Financing for Caribbean Development should conclude its work within four months of the current meeting with a view to submitting the Report by the next meeting of Heads of Government.