BRIDGETOWN, Barbados, CMC—The Barbados-based Caribbean Improvement Financial institution (CDB) confirmed Friday that efforts are persevering with to call a brand new president for the monetary establishment following the controversial resignation of St. Lucian-born economist Dr. Hyginus’ Gene’ Leon in April.
Knowledgeable sources instructed the Caribbean Media Company (CMC) that the financial institution’s governors met on Thursday to pick Leon’s alternative. Leon is now main the trouble to determine the Improvement Financial institution for Resilient Prosperity Initiative (DBRP).
The idea of a monetary establishment devoted to Small Island Growing States (SIDS) was first launched on the SIDS Inter-Regional Convention in Cabo Verde in August 2023. The initiative aimed to amplify SIDS voices, mobilize finance for resilient infrastructure, and tackle regional financial disparities.
The fourth Worldwide Convention on Small Island States (SIDS4), held in Antigua and Barbuda in Might this yr, supplied even additional impetus for the DBRP, which goals to deal with the persistent monetary challenges confronted by SIDS. SIDS have lengthy struggled to safe reasonably priced financing and are sometimes burdened by unsustainable debt.
The sources instructed CMC that three candidates from Trinidad and Tobago, Barbados, and the Bahamas had been shortlisted and that the assembly on Thursday ended with out a nod.
In a quick one-paragraph assertion to CMCC, the CDB mentioned, “The Caribbean Improvement Financial institution continues to be awaiting the completion of one of many exterior due diligence studies and can proceed with the election as soon as that has been acquired. The collection of the brand new President can be introduced as soon as the election has concluded.” It didn’t elaborate.
In his letter of resignation, Leon’s attorneys had given the area’s premier monetary establishment till Might 4 this yr “to barter unamicable separation,” indicating that their correspondence needs to be considered “as our consumer’s pre-action protocol letter” concerning all the state of affairs.
Neither the CDB nor Leon and his attorneys have made any statements on the difficulty since then.
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