The Barbados-based Caribbean Growth Financial institution (CDB) confirmed on Friday that efforts are underway to nominate a brand new president following the controversial resignation of St. Lucian-born economist Dr. Hyginus ‘Gene’ Leon in April.
Knowledgeable sources revealed to the Caribbean Media Company (CMC) {that a} assembly of the financial institution’s governors was held on Thursday to debate potential replacements for Leon, who’s now spearheading the Growth Financial institution for Resilient Prosperity Initiative (DBRP).
This initiative, aimed toward supporting Small Island Creating States (SIDS), was first launched in the course of the SIDS Inter-Regional Convention in Cabo Verde in August 2023. The aim is to amplify the voices of SIDS, mobilize financing for resilient infrastructure, and sort out 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 that goals to handle the persistent monetary challenges confronted by SIDS, which have lengthy struggled to safe reasonably priced financing and are sometimes burdened by unsustainable debt.
The sources informed CMC that three candidates from Trinidad and Tobago, Barbados and the Bahamas have been shortlisted and that the assembly on Thursday ended with out the nod being given.
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In a short one-paragraph assertion to CMC, the CDB mentioned “The Caribbean Growth Financial institution continues to be awaiting the completion of one of many exterior due diligence reviews and can proceed with the election as soon as that has been acquired. The choice of the brand new President might be introduced as soon as the election has concluded”.
It didn’t elaborate.
In his letter of resignation, legal professionals for Leon, had given the area’s premier monetary establishment till Might 4 this yr “to barter unamicable separation” indicating additionally that their correspondence must be seen “as our shopper’s pre-action protocol letter” concerning the whole state of affairs.
Neither the CDB nor Leon and his legal professionals have made any statements on the problem since then.
