CDB funds project to prevent loss of correspondent banking relationships

March 17, 2017, BRIDGETOWN, Barbados – The Board of Directors of the Caribbean Development Bank (CDB) has approved funding of US$250,000 to strengthen financial transparency, and assist in preventing the loss of correspondent banking relationships (CBRs) in the Region.

In the Caribbean, CBRs facilitate a number of payment systems, including international trade, cross-border payments and receiving of remittances. Recently, some large international banks have started terminating or severely limiting their CBRs with smaller local and regional banks, in an effort to reduce exposure to risks associated with money-laundering and financing of terrorism. This process, known as de-risking, has negative implications for the Caribbean, potentially resulting the loss of trade relationships and negative economic impacts.

CBRs are fundamental to the efficient operation and resilience of the global financial system. This project will contribute to a more stable financial system in the Caribbean, which will in turn allow more banks to access CBRs, so that they can continue to carry out international transactions. This is critical if the Caribbean is to reduce poverty and spur economic development,” said Daniel Best, Director of Projects at the CDB. (more…)

Sir K. Dwight Venner memoralised at ECCB Headquarters

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BASSETERRE, ST. KITTS, MARCH 2ND, 2017 (PRESS SEC) — The late Honourable Sir K. Dwight Venner, the second Governor of the Eastern Caribbean Central Bank (ECCB) and the longest-serving one, was honoured today, Thursday, 2 March, 2017, during a naming and unveiling ceremony at the Bank’s headquarters in St. Kitts.

The Phase 1 building, which was officially opened on 29 October, 1994, is now named in honour of Sir K. Dwight Venner who served as Governor from December 1989 to November 2015.  Sir Venner passed away in Saint Lucia on Thursday, 22 December, 2016, at the age of 70.

The late Honourable Sir K. Dwight Venner’s widow, Lady Lynda Arnolde Winville Venner, and other family members attended this morning’s ceremony.  His Excellency Sir S. W. Tapley Seaton GCMG, CVO, QC, JP was also in attendance.  Prime Minister Dr. the Honourable Timothy Harris, current ECCB Governor Mr. Timothy Antoine, and other representatives of the governing bodies of the Eastern Caribbean Central Bank – namely its Monetary Council and Board of Directors – were present, too, along with members of the Bank’s Management and current and retired staff.

Speaking at the naming and unveiling ceremony, Ms. Zinga Venner, said that, “On behalf of my mom Lady Lynda Venner, all of my siblings and myself, I would like to thank the Monetary Council of the ECCB for showing such great appreciation and recognition for our father’s work through bestowing this honour of naming this building after him.  While he is not physically here with us today, he is with us in spirit.”

Ms. Zinga Venner divulged that, “Thankfully, he was also aware of this great acknowledgment before he transitioned to the next life, and he was very pleased and touched when he was updating us on this development.”  She added: “I can assure you that he is looking down at us at this very moment with a large smile.”   (more…)

OECS taking steps to fully embrace digital economy

From R-L: Mr. Simon Alexander, Ambassador Patrick Antoine, Mr. Embert Charles, Dr. Didacus Jules, Hon. Melford Nicholas, Ms. Rhea Yaw Ching, Mr. Bennet Thomas and Mr. Bevil Wooding. (Photo via OECS)
From right: Mr. Simon Alexander, Ambassador Patrick Antoine, Mr. Embert Charles, Dr. Didacus Jules, Hon. Melford Nicholas, Ms. Rhea Yaw Ching, Mr. Bennet Thomas and Mr. Bevil Wooding. (Photo via OECS)

Friday, February 24, 2017 — OECS Member States are taking steps to fully embrace the digital economy. The OECS Commission has formed a special ICT Strategy Group to consider the region’s options for using technology more effectively to facilitate its integration agenda. The group is being chaired by the OECS Director General, Dr. Didacus Jules.

The OECS ICT Strategy Group has been established to ensure that the region is positioned to take full advantage of the digital revolution by removing obstacles and creating new digital opportunities for people and businesses. The Group is comprised of government ministers, telecom regulators, ICT experts and senior policy makers and builds on work already underway in the Eastern Caribbean to address some of the barriers to greater adoption of technology-based services.

“The future prosperity of our region is hinged to how well we leverage information and communications technology to enable the seamless movement of people, goods and capital in the sub-region. The OECS has already made significant strides in this regard. However, there is still more to be done. We must now take steps to ensure our institutions and industries adapt, and that our citizens are able to make full use of the potential of digital services and goods.

Read more at: Organisation of Eastern Caribbean States (OECS)

CDB, IDB sign agreement to strengthen partnership

Dr. William Warren Smith, President, CDB (left) and Luis Alberto Moreno, President, IDB (right), sign an MOU to strengthen their ongoing partnership in addressing the Caribbean’s development priorities during a ceremony at IDB’s headquarters in Washington, D.C. on February 21, 2017. (Photo via CDB)
Dr. William Warren Smith, President, CDB (left) and Luis Alberto Moreno, President, IDB, sign an MOU to strengthen their ongoing partnership in addressing the Caribbean’s development priorities during a ceremony at IDB’s headquarters in Washington, D.C. on February 21, 2017. (Photo via CDB)

Washington, D.C. – The Caribbean Development Bank (CDB) and the Inter-American Development Bank (IDB) have signed a memorandum of understanding (MOU) to strengthen their ongoing partnership in addressing the Caribbean’s development priorities.

Through the MOU, signed at the IDB’s headquarters in Washington, D.C. on February 21, 2017, both institutions have renewed their commitment to collaborating on programmes and projects that contribute to sustainable economic development in the region. The agreement formalises their cooperation in CDB borrowing member countries that are also members of the IDB, and countries in the Organisation of Eastern Caribbean States (OECS). Through a unique charter provision, IDB resources are channelled to OECS countries that are not members of the Washington-based Bank, through CDB.

“The MOU embodies the common vision for the sustainable development of the Caribbean that IDB and CDB share. I expect then, that the MOU will provide the framework for us to work collaboratively and creatively, over the next decade and a half, to facilitate the attainment of the development agenda; and accelerate the transformation of these countries,” said CDB President Dr. William Warren Smith.

“We have had a singularly close and forward-looking partnership with the CDB for four decades. We now have an opportunity to strengthen those bonds and take on our shared challenges with renewed optimism,” said IDB President Luis Alberto Moreno.

CDB and IDB presently collaborate on a number of initiatives, including in the areas of renewable energy and private sector development for micro, small and medium-sized enterprises.

Read more at: Caribbean Development Bank

 

Highlights of 28th Intersesssional Meeting – Day One

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The Twenty-Eighth Intersessional Meeting of the Conference of Heads of Government of the Caribbean Community (CARICOM) opened Thursday morning at the Marriott Hotel, Georgetown, Guyana.

CARICOM Chairman, His Excellency David Granger, President of Guyana, The Hon. Roosevelt Skerrit, Prime Minister of Dominica, and Ambassador Irwin LaRocque, CARICOM Secretary-General, made remarks at the brief opening ceremony.

Here are some pictorial highlights of the morning session.

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