The board of governors of the Caribbean Development Bank will meet at the Ritz Carlton for its annual meeting on 23 and 24 May.
Premier McKeeva Bush has been serving as chairman of the board of governors since the 2011 annual meeting. He will preside over this year’s Governors’ Meeting, and then hand over to his successor at the conclusion.
The annual meeting will be preceded by the resumption of negotiations for the replenishment of the bank’s Special Development Fund, the largest source of concessionary finance for providing soft loans and grants to its borrowing member countries. Replenishment of the SDF takes place every four years, and the current cycle comes to an end in December. The first formal negotiation meeting was held in Dominica in March 2012.
Headquartered in Barbados, CDB – of which the Cayman Islands is a founding member – is the region’s development financing institution. It was established in 1969 to respond to the urgent social and economic development needs of its borrowing member countries. Cayman is a founding member of CDB.
CDB has provided loans to the government of the Cayman Islands for projects such as the Pedro St. James Heritage Project, Gerrard Smith International Airport, Owen Roberts International Airport Improvement, Cayman Brac port, farm improvement project, student loans, mortgage credit, small industry credit, main and feeder roads, environmental impact/feasibility study, agricultural and industrial credit, ground transportation study, water supply and a sanitary sewerage system, according to the bank. It has also provided private sector loans for hotel projects in Cayman, CDB said.
Prior to the Governors’ meeting, related activities will get under way on Thursday, 17 May, with the Vybzing Youth Forum on the theme Citizen Security and the Development Agenda at the Westin Casuarina. Young people in the Cayman Islands have been invited to participate in a video challenge competition with the same theme, and the winning entry will be screened for the governors. A meeting of the board of directors will also take place on 22 May.