Home' Trinidad and Tobago Guardian : March 2nd 2017 Contents The Inter-American Develop-
ment Bank (IDB) has signed
a memorandum of under-
standing (MOU) with the
Development Bank (CDB) to
strengthen their ongoing partnership in ad-
dressing the region's development priorities.
Through the MOU, both institutions have
renewed their commitment to collaborating
on programmes and projects that contrib-
ute to sustainable economic development
in the region.
The agreement formalises their coop-
eration in CDB borrowing member coun-
tries 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 Washing-
ton-based financial institution, through
"The MOU embodies the common vi-
sion 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.
IDB president Luis Alberto Moreno said
'we have had a singularly close and for-
ward-looking partnership with the CDB
for four decades.
"We now have an opportunity to strength-
en those bonds and take on our shared chal-
lenges with renewed optimism," he added.
CDB and IDB presently collaborate on a
number of initiatives, including in the ar-
eas of renewable energy and private sector
development for micro, small and medi-
um-sized enterprises. The Sustainable En-
ergy Facility (SEF) for the Eastern Caribbean
is one of these initiatives.
Launched in October 2015, the US$42
million package includes loan, grant and
contingently recoverable grant resources
from the IDB, provided to CDB as the exe-
cuting agency, which also committed US$30
million of its own resources.
Most of the funding is for supporting ge-
othermal energy development in five of the
six Eastern Caribbean beneficiary countries
under SEF namely Antigua and Barbuda,
Dominica, Grenada, St Kitts and Nevis, St
Lucia, and St Vincent and the Grenadines.
In 2016, the IDB secured an additional
US$80 million for the programme from the
Green Climate Fund for SEF, to be interme-
diated via CDB.
The programme will provide financing
mechanisms to fund geothermal energy
projects, and aims to also mobilise private
sector capital and expertise required to com-
plete such projects.
MARCH 2 • 2017 guardian.co.tt BUSINESS GUARDIAN
REGIONAL | BG19
Jamaica outlines plans for labour market
Jamaica has told Caribbean Community
(Caricom) labour ministers that it is under-
taking a reform of the labour market here
and has established the Labour Market
Reform Commission in 2015 to ensure that
educational and training programmes are
aligned to new and emerging jobs, among
Addressing the International Labour Or-
ganisation (ILO) meeting of Caribbean la-
bour ministers, labour and social security,
Shahine Robinson, said "in addition to the
skills and competencies to be acquired, we
have to make a concerted effort to also im-
prove social skills, creative skills, thinking
skills, entrepreneurial skills and logistical
skills, if we are to create the ideal Caricom
worker who must play a catalytic role in im-
plementing the policies and programmes to
provide economic growth and provide qual-
She hailed the staging of the Caribbean
Future of Work Forum as having special
and symbolic significance, as it provided
the opportunity to add distinctive value to
policy outcomes and innovative changes for
quality jobs in the labour force.
She said the themes framing the discus-
sions at the forum---Decent Jobs for All,
Governance of Work, and Organisation of
Work and Production---provide the scope
and depth to cover emerging trends in the
Robinson argued that key policy initiatives
and labour-market activities, particularly
for the Caribbean, must give due respect to
the primacy of labour and the significance
of human interactions in the world of work.
ILO director general, Guy Ryder, said the
discussions would highlight the Caribbean
perspectives on the Future of Work theme,
which has been selected for global reflection
by the international organisation.
Ryder noted that the ILO, this year, will
establish a high-level Global Commission
on the Future of Work, which will be fed by
the results of the national and sub-regional
dialogues now under way.
That commission will report to the ILO's
centenary conference in June 2019, which
is expected to adopt conclusions to guide
the work of the organisation going forward.
on economic initiatives
The Inter American Development Bank
(IDB) has commended Jamaica for its eco-
nomic initiatives as well as the positive
growth in Gross Domestic Product (GDP).
The country was lauded at IDB's sixth
annual meeting of Governors of the Cen-
tral Banks of the Caribbean being held here.
Junior Minister in the Ministry of Finance
and Planning Faval Williams, who is rep-
resenting Jamaica at the meeting, said the
country's economic achievements could
have been met without the support of multi-
lateral partners, chief among them, the IDB.
She said the IDB had partnered with
Jamaica to implement several important
projects, including tourism and port de-
During bilateral talks with IDB President
Luis Alberto Moreno, Williams urged the IDB
to take another look Jamaica's agricultural
sector with a view to enabling small and
medium enterprises (SME) gain access to
affordable financing, as this was critical to
the growth and expansion of the agricul-
Topics being discussed over the three
days include de risking and correspondent
banking, the development outlook for the
Caribbean, and the role of the private sector
in the development of the Region's economy.
The three day meeting will a close on
Thursday, when Finance Ministers and Gov-
ernors of the Central Banks of the Caribbean
attend the 114th meeting of the Commit-
tee of the Board of Governors of the Inter
American Development Bank, and the 45th
meeting of the Committee of the Board of
Governors of the Inter American Investment
Williams is accompanied by Jamaica's
representative to the IDB, Arthur Williams.
Guyana signs loan
agreements with IDB
The Inter-American Development Bank (IDB) is
providing US$40 million in loans to Guyana to finance
projects within the legal, agriculture, business and
public health sectors.
Finance Minister Winston Jordan and IDB Pres-
ident, Luis Alberto Moreno signed the agreements
in Washington last Tuesday.
The Ministry of Finance said the loans will support
the Government's developmental agenda of promot-
ing investment; improving connectivity throughout
Guyana; diversifying the economy; and providing
citizens with quality healthcare and social services.
The US$15 million Sustainable Agricultural Devel-
opment Programme will aid in the country's focus on
diversifying the agricultural sector and improving its
competitiveness and viability.
The ministry said that the loan seeks to increase
productivity of the agricultural sector while main-
taining sustainable and climate resilient use of natural
resources in Guyana.
Specifically, this programme is aimed at:
(a) producing high quality data for the agricultural
(b) increasing productivity, especially for medium
and small farmers; and
(c) increasing sanitary and phyto-sanitary (SPS)
standards and access to meat processing facilities.
It is also expected that higher productivity will also
contribute to reduced pressure on forest and fragile
ecosystems, and at the same time, increase incomes
for small and medium-sized farmers.
"To augment our diversification and enhanced
competitiveness thrust, the nine million US dollar
loan is programmed for the Ministry of Business
to support economic diversification and exports
through the enhancement of the National Quality
Infrastructure (NQI) and through a National Export
and Investment Promotion Strategy."
The project will seek to enhance the capacity of the
NQI, improve facilities for the NQI and enhance the
capability of GOINVEST for export and investment
promotion. "Importantly, this project will seek to en-
hance the ability of Guyana to connect with regional
and global value chains through the promotion of
exports and foreign direct investment, particularly
, the Finance Ministry said.
The Finance Ministry said that "the project will
not only seek to increase access to and use of re-
productive, maternal and neonatal health services,
but, importantly, it will seek to improve the quality
of those services."
The government said that the agreements with
the IDB are yet another demonstration of the robust
relationship shared between the Washington-based
financial institution. CMC
Dr William Warren Smith, president, CDB, left, greets Luis Alberto Moreno, president, IDB,
during the ceremony at IDB's headquarters in Washington, DC.
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