CDB and UN Agencies partnering to achieve SDGs in the Caribbean

The Caribbean Development Bank (CDB), UNICEF, UNFPA and UN Women have embarked on a collaborative approach, combining technical expertise and lessons learned over their many years of development work in the Region. In a time of shrinking resources, the agencies are partnering to support the achievement of Sustainable Development Goals (SDGs) in the Caribbean.

CDB, UNICEF, UNFPA and UN Women today signed agreements that allow CDB to utilise expertise from the agencies in the execution of specific projects, which the Bank is funding, so that the most effective outcomes for the Bank’s 19 Borrowing Member Countries are achieved. The signing took place at CDB’s headquarters.

Acting Vice-President (Operations) at CDB, Monica La Bennett, who signed on behalf of the Bank said the signing strengthened the ongoing spirit of collaboration between the two development partners.

“The signing of these agreements underscores the value of partnerships in helping Caribbean countries achieve their goals and targets under the 2030 Agenda for Sustainable Development. We welcome this strengthened cooperation between CDB, UNICEF, UNFPA and UN Women and look forward to working together towards the ultimate goal of no poverty,” La Bennett said.

Under the agreement, UNICEF, UNFPA or UN Women may be called upon to execute projects financed by CDB to reduce poverty and accelerate the achievement of SDGs in the Caribbean Region, where external support is needed. There is also expected to be an exchange of knowledge and information relating to the achievement of the SDGs.

Cooperating to protect the rights of children in the Region

Ms. Fatoumata Ndiaye, UNICEF Deputy Executive Director said: “A strong foundation for partnership has long existed between UNICEF and CDB in the Caribbean.  This Agreement will open the window ever wider so that we strengthen our own sub-regional approach through the strong outreach of CDB’s networks and convening powers.”

The UNICEF Eastern Caribbean Team has long been emphasizing the importance of the relationship and strong partnership with the CDB.  We at headquarters equally recognize that importance. We will go from strength to strength to build an even more beautiful partnership for the children and young people of the Caribbean,” she added.

Collaborating for a more productive, healthier Caribbean

Ms. Alison Drayton, Director, UNFPA Subregional Office for the Caribbean, signed the agreement on behalf of UNFPA.

“The signing of this agreement with the Caribbean Development Bank will open opportunities for a wide collaboration efforts towards the systematic reduction of poverty in the Caribbean through social and economic development. UNFPA looks forward to sharing our technical expertise and evidence-based support to ensure that every woman, adolescent and youth in the Caribbean can realize their full potential and contribute to economic and social transformation. UNFPA is committed in contributing to develop capacity in data collection and analysis to help governments track and analyze population trends in areas such as fertility, mortality, migration and ageing,” she said.

Partnering to achieve gender equality and empower women and girls

Making the Sustainable Development Goals work for women and girls is central to achieving the SDGs. The attainment of Gender Equality is both a stand-alone goal – Goal 5 – and a goal that cuts across and has a direct and significant impact on the realisation of the other 16 SDGs.

“Working in development, we understand clearly that while we have individual agency mandates of focus, because each mandate has impact on the other, it is only through collaboration that we can be truly responsive to needs on the ground whilst working towards the realisation of safety and justice, resilience, equity, prosperity and the overarching goal of sustainable development for the Caribbean,” said Ms. M. Alison McLean, Representative – UN Women MCO Caribbean.

“The United Nations agencies in the Caribbean are working under the common basis of the Multi-Country Sustainable Development Framework – the MSDF – to ensure coherence and appropriate scale in the design and delivery of programme support. In this time of shrinking resources, we are delighted to expand this cooperative approach to partner with the Caribbean Development Bank – a significant contributor to socio-economic development in the Caribbean, to meet the priority needs of the Governments and people of the Caribbean,” Ms. McLean continued.

by RTC Director

CDB hosts conference on Chinese Renminbi in the Caribbean

As global financial institutions continue to withdraw banking services from the Region, the Chinese Renminbi could help to safeguard the Region’s access to global financial services. This was one of the topics explored at a conference hosted by Caribbean Development Bank (CDB), held under the theme ‘Chinese Renminbi in the Caribbean: Opportunities for Trade, Aid and Investment’.

“The conference comes at a time when the ability of many Caribbean countries to engage in international trade and financial services is being undermined by the withdrawal of correspondent banking services by North American and European financial institutions. An urgent resolution of the dilemma is required,” said President of the Caribbean Development Bank (CDB), Dr. Wm. Warren Smith.

Smith also highlighted the partnership between China and the Caribbean, which has been growing in recent decades.

“China has itself been successfully undergoing major economic transformation built on the win-win strategy of opening-up for common prosperity.  It is that strategy that helps to explain the strengthening of China-Caribbean diplomatic ties and our increasing engagement in the areas of investment, contracted projects, and bilateral trade over the past two to three decades. One of the spin-off benefits of the transformation taking place in China is the rapid internationalisation of the Renminbi, starting in 2006 with the floating of the exchange rate,” he said.

The conference also explored the opportunities for deepening trade between China and the Caribbean and how greater use of the Renminbi, which is now an International Monetary Fund (IMF) reserve currency, could facilitate greater foreign direct investment from China into the Caribbean. As an IMF reserve currency, the Renminbi is now in the IMF's special drawing rights (SDR) basket, which determines currencies that countries can receive as part of IMF loans.  The other currencies in the basket are the U.S. dollar, the euro, the yen and British pound

Ambassador of the People’s Republic of China to Barbados, H.E. Wang Ke, said China is continuing to build economic and diplomatic partnerships in the Caribbean, noting that the country welcomes further cooperation efforts.

“In the wake of the 2008 financial crisis many Caribbean countries have struggled with bottlenecks such as having indebtedness, difficult access to finance and insufficient connectivity, and with addition of rising global protectionism and uncertainties between the Caribbean and its traditional partners, the Caribbean countries are facing more challenges in achieving sustainable growth. China is working on building new international relations based on cooperation and mutual benefit and stands ready to strengthen global cooperation with the Caribbean countries.”

The conference was held at the Hilton Resort Barbados on July 10, 2017. Topics discussed included deepening investment cooperation between China and the Caribbean, and how the use of the Renminbi could enhance trade facilitation, finance, banking relationships, and tourism. The agenda included presentations by, and panel discussions featuring, thought leaders and experts from the Caribbean and China.  Approximately 100 participants from regional public and private institutions, including commercial banks and government ministries, attended.

China has been a member of CDB since 1998.

by RTC Director