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CDB, CARICOM sign MOU to enhance regional integration

The Caribbean Development Bank (CDB) and the Caribbean Community (CARICOM) on November 6 signed a memorandum of understanding (MOU) to enhance their collaborative efforts in capacity building, institutional strengthening, and disseminating information on economic and social policy issues.

The signing of the MOU took place at the Lloyd Erskine Sandiford Centre in Barbados following the CDB/Government of Barbados/International Monetary Fund’s Ninth Caribbean Forum. CDB President Dr Warren Smith and CARICOM Secretary-General Ambassador Irwin LaRocque signed the MOU on behalf of their respective organisations.

President of the Caribbean Development Bank Dr William Warren Smith (File)

Commenting on the MOU, Dr Smith noted that the two regional bodies have shared a long-standing relationship with goals of building economic opportunity and prosperity for the people of the region through deeper regional cooperation.

“We can look forward to even greater collaboration, especially in the areas of capacity building, institutional strengthening, and knowledge and information,” he said.

Under the MoU, the CDB and CARICOM will seek to collaborate on facilitating regional integration and the expansion of the CARICOM Single Market and Economy (CSME). The MOU covers important areas for regional cooperation including CSME, education, disaster risk reduction, economic integration, regional transport, and energy.

Secretary General of the Caribbean Community Ambassador Irwin LaRoque (File)

“This is just the latest example of the excellent relationship between the CDB and the [CARICOM] Secretariat that has been a feature of the tenure of Dr Smith. All the areas cited in this MOU are critical to the development of our community and the ultimate benefit of the people,” Ambassador LaRocque explained.