IDB, World Bank partnership pivotal

BY JOEL JULIEN

joel.julien@trinidadexpress.com

EXECUTIVE director for the Caribbean at the Inter-American Development Bank (IDB) Robert Le Hunte says the recent signing of a memorandum of understanding between the IDB and the World Bank is a 'critical and pivotal moment for the region'.

On Thursday, IDB president Ilan Goldfajn and World Bank president Ajay Banga signed a four-year partnership aimed in part at providing greater support to Caribbean countries in managing disasters, climate shocks, and developing financial protection mechanisms for catastrophes.

The signing took place at the IDB's headquarters in Washington.

Le Hunte said it was heartening to see both institutions placing the Caribbean as a shared priority on their agenda.

'Our region needs a tremendous inflow of capital to allow for us to deal with our prevailing challenges, and this renewed focus will provide us with the type of monetary and technical assistance from both institutions to do so,' Le Hunte told the Express.

Some of the major areas of focus identified by Le Hunte include the digitisation agenda, food security, crime and, of course, climate resilience.

He expressed his admiration for the recent focus of both institutions towards enhancing execution skills and moving away from solely approving loans to now creating greater impact.

Le Hunte said he believes this shift in focus will create significant improvements in execution capacity in the region, which is unfortunately lacking now.

In June, Banga and Goldfajn visited the region together-the first trip of its kind-and emphasised the need for both institutions to deepen their collaboration to help fight poverty, create jobs and address climate change.

'In the Caribbean, the agreement will result in greater support for countries to manage disasters and climate shocks and develop financial protection mechanisms for when catastrophes happen,' a joint release stated.

The organisations said they also committed to act together to promote digital development in the region.

'The action plan proposes that through this collaboration digital infrastructure and connectivity can be effectively scaled up to contribute to accelerate socioeconomic development. Through the Connected Schools for All initiative, the World Bank and the IDB will develop plans to close the digital gap in education, ensuring young people have the skills needed for tomorrow's economy. An innovative pilot programme will bring connectivity to underserved areas of the region, helping more people gain access to the Internet, unlocking new opportunities,' the release stated.

RENEWED FOCUS: World Bank president Ajay Banga, left, and executive director for the Caribbean at the Inter-American Development Bank Robert Le Hunte shake hands during a recent visit to the region.