Thursday, March 11, 2010
World Bank president Zoellick meets with CARICOM heads in Dominica
The Dominican.net Newsdesk
World Bank president Robert Zoellick met with CARICOM leaders today in Dominica during the twenty-first inter-sessional meeting of the Conference of Heads of Government, which is taking place in Roseau.
The World Bank’s current portfolio within CARICOM countries include 45 operations which focus on economic policy, urban development as well as education among other areas for a total budget of $733.7 million. Additionally, the financial institution manages over 70 active Trust Funds for an equivalent sum of $89.6 million in grants.
The Caribbean portfolio of the institution also includes six regional projects, which support public sector modernization, telecommunications, catastrophe risk insurance and disaster risk management, HIV/AIDS prevention and control, conservation of biodiversity and managing the impacts of climate change.
At the conclusion of his meeting with the CARICOM heads, Mr Zoellick issued the following statement.
"Today I had the opportunity to meet with the heads of government of CARICOM countries.
As the world looks to 2010 for the grip of the global economic crisis to lessen and recovery to take firmer hold, it is important to realize that there are still dangers to economic growth.
CARICOM has been vulnerable to the global crisis. Small island states also face unique challenges, in terms of economic growth, trade, climate change, water and natural disasters. The WBG is committed to partnering with CARICOM to help countries build sustainable and inclusive growth.
At today’s meeting we discussed a number of the key issues facing the region: the impact of the economic crisis, climate change, debt, and financial jurisdiction issues.
I very much appreciated our useful discussions and the practical problem solving approach of CARICOM leaders. I learned important insights from the leaders' exchange.
We also had the opportunity to discuss the tragic earthquake in Haiti and the way forward. I met with President Rene Preval in Washington on Tuesday to discuss how the WBG can best support Haiti in the coming months.
The World Bank has provided an additional $100 million in grants in response to the earthquake, while our private sector arm, the IFC has also made an additional $35 million investment to help boost jobs. The WBG also joined other donors in 2009 granting Haiti $1.2 billion in debt relief through the Heavily Indebted Poor Countries initiative and the Multilateral Debt Relief Initiative.
In our exchange today on debt, we explored ways in which the World Bank can work to help countries identify options and customize a framework for debt sustainability and economic growth.
CARICOM is particularly active on climate change, and the world is increasingly recognizing the needs of the small island states. The World Bank can help CARICOM with increasing its resilience to climate change, innovative financing, and low carbon growth strategies that include a focus on reducing the cost—and increasing the efficiency-- of energy in the region.
The Bank's private sector arm, the International Finance Corporation, is exploring opportunities to support renewable options, such as geothermal, hydro, wind and solar, along with an energy efficiency program.
With regards to financial jurisdictions, we addressed the range of issues the region faces in complying with international standards under the OECD and G-20. The WBG will continue to support countries with advice and assistance to put the necessary legal frameworks and treaties in place.
While it is in the region's interest to complete these steps as quickly as possible, we recognize their special circumstances and are pleased to work with countries as needed on the implementation path.
Finally, I would like to thank our host Prime Minister Roosevelt Skerritt and the people of Dominica for their gracious hospitality and Edwin W. Carrington, Secretary General, CARICOM, and extend my best wishes for success for the remainder of the meetings."
World Bank president Robert Zoellick met with CARICOM leaders today in Dominica during the twenty-first inter-sessional meeting of the Conference of Heads of Government, which is taking place in Roseau.
 Robert Zoellick President of the World Bank Group. |
The World Bank’s current portfolio within CARICOM countries include 45 operations which focus on economic policy, urban development as well as education among other areas for a total budget of $733.7 million. Additionally, the financial institution manages over 70 active Trust Funds for an equivalent sum of $89.6 million in grants.
The Caribbean portfolio of the institution also includes six regional projects, which support public sector modernization, telecommunications, catastrophe risk insurance and disaster risk management, HIV/AIDS prevention and control, conservation of biodiversity and managing the impacts of climate change.
At the conclusion of his meeting with the CARICOM heads, Mr Zoellick issued the following statement.
"Today I had the opportunity to meet with the heads of government of CARICOM countries.
As the world looks to 2010 for the grip of the global economic crisis to lessen and recovery to take firmer hold, it is important to realize that there are still dangers to economic growth.
CARICOM has been vulnerable to the global crisis. Small island states also face unique challenges, in terms of economic growth, trade, climate change, water and natural disasters. The WBG is committed to partnering with CARICOM to help countries build sustainable and inclusive growth.
At today’s meeting we discussed a number of the key issues facing the region: the impact of the economic crisis, climate change, debt, and financial jurisdiction issues.
I very much appreciated our useful discussions and the practical problem solving approach of CARICOM leaders. I learned important insights from the leaders' exchange.
We also had the opportunity to discuss the tragic earthquake in Haiti and the way forward. I met with President Rene Preval in Washington on Tuesday to discuss how the WBG can best support Haiti in the coming months.
The World Bank has provided an additional $100 million in grants in response to the earthquake, while our private sector arm, the IFC has also made an additional $35 million investment to help boost jobs. The WBG also joined other donors in 2009 granting Haiti $1.2 billion in debt relief through the Heavily Indebted Poor Countries initiative and the Multilateral Debt Relief Initiative.
In our exchange today on debt, we explored ways in which the World Bank can work to help countries identify options and customize a framework for debt sustainability and economic growth.
CARICOM is particularly active on climate change, and the world is increasingly recognizing the needs of the small island states. The World Bank can help CARICOM with increasing its resilience to climate change, innovative financing, and low carbon growth strategies that include a focus on reducing the cost—and increasing the efficiency-- of energy in the region.
The Bank's private sector arm, the International Finance Corporation, is exploring opportunities to support renewable options, such as geothermal, hydro, wind and solar, along with an energy efficiency program.
With regards to financial jurisdictions, we addressed the range of issues the region faces in complying with international standards under the OECD and G-20. The WBG will continue to support countries with advice and assistance to put the necessary legal frameworks and treaties in place.
While it is in the region's interest to complete these steps as quickly as possible, we recognize their special circumstances and are pleased to work with countries as needed on the implementation path.
Finally, I would like to thank our host Prime Minister Roosevelt Skerritt and the people of Dominica for their gracious hospitality and Edwin W. Carrington, Secretary General, CARICOM, and extend my best wishes for success for the remainder of the meetings."
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// posted by TheDominican.net @ 8:10 PM
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Dominica is really being taken to the next level.
Congrats to PM Skerrit
Congrats to PM Skerrit
# posted by 
: March 11, 2010 9:49 PM
: March 11, 2010 9:49 PM
I am happy to see Dominica's decisive role,in issues that pertain to the caribbean.We are growing by leaps and bounds,but we can't become passive or also forget the lessons of the past.We have to continue striving for excellence.Dominicans around the world are proud and awaiting the next major feat from the Dominica Labour party.Way to go guys.
# posted by : March 11, 2010 11:42 PM
: March 11, 2010 11:42 PM
You people not easy. What does that have to do with Dominica? We got this meeting because Dominica 'happens' to be chairing CARICOM (Done in alphabetical order).
At the end of tomorrow, 90 percent of young people will still have no jobs and no future in Dominica. There only ope will be to flee the country...that is the next level!!!!
At the end of tomorrow, 90 percent of young people will still have no jobs and no future in Dominica. There only ope will be to flee the country...that is the next level!!!!
# posted by : March 12, 2010 12:47 AM
: March 12, 2010 12:47 AM
Well Mr James Gastion, If you assertion is correct why is it that this is the very first CARICOM Heads meeting in Dominica? We have had other Prime Ministers who were Chairpersons?
You cannot continue to live in the negative let us be positive and welcome the positive things that are now happenning in Dominica. I have never heard before today that any President of the World Bank or Head of the IMF visiting Dominica in their official Capacity.
Let us look at this as a positive and live in the positive.
Jude Nicholas
You cannot continue to live in the negative let us be positive and welcome the positive things that are now happenning in Dominica. I have never heard before today that any President of the World Bank or Head of the IMF visiting Dominica in their official Capacity.
Let us look at this as a positive and live in the positive.
Jude Nicholas
# posted by : March 12, 2010 9:33 AM
: March 12, 2010 9:33 AM
This is not the first time that CARICOM leaders are meeting in Dominica. They first met here, I believe, in 1993. Someone who worked in the Foreign Affairs Ministry at the time and who was instrumental in organizing the meeting is my source.
While we are pleased that the President of the World Bank came to our shores, he came to Dominica not because of Dominica or PM Skerrit but because he was scheduled to meet with the CARICOM leaders at this particular meeting, which happened to be held in Dominica. The real importance of his visit is to be judged by whether we recieve special and differential beneficial treatment from the World Bank.
Michael
While we are pleased that the President of the World Bank came to our shores, he came to Dominica not because of Dominica or PM Skerrit but because he was scheduled to meet with the CARICOM leaders at this particular meeting, which happened to be held in Dominica. The real importance of his visit is to be judged by whether we recieve special and differential beneficial treatment from the World Bank.
Michael
# posted by : March 12, 2010 9:27 PM
: March 12, 2010 9:27 PM
Michael
Thanks very much, you are correct I checked the facts.
There was as intersessional meeting in Dominica in 1993. So this was not the first CARICOM Heads Meeting in Dominica. During that period I was in the US studying.
I apologise for the mis-statement.
Jude
Thanks very much, you are correct I checked the facts.
There was as intersessional meeting in Dominica in 1993. So this was not the first CARICOM Heads Meeting in Dominica. During that period I was in the US studying.
I apologise for the mis-statement.
Jude
# posted by : March 13, 2010 12:52 PM
: March 13, 2010 12:52 PM Links to this post:
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