Caribbean needs more money- President Ali
Dr. Irfaan Ali, the president of Guyana, has urged the region’s banking sector to actively mobilize funds in order to satisfy the region’s critical developmental requirements.
Thursday during the Regional Capital Market Conference hosted by the Jamaica Stock Exchange, the Head of State reminded everyone that the area faces food, energy, and climate problems.
It is the responsibility of the government, the corporate sector, and other stakeholders to respond to these situations. However, Dr. Ali argued that insufficient funds impede vital investments.
“The Caribbean financial industry needs to play a more crucial role in raising funds to cover the region’s funding need.
“We know that this cannot be done from the savings within the region,” he said.
In addition to urging regional financial institutions to seek more funding, President Ali asked them to collaborate with one another and “occupy more territory.”
Even if additional funding is needed, the President emphasized that regional financial institutions must align themselves with regional goals.
And these priorities, he stated, include promoting food trade and supporting increased food trade, as well as assisting countries in the development of additional projects utilizing renewable energy sources such as solar, wind, and hydropower to reduce damaging reliance on fossil fuels such as diesel.
“Our regional energy and food security strategies will fail without investment.
Dr. Ali emphasized that the regional financial system must be able to respond proactively to regional demands.
Guyana, in particular, seeks financial partners to fund its multitude of initiatives designed to address regional food and energy security requirements.
