The Prime Minister, Hon. Dr Godwin Friday, has called for greater resilience, stronger regional cooperation, and increased development financing as Caribbean nations navigate a complex global environment.
Speaking on behalf of the Borrowing Member Countries at the Caribbean Development Bank’s (CDB) 56th Annual Meeting in Nassau, The Bahamas, Prime Minister Friday said the region’s future must be shaped by deliberate action, strong institutions, and regional solidarity. Held under the theme, “Forging the Caribbean’s Future: Strategic Solutions for Uncertain Times,” the meeting brought together regional leaders, policymakers, and development partners to address the Caribbean’s key challenges and opportunities.
Prime Minister Friday highlighted ongoing economic pressures, including structural vulnerabilities, tighter global credit conditions, climate shocks, rising shipping costs, and geopolitical tensions. He emphasised the Caribbean Development Bank’s important role in helping member countries build resilience, modernise infrastructure, and advance sustainable development. He urged regional unity amid growing uncertainty, noting that “our subregion is currently navigating profound shifts in global geopolitics and reconfigured international alliances that require a unified regional front.”
He noted that many Borrowing Member Countries face constrained fiscal space due to high debt levels while needing to strengthen infrastructure, social protection systems, and resilience. He called on development partners to provide more concessional financing and resources to help countries address climate vulnerability and build long-term resilience. The Prime Minister stressed that resilience must remain central to the Caribbean development agenda, supported by stronger environmental, economic, and social collaboration to better withstand future shocks and sustain growth. Referencing the impact of Hurricane Beryl on St. Vincent and the Grenadines and the wider region, he said climate change remains an existential threat and emphasised investment in climate-resilient infrastructure, expanded early warning systems, and improved access to climate financing.
He also highlighted economic diversification through the Digital and Knowledge Economy, the Green Energy Transition, and the Blue Economy, noting that investment in these sectors can improve connectivity, reduce reliance on imported fossil fuels, strengthen food security, and create opportunities for young people.
Prime Minister Friday pointed to several CDB-supported initiatives in St. Vincent and the Grenadines, including the Kingstown Port Modernisation Project, the Bank’s largest active project in St Vincent. He also cited the School Improvement Project and the Road Management and Rural Roads Programme. The Prime Minister emphasised that these investments demonstrate how strategic partnerships between national governments and regional institutions can advance sustainable development.
Expressing support for the Bank’s institutional reform agenda, CDB Forward, Prime Minister Friday called for the accelerated implementation of governance reforms to improve efficiency, reduce delays, and strengthen the Bank’s responsiveness to member states’ needs. He also encouraged deeper partnerships with international financial institutions and development partners to mobilise additional resources and expand access to concessional financing across the region.
Concluding his remarks, Prime Minister Friday reaffirmed the Borrowing Member Countries’ commitment to working with the Caribbean Development Bank to advance sustainable development, strengthen resilience, and improve quality of life across the region. Reflecting on the path ahead, he reminded delegates that “the region’s development path cannot be dictated by vulnerability; it must be shaped by active choices, strong institutions, and regional solidarity.” He urged Caribbean leaders and development partners to continue working together to build a more resilient, prosperous, and sustainable future for the people of the Caribbean.