In a strong show of confidence in the British Virgin Islands, the Member States of the United Nations (UN) Economic Commission for Latin America and the Caribbean (ECLAC) have selected the British Virgin Islands to serve as a Vice Chair of the Second Regional Conference on South-South Cooperation in Latin America and the Caribbean that was in established in 2023 to support development cooperation between the countries of the region.
The British Virgin Islands is also currently serving as a Vice Chair of UN ECLAC itself, as well the regional commission’s subsidiary body, the Caribbean Development and Cooperation Committee (CDCC).
As a Vice Chair of the Regional Conference, also represented by Special Envoy Mr. Benito Wheatley, the British Virgin Islands will assist Chile as the new Chair for a two-year term from 2025-2027. Among other things, the Regional Conference’s leadership bureau will support South-South cooperation between Member States in which they offer each other technical assistance based on their respective competencies and areas of expertise that can support national development. Triangular cooperation will also be a priority in which Member States cooperate on development initiatives with multilateral organisations and the backing of a developed country.
During the meeting of the Second Regional Conference held in Santiago, Chile from 17th-18th June, Mr. Wheatley promoted closer technical cooperation between the Caribbean and the countries of Latin America, especially in cases where vulnerable Middle and High-Income Caribbean countries are ineligible for conventional development assistance following their graduation out of Official Development Assistance (ODA) based on their per capita income level.
As a panelist on the topic ‘International Cooperation and the Fourth International Conference on Financing for Development (FFD4)’, Mr. Wheatley also welcomed the initial agreement reached by country negotiators ahead of the conference on concessional financing for Middle-Income Countries and Small Island Developing States (SIDS) based on their vulnerability.
In the lead up to the Second Regional Conference on South-South Cooperation, the British Virgin Islands strongly advocated for access to development and climate finance for Caribbean SIDS, including the Associate Members of ECLAC, as well as other measures to support their climate resilience and sustainable development.
This included a call for deeper regional integration and cooperation at the 8th Meeting of the Forum of the Countries of Latin America and the Caribbean on Sustainable Development to reduce the region’s exposure to external shocks; and also advocacy at a ‘Resource Mobilisation and Innovative Financing
Forum’ at UN Headquarters in New York where the British Virgin Islands called on the banking sector in cooperation with the UN development system, to help find solutions to the financing gaps for many SIDS whose ability to tap capital markets is limited by banks’ minimum USD$500 million bond issuance threshold.
Speaking on the British Virgin Islands selection as a Vice Chair of the Second Regional Conference on South-South Cooperation in Latin America and the Caribbean, Mr. Wheatley said,
“The British Virgin Islands’ selection as a Vice Chair of this important Regional Conference on South-South Cooperation by the Member States of Latin America and the Caribbean is a vote of confidence in the British Virgin Islands and our ability to positively contribute to the advancement of the region through our consistent engagement and steadfast leadership. I am humbled to represent the British Virgin Islands as Vice Chair which will provide the Regional Conference with both a Caribbean perspective and the perspective of an Associate Member of ECLAC on development cooperation within the wider region.”
The other Vice Chairs of the leadership bureau include Peru, Ecuador, Costa Rica and El Salvador.
