Minister in the Ministry of Finance, Ryan Straughn, believes that greater dialogue about the opportunities available in Latin America can advance generational growth among Barbadians.
He highlighted the role more education can play in this regard during the presentation of a plaque in recognition of the 10th Anniversary of Barbados’ membership in the Development Bank of Latin America and the Caribbean (CAF) at Government Headquarters, earlier today.
Emphasising the significance of the relationship, the Minister shared that last year, Parliament approved the additional subscription of government’s shares in CAF which allowed greater access to more resources.
Mr. Straughn, in explaining what the recapitalisation of shares in CAF meant, said: “Barbadians, can be assured that the Government of Barbados is accessing the most concessional finance to help us… to deliver on not just the development agenda, but really, to open opportunities for Barbadians at home, as well as abroad.”
He said it was important to be able to further educate Barbadians as to the opportunities available, not just in the region, but through the Development Bank for Latin America and the Caribbean.
“…. To sensitise Barbadians that there are opportunities across Latin America that we now must work strategically together to be able to unlock, if we are going to transform Barbados, and to…ensure that the generation of wealth, and how that wealth is passed from one generation to another…has to be secured in order to ensure that the transformation is complete,” he underlined.
The Minister further stated: “And we believe that CAF has been a very strong partner with us on this journey, and I really want to thank the Bank for being able to put Barbados in a position where we have choices. Therefore, the choices with respect to how we invest and what we invest in, I think, is important, such that the constraints that we are faced with under normal circumstances, that the flexibility that the Bank has been able to demonstrate with respect to the formulation of policy and the execution of our programmes, that [it] is done, as a true partnership. And, therefore allowing the Government of Barbados to chart, what is a credible path forward for the development of our country.”
“We wanted to ensure that it is placed on the public record, the gratitude of the Government of Barbados, as well as the people of Barbados to CAF, for helping to shape Barbados over the last 10 years.”
Mr. Straughn noted that Barbadians had benefitted significantly from interventions financed by CAF. He said: “More recently, a number of the road improvements that Barbadians have been seeing, have been financed through support from CAF, as well as delivery in some key areas as it relates to water and other strategic projects in the country. Therefore, it is important that we mark the 10-year anniversary of our membership with CAF.
“And this is a small token in the first instance, because whilst CAF will be opening the regional office formally here [in Barbados] this year, we could not let this opportunity pass without being able to recognise the contribution that CAF has made to Barbados in the last 10 years.”
While he acknowledged it had been a challenging 10 years, the Minister, however, said: “We wanted to ensure that it is placed on the public record, the gratitude of the Government of Barbados, as well as the people of Barbados to CAF, for helping to shape Barbados over the last 10 years. And, as we move forward, to ensure then that we can remain committed to the development agenda, in a very strong way, and that we have a partner who’s prepared to work with us to achieve those goals.”
Meanwhile, CAF’s Regional Manager for the Caribbean Corporate Management Office for Countries, Dr. Stacy Richards-Kennedy, said the Bank stood ready to “continue accompanying the government and people of Barbados along this very important trajectory towards advancing your national and regional development priorities”.
“As you said, Honourable Minister, 10 years ago, an agreement was signed, but within that time, a lot more has transpired. We’ve gone from signing a document to building a true and lasting partnership, and this is extremely important in the work that we do.
“As you know, all of the priorities that are before the countries of the Caribbean, vulnerable island states of CARICOM, these are urgent development priorities, and therefore CAF is very sensitive to that, and we are always committed to working in a very flexible and agile manner to assist our shareholder countries…” Dr. Richards-Kennedy proffered.
The Regional Manager for the Caribbean commended all stakeholders who worked closely with CAF and praised Prime Minister, Mia Amor Mottley for her visionary leadership, stressing that it was “one thing to bring development financing to the table, but the impact is felt when those projects are executed”.