CDB To Create Financing Ecosystem To Rescue Regional Economies

• The Caribbean Development Bank (CDB) says it is moving to create a “financing ecosystem” to support the rescue, recovery and repositioning of the economies of its borrowing member countries (BMCs) to meet immediate needs and propel long-term growth and development. 
• President Dr Hyginus Leon said the institution will marshal financing for a range of innovative instruments that will enable its BMCs to reorder their economies for future growth and prosperity, even while continuing to navigate recovery amidst current challenges. 
• In order to attain the Sustainable Development Goals (SDGs) and the development needs, the region should approach their financing needs in a wholesome manner, addressing both the existing debt stock problem and flow financing for development. He further explained that “This would require a wide spectrum of financing instruments that is underpinned by a strong regulatory environment and a well-developed financial market infrastructure.” 
• Leon outlined several propositions, including contingent debt instruments to incentivise countries to undertake reforms to lower their debt risk, which will make future financing more affordable. He also recommended greater focus on fostering social resilience by leveraging digital technology to enhance health services, and to increase capacity by promoting problem solving, knowledge creation and innovation in regional education systems.

 (Source: Barbados Today)