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Completing his decade-long tenure at the helm of the Caribbean Development Bank (CDB), President Dr William Warren Smith said farewell to member countries and staff at a special Board of Directors meeting, followed by a staff function.
During Smith’s period in office from May 1, 2011 to April 30, 2021, he oversaw the response to two global crises that heavily impacted the Caribbean Region – the aftermath of the 2008 global financial crisis at the beginning of his first term and the Covid-19 pandemic at the end of his second. In between, CDB tackled a series of increasingly devastating storms associated with climate change which hit Borrowing Member Countries (BMCs).
CDBâs COVID-19 response exceeds US $190 million in 2020
Bank President, Dr. Wm. Warren Smith.
ST. MICHAEL, Barbados The Caribbean Development Bank (CDB) provided more than $140.2 million in financing in 2020 and secured an additional $50 million for 2021 to support its Borrowing Member Countries (BMCs) in mitigating the macroeconomic fallout and adverse social effects of the COVID-19 pandemic.
The onset of COVID in the first quarter of the year triggered a steep fall in BMC government revenues, which along with an increased demand for healthcare and social support, put social services and health systems under pressure, exacerbated inequalities in education and increased the vulnerability of at-risk groups.
The St Kitts Nevis Observer
CDB President Dr. William Warren Smith.
BRIDGETOWN, Barbados After an extremely difficult year in which the economies of its 19 Borrowing Member Countries (BMCs) contracted by 12.8 percent on average due to the onset of Covid-19, the Caribbean Development Bank (CDB) is projecting an average gross domestic product (GDP) growth of 3.8 percent in 2021. However, this projection, made in Part 1 of CDB’s Regional Report: 2020 Review and 2021 Outlook, released today, is clouded by the ongoing uncertainty, caused by the global pandemic.
“The pandemic has underscored the importance of building economic and social resilience,” said CDB President Dr. William Warren Smith. “We can only reduce the susceptibility to external shocks when we accelerate the diversification of our economies; broaden our productive base; and take appropriate measures to build competitiveness whilst providing adequate safety nets to protect our most vulnerable groups.”
Caribbean Development Bank in a time of crisis antiguaobserver.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from antiguaobserver.com Daily Mail and Mail on Sunday newspapers.