PRESS STATEMENT (Caribbean Export Development Agency)
The U.S. Agency for International Development (USAID) reaffirmed its dedication to the Caribbean on Thursday, announcing a substantial funding allocation of nearly US $28 million. This financial support, including US $1.45 million in new funding from USAID, will be crucial in advancing inclusive economic growth and climate adaptation in the Caribbean region.
During her keynote address at day-two of the 2024 Caribbean Investment Forum (CIF) titled ‘Building Resilience Through De-risking: Unleashing Catalytic Capital and Public-Private Collaborations in the Caribbean,’ Isobel Coleman, Deputy Administrator for Policy and Programming at USAID, emphasized the organization’s commitment to innovation and maximizing development impact through the strategic investment of private resources. She highlighted the positive effects of these efforts not only in the Caribbean but also around the world.
The announcement marks a significant milestone in USAID’s ongoing efforts to support and foster sustainable development in the Caribbean, further solidifying the organization’s pivotal role in driving positive change in the region.
She mentioned that while governments may not always have the resources for large-scale climate investments, they can allocate public funds to reduce investment risk, creating a more favourable environment for investors. Collaboration between the public and private sectors can yield excellent results, but it requires commitment and a willingness to take on more risk from all parties involved.
Lorena Solórzano-Salazar, the representative of the Inter-American Development Bank (IDB) at the Country Office in Guyana, addressed the numerous challenges the Caribbean faces across different sectors and emphasized the necessity for increased direct investment.
While underscoring the Bank’s supportive stance in the region, Ms. Solórzano-Salazar recognized that “the gaps in the region are significant.” She stressed that “one institution cannot address these issues alone” and pointed out the potential for bilateral and multilateral partners to collaborate in addressing the development gaps.
During the forum, the IDB representative shared information about the bank’s regional flagship program, “One Caribbean,” launched last year to promote sustainable development in the Caribbean. The program addresses climate adaptation, disaster risk management, private-sector engagement, and food security issues. These efforts aim to support regional integration and resilience through project and partnership support.
The representative also stressed the importance of this program in supporting long-term investment in the face of climate change and contributing to the development of Latin America and the Caribbean. She also mentioned that the IDB will continue to support the region.
Additionally, Dr Gerrard Bushell, Chairman of CAG, The Carlyle Group, joined the discussion as the keynote speaker for the Fireside Chat: Building Tomorrow: Harnessing The Power Of Green.
Dr. Bushell explained the methods he implied were the driving force behind his successful career in finance and investment.
He underscored the intersection between capital markets and green initiatives. “We have capacity and capital and need to build the bridge.”
During the CEO leadership roundtable panel discussion on ‘Fueling Resilience Through Bold Investments’, Ryshelle McCadney, Vice President of Citi Environmental & Social Risk Management; Andrew Mendes, Managing Director of Farfan & Mendes Ltd; Okechukwu Ihejirika, Acting Chief Operating Officer of the Caribbean Office of African Export-Import Bank; and Dave Sahadath, Director of Global Business Development at Global Integrated FinTech Solutions, discussed the challenges faced by prospective businesses in the Caribbean region while sharing their experiences.
The panel acknowledged that upfront investment was a significant hurdle and alluded to the impacts of climate change, referencing the devastation caused by Hurricane Beryl and the efficiency of public-private partnerships. Local labour, building capacity and digital infrastructure to be climate resilient were examined.
The forum also included a panel discussion on the theme “Fields of Fortune: Investing in Sustainable Agriculture for a Flourishing Caribbean” concerning the agriculture sector.
The panellists featured were Jody White, Executive of Sustainable Agriculture, Food & Innovation, Entrepreneur, Consultant; Patrick Starr, Director of Investments at US International Development Finance Corporation; Carlos Eduardo Narvaez, Head of Agribusiness at IDB Invest; and Dr Haimwant Persaud, Chief Executive Officer at Latitude Geospatial.
During a side event, Dr. Damie Sinanan, Executive Director of Caribbean Export, and Dr. Peter Ramsaroop, Chief Executive Officer of the Guyana Office for Investment (GO-INVEST), cut the ribbon to declare the investment village open. Dr. Sinanan noted that the village serves as a platform for showcasing various products and services and is ideal for connecting investors and businesses.
Meanwhile, Dr. Peter Ramsaroop believes that the region’s objective should be to ensure that “better products reach the right markets,” even if it means slightly adjusting the products or services offered in this part of the world. He also stated that “real opportunities exist, so investment-driven growth is achievable.”
To conclude the day’s activities, businesses from Guyana, Suriname, St Lucia, the Bahamas, the Dominican Republic, and Saint Vincent and the Grenadines participated in the investment project presentation and connected with four potential investors. This is a conversation that will continue beyond the 2024 Caribbean Investment Forum.