World Bank Assures Support for Caricom

The World Bank says it can help CARICOM increase its resilience to climate change, with innovative financing and low carbon growth strategies that include a focus on reducing the cost and increasing the efficiency of energy in the region.

World Bank Group President, Robert B. Zoellick

The Bank’s private sector arm, the International Finance Corporation (IFC), is exploring opportunities to support renewable options, such as geothermal, hydro, wind and solar, along with an energy efficiency programme, World Bank Group President, Robert B. Zoellick, told Heads of Government attending CARICOM’s 21st Inter-Sessional Meeting in Dominica, Thursday (March 11).
Mr. Zoellick noted that CARICOM is particularly active on climate change, and that the world is increasingly recognizing the needs of the small island states in this area.
Regarding financial jurisdictions, the World Bank chief said that the meeting addressed the range of issues the region faces in complying with international standards under the OECD and G-20.
He assured the CARICOM Heads that the World Bank Group will continue to support countries, with advice and assistance to put the necessary legal frameworks and treaties in place.
“While it is in the region’s interest to complete these steps as quickly as possible, we recognize their special circumstances and are pleased to work with countries as needed on the implementation path,” he said.
Jamaica’s Prime Minister, the Hon Bruce Golding, heads the island’s delegation to the meeting in Roseau, Dominica which runs March 11-12.
The Prime Minister is accompanied by Deputy Prime Minister and Minister of Foreign Affairs and Foreign Trade, Dr Ken Baugh, and other top government officials.
Other matters on the agenda relate to external trade negotiations for a CARICOM-Canada Trade and Development Agreement; the status of the implementation of the CARIFORUM-EC Economic Partnership Agreement; and the renewal of the Caribbean Basin Trade Partnership Act.