November 8, 2022
A new accord is needed with the private sector and other stakeholders in the region to shape the Caribbean’s desired future says Dr Hyginus “Gene” Leon, President of the Caribbean Development Bank (CDB). Speaking at the 35th Adlith Brown Memorial Lecture, Dr Leon indicated that “There is need for a different type of partnership between private and public sectors. By this I mean a partnership for development aimed at reducing policy uncertainty, advocating transparency, and enhancing implementation capacity throughout the project cycle from inception to evaluation.” This positioning of development at the heart of business strategy can create more focused activities, galvanise complementarities, and build trust for joint prosperity.
According to Dr Leon, “We are at a tipping point in the Region, a tipping point screaming for urgent attention” and as a result Caribbean leadership must “Re-imagine a sustainable future — a future showcased through citizens with sustainable livelihoods, a future driven by innovation, enabled by an entrepreneurial culture, and sustained by resilience.” Partnerships must underpin all strategies and must also encompass those between the public and private sectors, external stakeholders. These arrangements must seek to create and share knowledge in both financing, and capacity building given that development is a shared responsibility.
Public Private Partnerships offer unique opportunities and this untapped engagement can demonstrate that profitability and development are not incompatible but that private enterprise can apply the ingenuity, innovation, entrepreneurial drive and goal-oriented approach employed in commercial pursuits to national and regional development. “This combination will engender the confidence that is critical for a development partnership. We must fundamentally alter our course, we must create the future we want and CDB stands ready to lead or facilitate this collaboration” he added.