- Governors Agree on Next Steps for ONE Caribbean Regional Integration Program
NASSAU, The Bahamas – The Inter-American Development Bank (IDB) recently convened its XIII Annual Consultation with the governors of Caribbean member countries on February 2-3 in Nassau, The Bahamas, as part of extensive preparations for the upcoming IDB and IDB Invest Annual Meetings scheduled for March 26-30 in Chile.
This significant gathering brought together representatives from several Caribbean nations, including The Bahamas, Barbados, Guyana, Jamaica, Suriname, and Trinidad and Tobago.
At the conclusion of the discussions, IDB President Ilan Goldfajn remarked:
“The IDB has been a steadfast partner for the Caribbean for over half a century. Our consultations with Caribbean governors ahead of our annual meetings in Chile provided an opportunity to discuss how our regional initiatives like ONE Caribbean can boost growth and resilience, and more generally, how our IDBImpact+ reforms can deliver more scale and impact for our membership as a whole.”
Caribbean economies continue to rank among the best performers in the Latin America and Caribbean region. This robust performance presents an array of opportunities for Caribbean nations to invest in critical priority areas. The annual consultations serve as a vital forum for dialogue between the IDB and regional ministers to explore these opportunities and identify how the IDB can provide support through financing, knowledge, and technical assistance.
The IDB’s executive team highlighted progress on the IDBImpact+ agenda, a reform initiative designed to enhance the impact and scale of the bank’s operations by increasing lending capacity with a focus on poverty reduction, climate change mitigation, and sustainable growth promotion. Significant reforms and initiatives will be introduced at the upcoming annual meetings in Santiago.
Additionally, the achievements of the ONE Caribbean initiative, launched in 2024, were discussed. This program aims to tackle critical issues such as climate resilience, citizen security, productivity, growth, and food security, all identified through collaborative dialogues with Caribbean nations. ONE Caribbean has initiated six early projects, including ONE Safe Caribbean, aimed at combating cross-border organized crime and enhancing cybersecurity for governments.
The annual consultation also marked the signing of an agreement with the government of The Bahamas to kickstart a vital water and sanitation project.
IDB’s Impact on Caribbean Development
In 2024, the IDB approved US$790 million for various new projects and programs, including a debt-for-marine conservation swap in The Bahamas and a debt-for-climate resilience operation generating US$125 million in Barbados. Additionally, a US$120 million private-sector initiative is focused on supporting Caribbean enterprises in advancing the energy transition. Looking ahead to 2025, the IDB has allocated over US$1.1 billion for projects aimed at infrastructure resilience, skill training, and other essential priorities across the Caribbean region.
