- Priority areas identified for partnerships
- Collaborations with businesses will accelerate environmental solutions and innovation
July 11, 2024, Georgetown, Guyana—The third iteration of the Caribbean Export Development Agency’s (Caribbean Export) Caribbean Investment Forum (CIF) has received the support of several significant development partners, who aim to help the forum become a promoter for economic transformation in the Caribbean region.
This was highlighted during a press conference held on the second day of the CIF, where the partners, the European Union, the U.S. Agency for International Development (USAID), the Inter-American Development Bank (IDB), and the CAF Development Bank, all underscored the importance of strategic partnerships to foster sustainable growth in the region.
Leo Naut, Deputy Executive Director of Caribbean Export, told the conference that by bringing together international development partners, the region can leverage their expertise, resources and networks to drive impactful projects forward.
The EU’s Head of Cooperation at the Regional European Union Delegation for the Caribbean, David Mogollon, said that the Union can use its tools and instruments to catalyze investments in the Caribbean.
Against this backdrop, Mogollon added that the European Union established the Global Gateway Strategy, which tries to leverage public funding to bridge the gap of investment and mobilise private sector capital.
As part of this strategy, he stated that the EU is trying to leverage $45 Billion Euros for the entire Latin American and Caribbean region. Giving a breakdown of how this works, he said that they have jointly identified several priorities with partners, ranging from maritime connectivity to renewable energy and digital transformation to building capacity.
Meanwhile, USAID Regional Representative for the Eastern and Southern Caribbean, Mervyn Farroe said that their goal is to support the creation of a safe, prosperous and resilient Caribbean region.
Mr. Farroe added that USAID’s strength lies in the partnerships with local government, international partners, regional organizations and the private sector.
“The Caribbean Investment Forum is taking place at an opportune time to foster more partnership because the record growth of private capital in the Caribbean and emerging economies around the world has created an unprecedented opportunity for governments and development partners to leverage their resources to enable investors to become the current driver of inclusive economic growth,” he said.
With this, he signalled that there is no better event than the CIF to make connections. As a result, the agency aims to partner with businesses to accelerate global environmental solutions and unlock innovative technology and research.
Furthermore, Lorena Solorzano-Salazar, Representative of the Inter-American Development Bank (IDB), said that in exploring partnerships in the Caribbean the bank has been focused on implementing its institutional strategy and its ‘One Caribbean’ strategy.
The ‘One Caribbean” strategy aims to promote integration and resilience in the region with the support of projects and partnerships.
At this year’s forum, she underscored the importance of partners like the IDB being present, exploring opportunities, and providing resources to the private sector across the region.
Meanwhile, CAF Development Bank Representative Bernardo Requena stated that staging the CIF showcases the Caribbean’s potential as a prime investment destination. “Our collaboration with the Caribbean Export Development Agency has been excellent, and we are committed to continuing this partnership with you,” Requena said.
