Caribbean Development Bank still searching for new president

The Barbados-based Caribbean Development Bank (CDB), announced on Friday that it is in the process of appointing a new president following the controversial resignation of economist Hyginus ‘Gene’ Leon in April.

Sources familiar with the situation disclosed to the media that a meeting of the bank’s governors took place on Thursday to discuss potential successors for Leon, who is currently leading the Development Bank for Resilient Prosperity Initiative (DBRP).

This initiative, designed to assist Small Island Developing States (SIDS), was initially launched during the SIDS Inter-Regional Conference in Cabo Verde in August 2023. Its objectives include amplifying the voices of SIDS, mobilizing funding for resilient infrastructure, and addressing regional economic inequalities.

The fourth International Conference on Small Island States (SIDS4), held in Antigua & Barbuda in May, further propelled the DBRP, which seeks to tackle the ongoing financial difficulties faced by SIDS, which have historically struggled to obtain affordable financing and often contend with unsustainable debt levels.

According to sources speaking to the media, three candidates from Trinidad & Tobago, Barbados, and the Bahamas have been shortlisted, but the meeting on Thursday concluded without a decision being reached.

In a brief statement to the media, the CDB indicated, “The Caribbean Development Bank is still awaiting the completion of one of the external due diligence reports and will proceed with the election once that has been received. The selection of the new President will be announced once the election has concluded.” Further details were not provided.

In his resignation letter, Leon’s legal representatives had given the region’s leading financial institution until May 4 of this year “to negotiate an amicable separation,” also noting that their correspondence should be interpreted “as our client’s pre-action protocol letter” concerning the entire matter.

Since then, neither the CDB nor Leon and his legal team have issued any statements regarding the issue. -(CMC)