To adequately finance its growth objectives for the region, president of Caribbean Development Bank (CDB) Dr Gene Leon said the bank will continue to actively tap all lines of capital as it moves to support the build-out of a more resilient and prosperous Caribbean.

The president, speaking with the Jamaica Observer following the closing of its 53rd annual general meeting (AGM) held in St Lucia last week, said that while there has been increased mobilisation from the financial institution around private sector support — all channels for financing are currently being explored.

“It is all options that we are looking at as we will not just go down one particular line at the exclusion of others — what we see is an entire resourcing ecosystem,” he told the Caribbean Business Report.

Noting some four ways through which capital could be unlocked to fund the needs of its borrowing member countries (BMCs), Leon pointed to these as including national savings (public and private), increased concessional financing, return on investments and funds from the international financing community such as the International Monetary Fund (IMF) through a number of its funding facilities.

With the CDB having already at the start of this year highlighted a number of high-priority areas requiring urging action across climate action, energy security, regional integration and air connectivity, Leon emphasised that unlocking any available capital is of utmost importance for the region.

Championing a reimagined relationship with the private sector, the president in his remarks at the closing ceremony said the grouping will also have a critical role to play in advancing the region’s development agenda while helping to drive fit-for-purpose investments, enhance the capacity of BMCs as it “shares in the risk of aiding the outcome of particular projects which otherwise they would not have taken on, on their own.”

Upbeat about the bank’s ongoing efforts to mobilise financing, the president expressed heightened optimism for positive results to come from current engagements.

“There is a lot that has been going on in the background as we speak and I’m hoping that by the next time we meet, we would have crossed that border from ideation to implementation on a number of these projects,” he said.

The president also indicating that he was more focused on legacy outcomes than any one project, further articulated his main aim as being able to move the needle forward for the Caribbean, advancing its position, building capacity and strengthening the resilience of states much more than it is today.

“If we can achieve that, the region will be much better off in terms of becoming more sustainable to withstand shocks for the future and if that is the legacy the region has, I will be very happy, as the ultimate goal for me is to bring the region to a better place in the next five to ten years and at the CDB we are working aggressively every day and every minute towards this,” Leon said.