According to a release from the international financial institution, Zoellick stated that several key issues facing the Caribbean region were discussed at Thursday’s meeting in Dominica, including the impact of the global economic crisis, climate change, debt and financial and jurisdiction issues. Zoellick’s meeting with CARICOM coincided with the 21st Inter- Sessional meeting of Heads of Government.
Zoellick stated that CARICOM has been vulnerable to the global crisis, noting that the small states face unique challenges in terms of economic growth, trade, climate change, water and natural disasters. He expressed appreciation at the tone of the discussions and the practical problem solving approach of CARICOM leaders. Zoellick stated that during his meeting with CARICOM leaders, several avenues in which the institution can work to assist countries identify options and customise a framework for debt sustainability and economic growth were discussed. He said that CARICOM is particularly active on climate change, noting that the world is increasingly recognising the needs of the small island states.
In this regard, he said that the World Bank can assist CARICOM with increasing its resilience to climate change, innovative financing and low carbon growth strategies which include a focus on reducing the cost and increasing the efficiency of energy in the region. Zoellick noted that the institution’s financial arm, the International Finance Corporation (IFC), is exploring opportunities to support renewable options, such as geothermal, hydro, wind and solar, along with an energy efficiency programme.
As regards financial jurisdictions, he stated that the quorum discussed the range of issues the region faces in complying with international standards under the Organization of Economic Co-operation Development (OECD) and G-20. He said that the World Bank will continue to support countries with advice and assistance to put the necessary legal framework and treaties in place. While it is in the region‘s interest to complete these steps as quickly as possible, he stated that the institution recognizes the region’s special circumstances and it is pleased to work with countries as needed on the implementation path.
At the forum yesterday, Zoellick stated that the tragic earthquake which struck Haiti last month was also discussed, noting that he met with President Rene Preval in Washington on Tuesday to discuss ways in which the World Bank can support Haiti in the coming months.
He said that the Bank has provided an additional $100M in grants in response to the earthquake, while the IFC has also made an additional $35M investment to help boost jobs in the country. The World Bank also joined other donors in 2009, granting Haiti $1.2B in debt relief through the Heavily Indebted Poor Countries initiative and the Multilateral Debt Relief initiative.
