Prime Minister Dr. Godwin Friday has urged Caribbean leaders and development partners to strengthen regional cooperation, expand development financing and accelerate resilience-building efforts as the region confronts growing economic and climate-related challenges.
Addressing the Caribbean Development Bank’s (CDB) 56th Annual Meeting in Nassau, Bahamas, on behalf of the Bank’s Borrowing Member Countries, Dr. Friday outlined a vision for a more resilient and sustainable Caribbean capable of navigating an increasingly uncertain global environment.
The meeting, held under the theme “Forging the Caribbean’s Future: Strategic Solutions for Uncertain Times,” brought together heads of government, policymakers, financial institutions and development partners to discuss the region’s development priorities.
In his address, Dr. Friday pointed to a range of pressures facing Caribbean nations, including climate change, rising shipping costs, tighter global credit conditions, geopolitical tensions and persistent structural economic vulnerabilities.
He said these challenges require a coordinated regional response and renewed commitment to strengthening institutions and partnerships.
“Our subregion is currently navigating profound shifts in global geopolitics and reconfigured international alliances that require a unified regional front,” the Prime Minister said.
Dr. Friday emphasized the critical role of the Caribbean Development Bank in helping member countries modernize infrastructure, expand economic opportunities and improve resilience against future shocks.
He noted that many Caribbean countries continue to face high debt burdens and limited fiscal space, even as they are required to invest heavily in infrastructure, social protection systems and disaster preparedness.
The Prime Minister called on international development partners to provide greater access to concessional financing and other resources to help vulnerable countries address climate risks and strengthen long-term resilience.
Referencing the devastating impact of Hurricane Beryl on St. Vincent and the Grenadines and other countries in the region, Dr. Friday described climate change as an existential threat and highlighted the need for investment in climate-resilient infrastructure, enhanced early warning systems and improved access to climate financing.
He also advocated for increased investment in emerging sectors such as the digital and knowledge economy, renewable energy and the blue economy, arguing that these industries can help diversify Caribbean economies, create jobs and reduce dependence on imported fossil fuels.
The Prime Minister highlighted several ongoing CDB-supported projects in St. Vincent and the Grenadines, including the Kingstown Port Modernization Project, the School Improvement Project and the Road Management and Rural Roads Programme.
According to Dr. Friday, these initiatives demonstrate the value of strong partnerships between regional institutions and national governments in advancing sustainable development.
He also expressed support for the Bank’s institutional reform programme, known as CDB Forward, and called for faster implementation of governance reforms designed to improve efficiency, reduce project delays and increase responsiveness to member states.
Concluding his remarks, Dr. Friday said the Caribbean must refuse to allow vulnerability to define its future.
“The region’s development path cannot be dictated by vulnerability; it must be shaped by active choices, strong institutions and regional solidarity,” he said, urging governments and development partners to continue working together to build a more prosperous and resilient Caribbean.