the first time in the 40 years existence of the Caribbean Development Bank (CDB), a Jamaican national will head the regional institution from next year as President.

He will be Warren Smith, recently appointed an acting Vice-President of the Barbados-based premiere regional financial institution and for eight years its Director of Finance.

The decision came last evening after a marathon special meeting of the Board of Governors as a result of a majority vote for which the dominant influence of the two primary regional shareholders – Jamaica and Trinidad and Tobago – proved decisive.
Smith, along with Barbadian Winston Cox, a former Governor of the Barbados Central Bank, were the two other contenders against the incumbent Bourne.
The Guyana-born Bourne, former Principal of the University of the West Indies (St. Augustine Campus), was seeking a third consecutive term, in accordance with a prevailing precedent that involved the late Trinidad and Tobago-born William Demas and Barbados’ Sir Neville Nicholls.
An official statement is expected shortly on the outcome of yesterday’s special meeting which was chaired by the current chairman of the Board of Governors, Trinidad and Tobago’s Minister of Planning, Economic and Social Development, Mary King.
Informed reliable sources said that Trinidad and Tobago’s support for Jamaica’s candidate Smith, was crucial to the outcome.