THE Inter-American Development Bank (IDB) remains a development giant in uncertain times and must ensure its undergirding policies are sound.

This perspective was shared by Finance Minister, Winston Jordon, on Thursday during his address to IDB President, Luis Alberto Moreno, in Washington DC at the bank’s 60th anniversary.

He said the IDB’s development effectiveness framework is robust and information on success stories demonstrating tangible results is widely distributed.
However, Minister Jordon noted that the bank needs to further revise policies and instruments related to disaster response.

In light of the devastating impacts of climate change, Minister Jordon questioned the aid accessibility given to smaller, poorer and more vulnerable member countries of the IDB.
He said as an institution with intraregional integration as a cornerstone of its work, it is time to consider regional instruments.

“As the fourth industrial revolution transpires, regional challenges are reinforced. Whilst technology offers much-required solutions, it deepens concerns about resources to equip a country’s human capital to thrive in this emerging environment and the agility of poorer countries to adjust and adapt at a rapid pace, whilst dealing with other competing and pressing development matters,” Jordon said.

The finance minister said it may be time to consider a different approach to financing operations that underpin the fundamentals and strategic focus of the bank.

“I acknowledge and salute the many achievements of the bank in assisting governments across the region in building climate resilient infrastructure, establishing robust fiscal frameworks, mobilising resources to meet developmental objectives, providing financing for private sector development and growth, creating safe spaces for innovation and promoting human and social development,” he said.

Nevertheless, he noted that the bank must assist countries in their quest to digitalise their economies, participate on global markets, and become competitive in key industries.

However, on the other hand, Minister Jordon said it is critical for the bank to remain sincere to its mantra of improving lives by ensuring that the region’s most poor and vulnerable populations are reached and adequately catered to through its operations.

“To remain relevant, the bank must undergo pragmatic reforms that would further align its strategies, policies and offerings to the requirements of non-Borrowing Member Countries and the needs of its Borrowing Constituents,” Jordon said.

He concluded by congratulating the bank on its achievements over the past 60 years, saying “I look forward to its longevity.”