THE Caribbean Development Bank (CDB) has begun an “extensive investigation” to uproot the challenges and deficits faced by Borrowing Member Countries (BMC) in the implementation of projects funded by the regional institution.

At a recent press conference, CBD’s Director of Projects, Therese-Turner Jones said that the bank will facilitate “hands-on” support for its borrowing members by improving the procurement process through an upgraded digital system.
This is expected to reinforce better monitoring and reporting on projects.

“While CDB is actively trying to mobilise resources where they are needed the most for development, we are aware of the challenges governments face with project implementation,” Tuner-Jones said.
While responding to questions posed by the Guyana Chronicle, Turner-Jones said the investigations have already commenced, with the bank looking at all 19 borrowing member countries.

The bank is expected to have preliminary results of its investigation by mid-year.
“Achieving resilient prosperity in the region will require concerted efforts and unwavering determination. Business as usual is no longer tenable. We will become more agile to accommodate the evolving needs of our clients,” Turner-Jones said, adding: “We are really looking forward to what responses come out of the research, so that we can get the benefits to accrue in countries faster because that is where the value is in our work.”

Meanwhile, the bank’s acting president, Isaac Solomon acknowledged that the implementation deficit will not look the same for all countries, and with this study in mind, officials hope to highlight the nuances in countries and offer customised solutions to address the challenges.

“There are things that can be done differently, and we are trying to examine what these things are,” Isaacs said, adding: “So, we have to look at the whole process of identification, conceptualisation, and ideation of projects that will ultimately redound to the benefit of the citizens of the region. So that is a part of the exercise that we are doing, and it’s going to be inclusive in a way that we have not done before to ensure that we garner the prospective of all stakeholders.”

Aside from borrowing member countries, donor partners and other stakeholders will also be included in the examination.
“Apart from focusing on the projects that are under implementation to ensure that they get the beneficiaries faster, we also have to take this end-to-end, so you can imagine if a project is not conceived or implemented at all that there are no benefits that are going to accrue to the beneficiaries,” Solomon said.

In 2023, the CDB approved over US$461 million in financing for projects in water, renewable energy, education, and health, and to provide budgetary support for governments, underscoring its continued commitment to regional development.