Nassau, Bahamas -- The Caribbean Development Bank (CDB) has emerged more in the past two decades, as a leading institution in national and regional economic policy, said the Bank’s President Dr Compton Bourne.

“It developed the model for financing the Caribbean Court of Justice, designed the investment guidelines for its Trust Fund and mobilized the financial resources for endowment of the Trust Fund in 2003,” Dr Bourne said.

He pointed out that through forums and technical reports organized by the CDB in 2006, the Bank led the establishment of the Caribbean Development Fund in 2008.

Dr Bourne was addressing the Opening Ceremony of the 40th Annual Caribbean Development Bank Board of Governors Meeting at the Sheraton Nassau Beach Resort Hotel, Wednesday, May 19, 2010. He presented an overview of the bank from 2000 to the present and beyond.

In attendance were Prime Minister and Minister of Finance the Rt Hon Hubert A Ingraham; Minister of State for Finance the Hon Zhivargo Laing; Parliamentary Secretary in the Ministry of Housing and Bahamas delegate to the CDB meeting the Hon Brensil Rolle; Cabinet Ministers, other Members of Parliament, Senators and senior government officials.

Dr Bourne said progress is being made with the expansion of the Bank’s membership. “Expedited efforts led to the approval of Haiti’s membership as a Borrowing Member Country (BMC) in 2003. Haiti, after a prolonged period of political instability, took its place in 2007,” he said.

Brazil’s membership as a non-borrowing member was approved by the CDB in 2008, he said.

Dr Bourne also said the CDB has become “stronger” and attracted more funds from member countries and from development partners.

“Whereas between 1994 and 2001,” he said, “the CDB received no new funding from the IDB it was able to access a global credit line of $20 million in 2002 and is negotiating another loan in 2010.”

Dr Bourne said the policies and procedures for recruitment of managerial and professional staff have been thoroughly revamped to make “all” positions open to competition from all member countries of the CDB.

“The Bank also minimized the restrictive practice implicit in requiring applicants to have many years of Caribbean experience and reduced the years of professional experience which was a formidable entry barrier to early career and mid-career applicants.

“The result is that the Bank has a better chance of recruiting a younger pool of talent, which is culturally and knowledge diverse. It is also better positioned to combat knowledge inertia, defined as a predisposition not to acquire new knowledge but instead seek refuge in habit and history.”

Dr Bourne described the achievements of the CDB’s change process as “impressive”. He, however, warned that there must be “conscious and determined efforts at consolidation of the changes if the danger of reversal is to be averted. Unless change is entrenched, it is merely ephemeral – a fleeting disruption of the status quo,” he said.

Furthermore, he advised that there must be recognition that there is still “room for improvement”.

If the CDB is to occupy and retain a position as a leading institution in the Caribbean, Dr Bourne said its professional staff must be respected by their counterparts and peers in other organizations within and as well as well as outside of the Caribbean.

“Respect will not be granted by virtue of jobs occupied but will come from recognition of demonstrated knowledge and expertise,” he said. He suggested that staff should take advantage of opportunities for development and continuing education.