CDB Delays Election of New President

The Caribbean Development Bank (CDB) headquartered in Barbados has confirmed that the search for a new president is ongoing following the controversial resignation of St Lucian-born economist Dr. Hyginus ‘Gene’ Leon in April.

According to reliable sources, the bank’s governors convened a meeting on Thursday to choose Leon’s replacement. Leon is currently leading the efforts to establish the Development Bank for Resilient Prosperity Initiative (DBRP).

The idea of creating a financial institution specifically for Small Island Developing States (SIDS) was first introduced at the SIDS Inter-Regional Conference in Cabo Verde in August 2023.

The primary goal of the initiative is to amplify the voices of SIDS, raise funds for resilient infrastructure, and tackle regional economic inequalities.

The fourth International Conference on Small Island States (SIDS4) held in Antigua and Barbuda in May this year provided further momentum for the DBRP, which seeks to address the persistent financial challenges faced by SIDS.

These states have long struggled to secure affordable financing and are often burdened by unsustainable debt.

According to sources, three candidates from Trinidad and Tobago, Barbados, and the Bahamas have been shortlisted for the position, and the recent meeting concluded without a decision.

In a brief statement to the Caribbean Media Corporation (CMC), the CDB mentioned that they are still waiting for the completion of an external due diligence report and will proceed with the election once it has been received.

The announcement of the new President will be made after the election has concluded, without further details provided.

In his resignation letter, Leon’s lawyers indicated that the CDB had until May 4th of this year to negotiate an amicable separation and should view their correspondence as a pre-action protocol letter concerning the entire situation.

Neither the CDB nor Leon and his lawyers have made any further statements on the matter since then.