FROM LEFT: Executive Director, World Bank Group Alister Smith talking to Central Bank Governor Dr. Delisle Worrell at the opening of the Central Bank of Barbados’ 36th Annual Review Seminar at the Accra Beach Resort and Spa yesterday.
SHIFT FOCUS
Wed, 07/27/2016 - 12:00am
World Bank official: Private sector must lead economic growth
THERE should be a shift in emphasis on the part of the international financial institutions towards more private sector-financed development in Barbados and the Caribbean.
This is the view of Alister Smith, Executive Director, World Bank Group, who yesterday maintained that the private sector in Barbados and the Caribbean must be the engine for economic growth.
Smith, who is the World Bank’s Executive Director for a number of countries in the Caribbean including Barbados, gave the feature address at the opening of the Central Bank of Barbados’ 36th Annual Review Seminar at the Accra Beach Resort and Spa. He spoke on the topic: “Unlocking the Growth Potential of the Caribbean Region”.
Currently, support from the agencies in Washington D.C goes mainly to the public sector, although the World Bank’s financial arm – the International Finance Corporation – undertakes lending for private sector projects. However, Smith said that with a shift in lending countries would not have to depend so much on governments.
He reasoned that while the business community must lead the way in growing Caribbean economies, the public sector will play a complementary role, setting the framework for the private sector to thrive, and ensuring that appropriate policies and institutions are in place. (JB)