CDB Leaders Discuss Navigating Global Uncertainty

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Gissela Sanchez, Executive President of the Central American Bank for Economic Integration, said development institutions must be prepared to adapt to rapidly changing conditions.

Gissela Sanchez – Executive President, Central American Bank for Economic Integration

“The first word that comes to mind is adaptability, making scenarios, because we are facing so many challenges at the same time that we cannot use a single model. And the second one is use our core competencies and create partnerships to face these challenges in the best way possible.”

Caribbean Development Bank President Daniel Best said multilateral development banks play a critical role during times of crisis, particularly when member countries are at their most vulnerable.

Daniel Best – President, Caribbean Development Bank

“Multilateral development banks such as the three of ours have a counter-cyclical mandate. It is when our countries experience severe economic shocks that they need us the most, and it is in that time that we are almost cautioned against trying to step forward and support. It isn’t intuitive, and supporting our countries at their most vulnerable points isn’t taking risks. It is what we are set up to do.”

Best also addressed one of the biggest challenges to development: project delays.

He said the bank is working to strengthen implementation capacity to ensure communities benefit from critical investments sooner.

Daniel Best – President, Caribbean Development Bank

“It takes a second, sometimes six months, to get an evaluation back. And every dollar of development delayed is an actual life that is not benefiting from that school, from that road, from that reliable water. So these are the conversations we have. What we’re doing right now, of course, with every project that we do, we assess the implementation capacity of the entity. And whether it is we put some TA in place to help boost it, or we try to increase the supervision missions, or we even assist with providing a procurement consultant.”

The discussion highlighted the growing need for development institutions to be more collaborative and responsive as the region navigates an increasingly uncertain global landscape.