Dr William Warren Smith has been re-elected to serve his second five-year term as President of the Caribbean Development Bank. The new term will officially begin on May 1, 2016.

Dr. Smith was first elected President on October 29, 2010 and assumed office on May 1, 2011. At that time, many of the Bank’s borrowing member countries (BMCs) were dealing with a myriad of highly complex development problems made more acute by the Great Recession of 2008. It was at that time declared that recovery would require extraordinary effort informed by new thinking and approaches to Caribbean development. Operationally, some aspects of the Bank’s business model required adjustments that would increase CDB’s development effectiveness and responsiveness to the changing needs of its members. Dr. Smith, committed to making the Bank a more creative and reliable partner which would respond effectively to countries need to build resilience against external shocks.

According to the Board of Governors, improving responsiveness meant strengthening the CDB’s internal governance; introducing additional measures to facilitate greater transparency and accountability; portfolio diversification and improving operational efficiency. Other reforms included: establishing a centralised Office of Risk Management; a new independent Office of Integrity, Compliance and Accountability; and upgrading the Internal Audit, Independent Evaluation, Corporate Communications and Information Disclosure functions.

The governors say they believe that throughout the period, the CDB has actively promoted private sector-led growth and stability by assisting BMCs to design, finance and implement robust macro-economic programmes. They say the Bank has also been encouraging measured debt relief for small island developing Caribbean states which demonstrate willingness to embrace the requisite fiscal and structural reforms.

Dr Smith says for this coming term he expects that strengthening economic and environmental resilience to safeguard growth, while driving down poverty in Caribbean countries will remain paramount. He says the Caribbean’s development agenda will be informed by the new sustainable development goals of the global community.