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IDB and IDB Invest Boards Mandate Historic Reforms, IDB Invest Capital Increase Proposal

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Roadmap for new, 21st-century business model will enable Bank to expand ambitious, business-friendly climate action, protect biodiversity, increase green finance, and better advance gender equality

New business model goes hand-in-hand with the mandated path for a capital-increase proposal for IDB Invest that will allow the Bank’s private-sector arm to be more responsive to the region’s needs, dramatically scale up private sector investment and boost creation of formal jobs, the details of which will be presented to the Boards of Executive Directors in September

Approval of a new value proposition for the Bank will empower it to better address social issues, strengthen the private sector and combat climate change

WASHINGTON – The Boards of Governors of the Inter-American Development Bank (IDB) and IDB Invest today approved a roadmap for a series of institutional reforms for the IDB and mandated a proposal for a capital increase for IDB Invest, the Bank’s private-sector arm.

The Governors’ actions will modernize the IDB, IDB Invest and IDB Lab, our innovation laboratory, ushering in a new, 21st-century business model that will help countries across Latin America and the Caribbean more effectively address challenges, including poverty and inequality, climate change and the need for digitalization.

The proposed reforms will empower the Bank to accelerate inclusive and sustainable growth by strengthening the synergies between the public and private sectors, ensuring equal opportunities for women in areas including education, business and justice, and doing more to help countries reach net-zero-emissions targets.

“Our record year in 2021 proved how the IDB can optimize its balance sheet and mobilize resources, but the new IDB can do even better. This is a historic moment for the IDB and IDB Invest. The Boards’ actions mean we are gaining the muscle, flexibility and tools needed to support the urgent needs of Latin America and the Caribbean in the 21st century,” said IDB President Mauricio Claver-Carone at the Bank’s annual meeting.

“The pandemic hit our most vulnerable citizens hard. Now the region faces rising inflation, higher global interest rates, and shifting geo-economic and geopolitical concerns. We rose to the occasion in 2020 and 2021, but we can now do even more by leveraging our strengths. Thanks to the Governors’ actions, we are now empowered to better help the region by mobilizing more private-sector resources and doing more in critical areas such as climate change and gender equality,” he said.

IDB Invest 2.0

The new business model envisioned for IDB Invest, or IDB Invest 2.0, which will be developed over the next six months and submitted to the Boards for approval this fall. The approval to advance with the new vision signifies confidence in IDB Invest’s ability to develop an even more impactful approach to development. The new model will allow it to scale up work with investors and companies throughout the region. IDB Invest’s innovative, new approach will focus on originating more impactful projects, de-risking private-sector investment, and using new financial and technical tools, to help crowd-in investment. The new business model goes hand-in-hand with the mandate for a capital increase proposal for IDB Invest, the details of which will be presented to the Boards of Executive Directors this fall.

These new capacities will help IDB Invest build on the record level of mobilizations it achieved in 2021 and enhance its role as the region’s foremost private-sector-mobilization partner for development. A more ambitious IDB Invest will work even closer with the IDB, which will also have new tools to creatively collaborate with, and support, borrowing member countries to enable business environments that attract investment and are more conducive to job-creation.

The IDB’s New Value Proposition

Reforms at IDB and IDB Invest form part of a new value proposition for the institutions, and IDB Lab, approved by the Governors that will enable the Bank to accelerate regional development by better addressing social challenges, strengthening the private sector and more ambitiously combatting climate change.

New business models at the IDB and IDB Invest will allow them to take a more sophisticated approach to collaboration. The IDB will act as a hub, linking the private-sector work of IDB Invest with partnerships and projects on the public-sector side. This will enable the Bank to better leverage trillions of dollars in private-sector assets that the region must access to successfully combat climate change.

This 21st-century business model will help the IDB promote reforms to improve social protection and health, inclusion, labor markets climate action and gender equality. It will also help the IDB work better with governments to correct market failures and structural bottlenecks that today prevent investment, improve institutions, strengthen the rule of law, and improve the business climate. This dovetails with IDB’s Invest new focus on originating socially impactful projects, de-risking them and offering them to institutional investors.

The new approach also calls for transitioning IDB Lab from an innovation lab to an innovation hub, allowing it to do more to scale up the impact of private-sector projects and leverage its capacity to take on risk to do experimental work in frontier sectors and invest in early-stage projects. IDB Lab’s agility and ability to respond rapidly to clients’ needs will enhance the Bank’s capacity to test innovative ideas and carry out pilot programs that can be expanded to meet regional development goals.

The Governors’ endorsement will make the IDB more innovative and responsive, with enhancements to project design, a new Comprehensive Portfolio Management System to measure and achieve results, and updated financial and technical instruments. This will lead to more effective support for government reforms, new contingent and rapid-disbursement facilities, more innovative climate-change instruments, increased execution capacity for counterparts, and risk-appetite and equity-investment policies that will favor private-sector projects and operations.

Combined, these new approaches, along with plans to more ambitiously tackle climate change and gender inequality, will help the region meet its evolving development needs, while helping to reduce poverty and protect its most vulnerable people.

The actions by the Boards of Governors stem from a mandate issued at the 2021 Annual Meeting for the Bank to carry out an in-depth analysis of the region’s challenges and the Bank’s role and optimal institutional structure. Following a period of consultations with country authorities and other stakeholders, the Bank presented Governors with a new value proposition centered on its core mandate of ensuring development effectiveness.

“I am immensely proud of the analytical work done by our experts, and I thank our Boards of Governors and our Executive Directors for their overwhelming support,” President Claver-Carone said. “This is not the destination, but truly the beginning of our journey to help our member countries, as we make the IDB the gold standard of operational excellence. Our region deserves no less.”

The next Annual Meeting of the IDB and IDB Invest will take place in Panama.

Regional Background

Even before the pandemic, Latin America and the Caribbean faced significant socioeconomic challenges, including some of the world’s slowest growth rates, high levels of labor informality, rising social discontent, poverty that reached nearly a third of the population, and big gaps in infrastructure, digitalization and small business financing.

The pandemic threw millions of people into poverty and set back a decade of gains in equality, particularly for women. In addition, the region suffered its worst economic collapse in 200 years in 2020 and, initially, had the world’s highest COVID-19 fatality rates.

In 2021, the region defied expectations and posted one of the world’s fastest economic recoveries. However, the recovery has not been accompanied by proportionate improvements in the job market or in key socioeconomic indicators. That is particularly true for women, who lost more jobs than men and are struggling to reenter the labor market. The region is also still reeling from the world’s longest school closures – an average of 231 days – and millions of children in the region have yet to return to classrooms.

About the IDB

The Inter-American Development Bank is devoted to improving lives. Established in 1959, the IDB is a leading source of long-term financing for economic, social, and institutional development in Latin America and the Caribbean. The IDB also conducts cutting-edge research and provides policy advice, technical assistance, and training to public and private sector clients throughout the region.

About IDB Invest

IDB Invest, a member of the IDB Group, is a multilateral development bank committed to promoting the economic development of its member countries in Latin America and the Caribbean through the private sector. IDB Invest finances sustainable companies and projects to achieve financial results and maximize economic, social, and environmental development in the region. With a portfolio of $14.8 billion in asset management and 376 clients in 25 countries, IDB Invest provides innovative financial solutions and advisory services that meet the needs of its clients in a variety of industries. IDB Invest’s legal name is the Inter-American Investment Corporation.

About IDB Lab

IDB Lab is the IDB’s innovation laboratory, promoting development through the private sector by identifying, supporting, testing and piloting new solutions to challenges and seeking to create opportunities for poor and vulnerable populations in Latin America and the Caribbean. www.idblab.org

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Sagicor Group Jamaica Announces Organisational Changes to Support Business Growth

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Willard Brown appointed CEO of Sagicor Life Jamaica; Joanna Banks assumes broader strategic leadership role.

Christopher Zacca, the President and Chief Executive Officer of Sagicor Group Jamaica Limited (“Sagicor” or “the Group”) today announced key leadership changes to strengthen the Group’s position for continued growth and expansion.

Willard Brown Chief Executive Officer (CEO) of Sagicor Life Jamaica Limited

Effective May 1, Willard Brown has been appointed Chief Executive Officer (CEO) of Sagicor Life Jamaica Limited (“Sagicor Life Jamaica” “SLJ”). As CEO of Sagicor Life Jamaica, Brown will lead the overall strategy and operations of SLJ, which gives him oversight of all divisions of the Life Business. This expanded portfolio will enable a more integrated approach to supporting client needs, driving operational efficiencies, and positioning the Business for new opportunities in other geographies. He most recently served as Chief Technology and Insurance Operations Officer where he led several successful initiatives to streamline Sagicor Life Jamaica’s operations, modernise the Group’s technology platforms and strengthen its digital capabilities. Over the course of his 34-year tenure with the Company, Brown has demonstrated exceptional leadership, strategic foresight, and a deep understanding of the evolving needs of clients and markets-including operations in Panama and Costa Rica. His appointment reflects Sagicor’s focus on empowering proven leaders to accelerate its growth ambitions.

Willard brings an outstanding track record of strategic execution and innovation, and Joanna’s deep industry expertise remains invaluable as we expand our businesses.” Brown expressed enthusiasm about the new role, stating: “I am excited for this opportunity to build on our strengths and lead the charge as we grow our Life Insurance Business. With a dedicated and talented team behind us, we are well-positioned to deliver even greater value to our clients and communities. Sagicor Life Jamaica remains focused on delivering sustainable growth under the leadership of Mr. Zacca and the Executive Management Team.”

 

In addition, Joanna Banks will transition into an expanded strategic leadership role within the Group as Executive Vice President, Strategy and Business Development, and Chief Technology Officer.

Joanna Banks Executive Vice President, Strategy and Business Development, and Chief Technology Officer.

In alignment with the organisational changes, Joanna Banks will continue to play a critical role in delivering strategic initiatives that enhance the Group’s service excellence and market reach. She now has an expanded portfolio that includes the company’s Technology and Digital Innovation functions. This integration reflects Sagicor’s commitment to accelerating digital transformation and enhancing operational agility across its businesses. Commenting on the changes, Zacca, stated: “These leadership transitions position us strongly for the future.

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General Accident Strengthens Regional Leadership for Strategic Growth

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General Accident Insurance Company Jamaica Limited has announced the appointment of Gregory St. Hugh Foster as Chief Executive Officer and Country Manager of its Jamaica operations. He succeeds longtime executive Sharon Donaldson, who now assumes the full-time role of Group Chief Executive Officer. The transition, effective immediately, is the result of a carefully executed succession plan that signals the company’s continued commitment to strong leadership, growth and long-term stability across the region. Foster has been an integral member of the executive team since 2014, serving most recently as Chief Operating Officer.

With over a decade of experience in the general insurance sector, he has led with distinction across core areas including finance, underwriting, claims, and operations. He is also the strategic lead for AutoSmart Insurance, GenAc’s motor insurance sub-brand. “Sharon and Gregory have demonstrated the leadership required to execute our strategy and position General Accident for continued success,” said PB Scott, Chairman of General Accident. “This transition reflects our deep confidence in their ability to guide the company into its next phase of growth.” Foster brings a deep understanding of the Jamaican insurance market, honed during his time as Chief Financial Officer before assuming the COO role in 2019. A Chartered Accountant and member of the Institute of Chartered Accountants of Jamaica, he previously worked at PricewaterhouseCoopers as an Audit Manager, overseeing audits in insurance, petroleum, and manufacturing sectors. “It is a privilege to take on the role of CEO and Country Manager at such an important juncture in General Accident’s growth story,” Foster said. “Together with our exceptional team, I am focused on expanding our market presence, enhancing service delivery, and creating long-term value for our stakeholders.”

Sharon Donaldson, who has led General Accident for over two decades, has been central to the company’s regional expansion, delivering strong financial performance, strengthening underwriting capacity, and embedding sound corporate governance practices. As Group CEO, Donaldson will now oversee the strategic direction of General Accident’s operations in Jamaica, Trinidad & Tobago, and Barbados. “I look forward to collaborating with Gregory and our regional teams as we continue to scale our operations and deliver innovative solutions to our customers across the Caribbean,” said Donaldson With this leadership evolution, General Accident reinforces its commitment to delivering sustainable growth and high-quality service while expanding its influence as a trusted insurer throughout the Caribbean.

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Corporate Movements May 2025

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Unilever Caribbean Limited [UCL] is pleased to announce the appointment of Ms. Ginelle Lambie as the Managing Director effective May 14, 2025. Ms. Lambie joined UCL in April 2023 in the role of National Finance Manager. On January 1, 2024 she was appointed as an Executive Director and the Acting Managing Director. Ginelle holds a Bachelor in Business Administration, a Master of Science in Accountancy and is a Certified Public Accountant. She brings over 20 years of experience in FMCG, Manufacturing, Telecom, Media & Entertainment and Banking in the United States and Trinidad. She has over 11 years’ experience in Business Analysis and Financial Reporting in FMCG companies.

Unilever Caribbean Limited [UCL] is pleased to announce the appointment of Mr. Amit Rampersad as the National Finance Manager effective May 14, 2025. Mr. Rampersad has been with Unilever for over 11 years and was appointed the Acting National Finance Manager on January 1, 2024. Mr. Rampersad is a Fellow of the Association of Chartered Certified Accountants [FCCA] and a member of the Institute of Chartered Accountants of Trinidad and Tobago [ICATT]. He has over 17 years of Financial Accounting experience, having worked in various sectors, including Media, Manufacturing, and the Public Sector.

The Board of Directors of VM Investments Limited (VMIL) is pleased to announce the appointments of Mrs Maria Evelyn-Robinson and Mr Frederick Williams as Directors of VMIL. • Mrs Maria Evelyn-Robinson was appointed effective February 12, 2025. • Mr Frederick Williams was appointed effective March 24, 2025. The Board welcomes Mrs Evelyn-Robinson and Mr Williams and is confident that their expertise, leadership, and professional experience will be valuable assets to VMIL as the organisation continues to execute its strategic objectives and strengthen its governance framework.

Everything Fresh Limited wishes to advise that Mr. Errol Grant has been appointed the Group Chief Financial Officer for the company effective May 12, 2025.

Guardian Holdings Limited (“GHL”) advises that at the Company’s Annual General Meeting held on 12th May, 2025, Ms. Colette Delaney was elected a director of the Company. Ms. Delaney brings over 40 years of distinguished leadership experience across the United Kingdom, the United States, Canada and the Caribbean in retail, commercial, and corporate banking as well as insurance, which will play a pivotal role in advancing the Company’s strategic goals.

Scotia Group Jamaica Limited (SGJ) advise of the appointment of Dayne Bucknor as Director, Client Experience and Advocacy, Scotia Group Jamaica Limited, effective May 1, 2025. Mr. Bucknor has over 17 years’ experience in the banking Industry and is adept at leading outstanding and diverse teams. He joined Scotiabank in 2006 and his most recent position was Director, Strategic and Business Analytics, Caribbean North & Central. In that role he provided strategic direction and support on several initiatives across the region. As Director, Client Experience and Advocacy for Scotia Group Jamaica, Mr. Bucknor will have responsibility for the development and implementation of comprehensive client-focused strategies to achieve and maintain industry leadership in client experience in the Caribbean North and Central region. Mr. Bucknor is a St. George’s College alumnus and holds a Bachelor of Science degree in Electrical Engineering and a Masters in International Business from Florida International University.

Barita Investments Limited (“Barita) has advised of the following Senior Management changes:

Miss Fayola Wray has been appointed to the position of Vice President, Finance, effective April 14, 2025.
Mrs. Sara Ying Henriques has been promoted to the position of Senior Vice President, Operations, effective May 1, 2024. Mrs. Ying Henriques previously held the post of Vice President, Operations.
Mr. Richardo Williams has been promoted to the position of Vice President, Asset Management & Research, effective April 1, 2024. Mr. Williams previously held the post of Head of Financial Risk.
Mrs. Anmarie Walker-Cato has been promoted to the position of Senior Vice President, Finance, effective February 1, 2024. Mrs. Walker-Cato previously held the post of Vice President, Finance.

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Finance Minister Highlights Middle Managers’ Key Role in Jamaica’s Economic Growth

“As Minister, I see every day how important strong leadership is to sustaining the progress we’ve made in stabilising our economy, attracting investment and opening new opportunities for our people,” Mrs. Williams said.

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Minister of Finance and the Public Service, Hon. Fayval Williams, has underscored the pivotal role middle managers play in driving Jamaica’s economic progress.

“As Minister, I see every day how important strong leadership is to sustaining the progress we’ve made in stabilising our economy, attracting investment and opening new opportunities for our people,” Mrs. Williams said.

She declared that middle managers are “the energy that gets things done” as they move their companies along, exhibiting true leadership that shapes the transformation of teams and influences the drive towards national development.

“[True leadership] is the consistent demonstration of values, authenticity and strategic focus that leaves behind a real legacy… one not written in résumés but in lives changed, organisations built, and futures secured. I know that you know that titles may grant authority, but only influence grounded in service, discipline and integrity builds the trust that moves countries like Jamaica ahead,” Mrs. Williams said.

Minister of Finance and the Public Service, Hon. Fayval Williams (second left), converses with (from left) Director, Montego Bay Chamber of Commerce and Industry, Donovan Chen-See; Managing Director, Make Your Mark Consultants (MYMC), Dr. Jacqueline Coke-Lloyd; and Bishop Dwight Fletcher, during the MYMC two-day Middle Managers’ Leadership Conference at The Jamaica Pegasus hotel on Tuesday (April 29). Mrs. Williams delivered opening remarks.

She was addressing stakeholders on day one of the Make Your Mark Consultants (MYMC) two-day Middle Managers’ Leadership Conference at The Jamaica Pegasus hotel in New Kingston on Tuesday (April 29).

Mrs. Williams noted that strategic and decisive leadership is especially critical in navigating current global uncertainties.

“In today’s increasingly dynamic global trade environment, Jamaica’s agility or ability to move swiftly, decisively and strategically is essential for national success; and at the execution level, it is you, it is our middle managers who drive that success.

You’re the ones ensuring that vision becomes reality, solving problems, coaching teams, delivering results and adapting to change with confidence and clarity,” she contended.

The Minister further pointed out, “In a Jamaica that is growing steadily stronger with sound leadership, prudent economic management, historic low unemployment rates, a transparent inflation-targeting regime, real investments in education, infrastructure, and innovation, it is clear that, as a country, we are on the right path.”

Meanwhile, Mrs. Williams lauded MYMC for organising what she described as the premier management conference in Jamaica, noting that the event is critical as Jamaica navigates an increasingly complex global economy.

She noted that this year’s conference theme – ‘A Legacy of Change, Transformation and Execution’ – is apt for the occasion.

“It reminds us that leadership is not about titles, offices, or positions. It’s about action [and] the courage to move when others hesitate. It’s about vision… the ability to see beyond today’s challenges and into tomorrow’s possibilities. Most importantly, it’s about influence – the ability to inspire people to believe in a cause greater than themselves, to push past limits to build institutions that will stand the test of time,” the Minister emphasised.

Mrs. Williams encouraged the participating middle managers to take advantage of the conference by actively engaging in the discussions, learning from the experts, sharpening their skills and strengthening their networks so they can be better and stronger leaders, driving Jamaica’s continued growth and transformation.

By: Donique Weston, JIS

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BOJ Anticipates Minimal Price Disruptions from US Tariffs

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The Bank of Jamaica (BOJ) Monetary Policy Committee (MPC) projects that the initial impact of rising US tariffs on prices in Jamaica will be minimal.

“In assessing the near-term outlook, the Monetary Policy Committee contemplated the implications for the Jamaican economy of the policies that have been implemented by the US administration, to date, and in so doing looked at several scenarios. From this exercise, the Bank’s view is that the first-round impact of the increase in US tariffs on prices in Jamaica will not be significant,” BOJ Governor, Richard Byles, said.

He was addressing the Quarterly Monetary Policy Report press conference at the Jamaica Conference Centre in downtown Kingston on Wednesday (May 21).

The Governor noted that, in the US, these policies are likely to cause a temporary rise in inflation.

“We expect that the US Federal Reserve (the Fed) will respond appropriately, and we also anticipate a slowing of the pace of US economic growth. We note that the Fed maintained its interest rate target in the range of 4.25 to 4.50 per cent in the May 2025 meeting and is likely to continue to maintain rates for an extended period of time in 2025,” he said.

Mr. Byles pointed out, however, that while some consumer prices in Jamaica may rise due to higher inflation in the US, the impact of imported inflation on overall domestic price level increases will be largely offset by declining global oil prices.

“Given the available information, the Bank, therefore projects, a moderate impact of the US policy changes on prices in Jamaica. In this context, the outlook is for inflation to remain within the Bank’s target range of four to six per cent over the next two years, notwithstanding some upside risk. This outlook assumes stable inflation expectations, a moderate decline in crude oil prices, continued stability in the exchange rate and moderate domestic demand,” the Governor added.

Mr. Byles pointed out that the risks to the inflation forecast are, however, skewed to the upside, which means the out-turn could be higher than projected.

“Higher inflation could stem from a sharper-than-anticipated increase in the tariff faced by trading partners of the US. In addition, domestic inflation could be higher than projected if there is a further escalation in geopolitical tensions, which could negatively impact international supply chains. Lower inflation could, however, result from lower-than-projected international commodity prices as well as weaker demand conditions,” he explained.

Consequently, the Governor said the MPC will continue to closely monitor domestic inflation expectations and any upward pressure on prices resulting from the evolving tariff landscape.

Mr. Byles added that the Bank is prepared to adjust its monetary policy stance if its outlook does not materialise and inflation deviates upwards from the Bank’s target range.

“Importantly, the Bank is well positioned to support stability in the foreign exchange market, should the effects of the policy changes abroad affect foreign exchange flows by more than currently anticipated,” he stated.

The Governor said the BOJ remains committed to achieving its primary mandate of maintaining inflation at four to six per cent and will deploy the tools necessary to preserve price and foreign exchange market stability.

Meanwhile, Mr. Byles said US policy changes may have some impact on Jamaica’s gross domestic product (GDP) growth and the external accounts, to the extent that tourism and goods exports as well as remittances are affected.

“Some of Jamaica’s exports will be exempt from the baseline tariff imposed on Jamaica by the US, and this may augur well for growth in those industries. The economy is, therefore, projected to grow moderately over the near term.

“Against this background, and factoring domestic demand conditions, for fiscal year 2025/26, real GDP is projected to recover in the range of one to three per cent, largely reflecting normalisation in the mining, tourism and construction sectors. In this context, employment levels are projected to remain high, even as anecdotal data suggest that wage pressures are moderating,” he said.

Meanwhile, the Governor indicated that Jamaica’s current account balance is expected to remain in surplus in the near term, with international reserves projected to remain healthy.

“The Bank projects that gross reserves will improve further over the medium- term, remaining above the Assessing Reserve Adequacy (ARA) 100 per cent,” he said.

Mr. Byles pointed out that “the external environment carries much uncertainty, but the domestic macroeconomic outlook remains stable in the Bank’s view”.

By: Chris Patterson, JIS

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