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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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Tyrone Wilson Returns to iCREATE LIMITED In Dramatic Fashion Played Out At Annual General Meeting

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iCreate Limited (“iCreate” or “Company”) recently held its Annual General Meeting (“AGM”) on Friday, November 24, 2023 for the financial year ended December 31, 2022. Upon the demand of a poll and after the ordinary and special resolutions were voted on by the shareholders, the results of each resolution are as follows: –

Resolution No. 1
“THAT the Reports of the Directors and Auditors and the Audited Financial Statements for the year ended December 31, 2022 be received and adopted.”
Result: This resolution was passed by a majority of the shareholders in attendance. There were no votes recorded against the passage of this resolution.

Resolution No. 2 (a)
“THAT the Directors, retire by rotation upon the expiration of one year (1) year and be re-elected and appointed by a single resolution.”
Result: This resolution was not passed as a majority of the shareholders voted against same.

Resolution No. 2 (b)
“THAT Ms. Arlene Martin who retires by rotation and being eligible for re-election be and is hereby reelected and appointed as a Director of the Company.”
Result: This resolution was not passed as a majority of the shareholders voted against same.

Resolution No. 2 (c)
“THAT Mr. Ricardo Allen who retires by rotation and being eligible for re-election be and is hereby re-elected and appointed as a Director of the Company.”
Result: This resolution was not passed as a majority of the shareholders voted against same.

Resolution No. 2 (d)
“THAT Mrs. Dainya-Joy Wint who retires by rotation and being eligible for re-election be and is hereby reelected and appointed as a Director of the Company.”
Result: This resolution was not passed as a majority of the shareholders voted against same.

Resolution No. 2 (e)
“THAT Mr. Larren Peart who retires by rotation and being eligible for re-election be and is hereby re-elected and appointed as a Director of the Company.”
Result: This resolution was passed by a majority of the shareholders in attendance. There were no votes recorded against the passage of this resolution.

Resolution No. 2 (f)
“THAT Mr. Ivan Carter who retires by rotation and being eligible for re-election be and is hereby re-elected and appointed as a Director of the Company.”
Result: This resolution was not passed as a majority of the shareholders voted against same.

Resolution No. 2 (g)
“THAT Mr. Adrian Smith who retires by rotation and being eligible for re-election be and is hereby re-elected and appointed as a Director of the Company.”
Result: This resolution was passed by a majority of the shareholders in attendance. There were no votes recorded against the passage of this resolution.

Resolution No. 3
“THAT the remuneration of the Directors be determined by the Board of Directors upon their re-election for the ensuing year.”
Result: This resolution was passed by a majority of the shareholders in attendance. There were no votes recorded against the passage of this resolution.

Resolution No. 4
“THAT CrichtonMullings & Associates, Chartered Accountants, having agreed to continue in office as auditors, be and are hereby appointed Auditors of the Company, to hold office until the next Annual General Meeting at a remuneration to be fixed by the Directors of the Company.”
Result: This resolution was not passed as a majority of the shareholders voted against same.

Resolution No. 5
“THAT Article 99 of the Company’s Articles of Incorporation be amended, approved and adopted by the Company to permit for the retirement, re-election and appointment of Directors to be done on a three (3) year rotation and the Directors be authorised and directed to register such amendment to the Company’s Articles of Incorporation with the Office of the Registrar of Companies as the Board of Directors of the Company may deem appropriate after receiving requisitions from the Office of the Registrar of Companies Registrar, by replacing and/or amending Article 99 to provide as follows: –

“At the first Annual General Meeting of the Company all the Directors shall retire from office, and at the Annual General Meeting in every subsequent year, one-third of the Directors for the time being or, if their number is not three (3) or a multiple of three (3), the number nearest one third (1/3) all of the Directors for the time being shall likewise retire from office.”

Result: This resolution was not passed as a majority of the shareholders voted against same.

Upon Notices being submitted to the Company of the proposal to nominate Mr. Tyrone Wilson at the AGM as a Director of iCreate and his acceptance thereof, this resolution was transacted under any other business which could be properly be brought before the AGM. This resolution was moved and seconded and put to a vote by the shareholders. The resolution was passed by a majority of the shareholders in attendance. There were no votes recorded against the passage of this resolution and Mr. Wilson was subsequently appointed as a Director of the Company with immediate effect.

The status of the Company as at November 24, 2023 is as follows: –
1. Directors: Mr. Tyrone Wilson (non-independent executive director);
Mr. Larren Peart (independent non-executive director); and
Mr. Adrian Smith (independent non-executive director)
2. The Company is without an Auditor.
The Company will be filling the casual vacancies in short order and securing the services and appointment of an Auditor so as to ensure compliance of the relevant sections of the JSE Junior Market Rules.

The Company wishes to express its gratitude to the shareholders who attended and participated at the AGM and its Management team.

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Corporate Movements

Corporate Movements- December 2023

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Dolla Financial Services Limited (“DOLLA”) wishes to advise that Ms. Alison Lynn, Financial Consultant, and Mr. Walter Scott, Attorney-at-Law King’s Council, have been invited to join DOLLA’s Board of Directors subject to the approval of the Bank of Jamaica in accordance with the Microcredit Act of Jamaica.

Supreme Ventures Limited wishes to advise of the resignation of Mr. Walter Scott, KC as a Director and Chairman of its subsidiary McKayla Financial Services Limited effective November 30, 2023. The company would like to thank Mr. Scott for his invaluable contribution to the Board of McKayla and would like to wish him all the best in his future endeavors.

iCreate Limited (“iCreate” or “Company”) wishes to advise that as at November 24, 2023, the following resignations were effective: –
1. Ms. Arlene Martin resigned from the post of Interim Chief Executive Officer and as Director of the iCreate subsidiary of Visual Vibe.Com; and
2. Mr. Ivan Carter resigned as Director of the iCreate subsidiaries of Visual Vibe.Com and GetPaid Limited.
With respect to the Company/Corporate Secretary, Mr. Demetrie Adams, his resignation takes effect as at December 31, 2023.
The Board of Directors of iCreate wishes to wholeheartedly thank Messrs. Martin, Carter and Adams for their invaluable service to the Company over the years and wish them all the very best in their future endeavours.

 

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Dolla Financial Services Announces Successful Approval Of J$500 Million Credit Facility

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DOLLA is announcing that the Company has been approved as an accredited Micro Finance institution (MFI) by the Development Bank of Jamaica (DBJ). With this status, DOLLA now qualifies for funding and has been approved for a J$500 Million facility under their Micro Small and Medium sized Enterprise (MSME) Line of Credit to be disbursed and managed by Mayberry Investments Limited.

This substantial funding marks a key strategic move for DOLLA, underlining its dedication to growth and innovation in the microfinance industry. The company expresses excitement and gratitude for the support received from the Development Bank of Jamaica (DBJ). This approval from DBJ not only attests to DOLLA’s financial stability and vision but also contributes to the economic landscape. DOLLA remains steadfast in delivering value to its stakeholders and fostering positive change within the microfinance industry.

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Digicel Group Appointments Rajeev Suri As Chairman Designate

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Digicel is pleased to announce the appointment of Rajeev Suri as Chairman Designate of Digicel Group, the leading digital provider in 25 markets across the Caribbean and Central America.

Rajeev will succeed Denis O’Brien post implementation of the previously announced Restructuring Services Agreement [RSA]. Mr O’Brien will continue to serve on the Board and remain a shareholder in the company.

Implementation of the RSA will see the Digicel shareholder consortium led by PGIM, Contrarian Capital Management, and GoldenTree Asset Management gain a controlling stake in the company. Rajeev will continue to be based in London.

The incoming shareholders of Digicel in a joint statement said; “Rajeev has a proven track record of transformative delivery and with a strengthened balance sheet, we see considerable potential to grow value and profitability at Digicel.”

Commenting, Denis O’Brien, Digicel’s Founder said; “I am delighted to welcome Rajeev as Chairman Designate. Given his impressive track record of delivery over 35 years, I know he will both add value and create value for all our stakeholders. He joins superb local teams across the Caribbean and Central America with whom it has been my privilege to work for over 25 years. He is the ideal leader to deliver on Digicel’s next phase of growth.”

Commenting Rajeev Suri, Chairman Designate said; “I want to thank Gregory Cass, Principal, PGIM, Pat Dyson, Partner, GoldenTree Asset Management, Xiao Song, Managing Director, Contrarian Capital Management, Denis O’ Brien, Digicel’s Founder and all the shareholders of Digicel for welcoming me into the company. Denis has built a fantastic company with leading positions in the markets it serves. I look forward to getting on the road to meet our customers and employees and continuing to strengthen the company’s board and leadership team to take the company forward in this next chapter.”

Mr. Suri has worked in the telecom industry for around 35 years, most recently as Chief Executive Officer of Inmarsat from March 2021 until its acquisition by Viasat in May 2023. He joined Inmarsat from Nokia, where he was President and Chief Executive Officer from 2014 to 2020, having served as Chief Executive Officer of Nokia Siemens Networks since 2009. He was a Commissioner of the United Nations Broadband Commission and served as Chair of the Global Satellite Operators Association (GSOA).

As CEO of Inmarsat, a global mobile satellite communications services company, he delivered record financial performance and provided a successful exit for the company’s private equity and pension fund shareholders.

When at Nokia and Nokia Siemens Networks, Rajeev took a business valued at around €1 billion and increased that to more than €25 billion, creating one of the top two global leaders in telecommunications network infrastructure. He also led the sector’s consolidation, improving the health of the company and the industry.

Previously, Mr. Suri served as co-chair of the digitalisation task force for the B20 and he was also a member of various digital and healthcare committees at the World Economic Forum and is a past recipient of China’s prestigious Marco Polo award. Mr. Suri currently serves as a director of Stryker Corporation, Viasat and Singtel. He holds a B.E. in Electronics and Communications and an honorary doctorate from Manipal University.

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A.S. Bryden & Sons Holdings Limited Lists On The JSE’s Main Market And USD Equities Market

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A.S. Bryden & Sons Holdings Limited, a Trinidadian company acquired by Seprod Limited, officially listed its ordinary shares on the Main Market of the Jamaica Stock Exchange (JSE) and its Class A Preference Shares on the JSE USD Equities Market on November 10, 2023, by Introduction. The Company being the first to list on the Main Market and USD Equities Market of the JSE in 2023. The Company commenced trading of the ordinary shares under the short name ASBH at a price of JA$22.50 on the Main Market and the Preference Shares under the short name ASBH6.00 at a price of US$1.00 on the USD Equities Market.

ASBH is the 52nd company to list on the JSE’s Main Market, 14th company on the USD Equities Market and the 102 company listed overall on the JSE. The listing of A.S. Bryden & Sons Holdings Limited has increased to twelve (12), the new securities that are listed on the JSE since January 2023.

“The total money raised on the market shows that equity capital is the way to finance your business, especially during a high interest rate regime, said the delighted Group Business Development Manager of the Jamaica Stock Exchange, Mr. Andre Gooden, in his welcoming remarks at the Listing Ceremony. He informed the audience that the market capitalization of ASBH at $31.27 billion had increased the market capitalization of the Main Market to over $1.61 trillion and the overall market capitalization of the JSE’s combined markets to $1.8 trillion. Mr. Gooden added that since the start of the year, a total of JA$18.74 billion (approximately US$122.12 million) was raised by way of Initial Public Offers (IPOs), Additional Public Offer (APO) and private offers.

Describing the JSE as the most vibrant stock exchange in the Caribbean in which to participate, Mr. Richard Pandohie, Chief Executive Officer of A.S. Bryden & Sons Holdings Limited, in his remarks to the audience revealed that the Bryden Group which had been in private hands for 99 years, as part of its 100th year Anniversary, was allowing investors to participate in its journey. He also described the Company as being part of the fabric of Trinidad and Tobago and noted with satisfaction that 54% of the employees had chosen to buy shares in the Company.

“Today we are witnessing a major milestone in the evolution of the Seprod Group allowing investors to participate in its journey,” said Mr. Pandohie. He said that ASBH is the biggest acquisition in the history of the Seprod Group and added that the public and investors across the Caribbean can anticipate more big plans from the Company. He disclosed that the Company was in the process of building a US$30m distribution centre in Trinidad and will be expanding its footprints in Guyana and Barbados. Mr. Pandohie further explained that the current listings of shares on the JSE was not about raising funds at this time but to position the Company to efficiently access capital if the need arises. In highlighting the growth of the Company since its acquisition by Seprod Limited, Mr. Pandohie stated that ASBH workforce had expanded from 1,263 to 1,565. He gave huge thanks to the employees, JSE, Financial Services Commission, NCB Capital Markets Limited (broker), the professional service providers, business partners, investors and customers for the unwavering support given to the Company.

In his remarks, Mr. Alex Johnson, Manager – Origination & Structuring at NCB Capital Markets Limited, the broker of the listing, congratulated ASBH for successfully listing on the JSE and for choosing NCB Capital Markets Limited as their broker. He further remarked that it was fitting that the JSE was chosen as the platform to go public as the Company commemorates its 100th year anniversary. He further tipped the audience that Seprod Limited had been consistent in paying dividends and hence he sees current and future new investors also receiving significant benefit from investing in ASBH’s shares, its newest subsidiary.

About A.S. Bryden & Sons Holdings Limited (ASBH)
A.S. Bryden & Sons Holdings Limited was incorporated in Trinidad and Tobago on July 1, 1999. The Company serves as the non-operating parent company of the Bryden’s Group of Companies. A.S. Bryden & Sons Holdings Limited (“A.S. Bryden”) is a consumer products distributor in Trinidad and distributes food, pharmaceuticals, hardware, houseware and industrial equipment. It is a partner of choice for global principals and has its own brands. It has significant market share in Trinidad with smaller presence in Barbados and Guyana. A.S. Bryden operates through three principal operating subsidiaries A.S. Bryden & Sons (Trinidad) Limited (“ASBT”), Bryden pi Limited (“Bryden pi”) and F.T. Farfan Limited (“F.T. Farfan”).
Seprod Limited is the majority shareholder.

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