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Guyana pushes for expanded IDB financing for Caribbean
(Kaieteur News) – Finance Minister, Dr. Ashni Singh, on Saturday called on the Inter-American Development Bank (IDB) to expand and tailor its financing instruments to better support the Caribbean’s unique vulnerabilities.
Speaking at the 2026 Annual Meetings of the Boards of Governors of the IDB and IDB Invest in Asunción, Paraguay, Dr. Singh commended the Bank for moving “decisively from reform to implementation” in 2025, while urging greater flexibility in the institution’s lending tools and stronger reliance on country systems. “The Caribbean remains among the most vulnerable regions in the world to natural disasters, external shocks and global economic volatility,” Dr. Singh said.
Senior Minister with responsibility for Finance, Dr. Ashni Singh
“At the same time, our access to financing is constrained and fiscal space remains limited. For this reason, we welcome a bigger and more responsive Bank that can deploy flexible financing tools, deepen private sector engagement, and address the structural barriers that limit growth and resilience.”
Dr. Singh delivered the remarks while presenting a statement as Chair of the Caribbean Constituency, emphasising that decisions taken by the region today—both individually and collectively—will shape its ability to convert challenges into opportunities for stronger economic growth, expanded regional trade, and sustained investment in climate-resilient infrastructure across Latin America and the Caribbean.
He noted that the alignment between the Caribbean’s development priorities and the IDB Group’s mandate provides significant opportunity for deeper collaboration, highlighting the IDB as the region’s largest and most valued development partner. Addressing disaster preparedness, Dr. Singh welcomed the Bank’s Disaster Risk Management Action Plan 2026–2030, which prioritises prevention, preparedness, resilient recovery and financial protection through tools such as contingent credit facilities, catastrophe insurance and climate-resilient financing mechanisms.
“These instruments will be vital in strengthening fiscal resilience and improving preparedness for future shocks,” he said, while also acknowledging the Bank’s support to Jamaica following Hurricane Melissa in 2025. Turning to Guyana’s experience with the Bank, Dr. Singh highlighted increased approvals and stronger net financial flows from the IDB Group.
He underscored the importance of policy-based lending, describing it as a flexible and effective development instrument that Guyana has successfully used to advance reforms in justice administration, competitiveness, financial sector development and human services. However, he stressed the need for lending instruments to be better adapted to national circumstances.
“We must tailor financing tools to country contexts and expand the use of national systems. This strengthens ownership, improves efficiency and ensures the sustainability of development outcomes,” he said. On private sector development, Dr. Singh welcomed the growing role of IDB Invest in Guyana following its recent capitalisation, noting that the country looks forward to deeper collaboration to support emerging investment opportunities in transport, energy infrastructure, productive diversification and trade expansion.
He encouraged the Bank to broaden the use of instruments such as equity financing and local-currency lending to improve project bankability and scale.
With Guyana placing strong emphasis on economic diversification, Dr. Singh also welcomed IDB Lab’s continued focus on innovation, entrepreneurship and scalable private-sector solutions, noting that these initiatives are critical to building long-term resilience.
The Minister concluded by reaffirming Guyana’s strong support for the IDB Group and its reform agenda, expressing confidence that the capitalisation of IDB Invest and the replenishment of IDB Lab will position the institution to become an even stronger and more responsive partner for the Caribbean.
Dr. Singh is accompanied at the meetings by Ms. Navita Ramroop, Executive Director in the Caribbean Office of the IDB, along with Mr. Bernard Lord, Director of Projects at the Ministry of Finance, and Ms. Ronette Hetsberger, Senior Economic and Financial Analyst.
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