We welcome the opportunity to be part of the IDB Portfolio Review not only to look back at the projects executed in the last five years, but also to look forward to challenges and needs of the Caribbean Community in preparation for the Bank’s new strategy for 2005 to 2009.

This Review is being undertaken at a critical moment for the IDB and for the Caribbean Community itself. Significant progress has been made by the Community towards the establishment and operationalisation of the CARICOM Single Market. However, significant and substantial assistance from our development partners will be required to make the CSME a sustainable reality.

This Portfolio Review Meeting signifies another important stage in what has been a strong, substantial and strategic cooperative relationship between the IDB and CARICOM. Such cooperation has served the Region well, impacting positively on various aspects of our social and economic development.

With such a record of solid support under the current programme, we look forward to the implementation of a programme of activities in 2005-2009 that will further strengthen the Region’s capacity as it relates to regional integration.

We hope, during our discussion, to identify regional development needs and priorities that could benefit from IDB support. This afternoon’s session will be a brainstorming and we look forward to fruitful discussions.