As the Inter-American Development Bank (IDB) charts a new strategic course to support Barbados’ growth and development, it does so with a new leader at the helm. Ms Carina Cockburn assumed the role of Country Representative for Barbados on October 1, 2024, bringing an impressive background, a deep understanding of Caribbean economies, and a strong vision for sustainable development. Her appointment is timely, given Barbados’ prominent position in the push for reform of global financial architecture and the need for adaptive, locally-driven initiatives.

Describing herself as a ‘proud daughter of Jamaica’, Cockburn’s IDB career began in her homeland, where she worked with the Multilateral Investment Fund – now IDB Lab – to support Micro, Small, and Medium Enterprises (MSMEs) and foster innovative development programmes. She then moved to Washington DC as a senior advisor in the Caribbean department, visiting Barbados regularly as part of her role. Her next assignment took her to Trinidad and Tobago as Chief of Operations before being appointed Country Representative in 2021. As she embarks on her second tour as a Country Representative here in Barbados, she shares her vision for her tenure.

The Role of the IDB in Barbados

The Inter-American Development Bank’s work in Barbados is very broad. The Country Office supports Barbados’ goal of transitioning to renewable energy, while fostering fiscal sustainability, safeguarding social outcomes and promoting higher productivity and competitiveness to enhance the country’s growth potential. Examples of IDB’s public sector programmes here include financing in the renewable energy, water and sanitation sectors, technical support in the face of climate change and assistance with de-risking finance for MSMEs through a guarantee programme with the Central Bank of Barbados.

On the private sector side, IDB is providing technical assistance to the Government of Barbados on strategies to grow and diversify the economy through mechanisms that will support innovation – such as a regulatory sandbox and accompanying risk capital fund, a research and development roadmap, and a life sciences strategy. Also, IDB Invest has financed the construction of an additional berth and purchases of equipment at the Bridgetown Port which is also receiving technical assistance from the IDB’s PPP unit.

IDB Lab in Barbados is fostering a HealthTech Ecosystem that will invest in health innovations in the public sector. Additionally, IDB Lab is administering a number of regional programmes from Barbados, such as the CARIBEquity Facility in partnership with the European Union. CARIBEquity is building the capacity of innovation ecosystem actors, deploying blended finance to Caribbean founders and startups, and fostering knowledge sharing and networking across the region.

The Compete Caribbean programme in partnership with the Governments of the United Kingdom and Canada and the Caribbean Development Bank is also operated out of IDB’s Barbados office and provides technical assistance to 13 countries, including Barbados, for private sector development with inclusion and climate resilience.

Top of Cockburn’s to-do-list is crafting the IDB’s new Barbados Country Strategy 2025-2030. She is leading a comprehensive consultation process with government leaders, civil society, and the private sector. This strategic document, expected to be released by May 2025, will outline the IDB’s commitment to supporting Barbados’s goals and priorities, serving as a roadmap to guide impactful development in the coming years.  

Carina Cockburn: A Vision for Barbados at a Crucial Time

“Having completed one tour as a Country Representative, I’m happy to now be in Barbados where the IDB is the largest multilateral donor. We have a really mature relationship with the Barbados Government and across different sectors.

And of course, Barbados is at the forefront of the push for multilateral reform. As a citizen of the Caribbean, I want to show how multilateral institutions can still deliver on their mandate, for Caribbean countries in particular. I think it’s a great and exciting time to be present here in Barbados and collaborate on that agenda.

Our President – Ilan Goldfajn – has indicated that he is open to change and reform. So what that looks like on the ground is trying to be more agile, responsive, listening more to what our clients are saying they need. Instead of just replicating cookie-cutter projects into a new environment, we need to customise a set of solutions that are integrated across all ‘windows’ of the Bank: IDB, IDB Invest and IDB Lab.

We strive for programmatic solutions that work for the government, the private sector, entrepreneurs and small businesses, and society as a whole, which also reflect our values as an organisation. We care about climate change. We care about gender equity. We care about strengthening institutions. So these things have to permeate the things we’re doing in a country.

We’re still in the early stages of consultation for the new strategy. We need to create a strategy that aligns with Barbados’ national priorities. We have already identified some focal points and areas of overlap where we can add value. One of the things I can share is that there will be a cross-cutting theme of innovation. We need to try things in new ways and cement Barbados’ place as a leader in innovation, both in the Caribbean and beyond. We also need to be more resilient in the face of climate change, and we need to lay the groundwork for a more diversified economy, which can be sustained even in the face of shocks like Hurricane Beryl in July 2024.

A robust private sector is crucial for economic growth, and we need candid dialogue with these stakeholders. We need to do more listening, and I’m currently consulting with various business groups to understand the challenges and opportunities they see. If anyone reads this article before I’ve had the chance to meet with them, know that I’m coming to speak with you or feel free to reach out. I’m here to listen, to understand, and to collaborate for a brighter future for Barbados.”

IDB Country Office in Barbados
‍+1 (246) 627-8500
IDBBarbados@iadb.orgiadb.org