(CNS Business): Following last month’s announcement by the premier of a solar energy programme for Cayman’s elderly and indigent, McKeeva Bush says he is also planning to use the Cayman Islands Development Bank to provide loans for people interested in acquiring solar power. Speaking to CNS Business at the close of the Caribbean Development Bank’s meeting of governors this week, Bush said the Cayman Islands had a long-standing and strong relationship with the CDB and he had already had discussions with the Cayman Islands Development Bank, which is Cayman’s link to the CDB, to see about the provision of loans for those in Cayman seeking solar power infrastructure.  

In his closing remarks at the end of the 42nd governors meeting, Bush said energy efficiency was a topic that had been discussed by the governors during their high level discussions.

“We … must listen, carefully consider, and then speak and act wisely about the issues we discussed this week – such as appropriate regulation, prudent fiscal policies, business climate reforms, energy efficiency, and citizen security,” he said.

Speaking with CNS Business at the end of the meeting, Bush confirmed, “I have already been speaking with the Cayman Islands Development Bank, which falls under me and is the organisation which deals with the CDB. Already this year I have discussed with them the possibility of loans relating to the new energy programme that I’ve announced,” he said.

Bush said that he felt the CDB was a particularly good option for Cayman when it came to borrowing.

“The CDB is more helpful than other banks,” he said. “They have more stringent qualifying criteria but they undertake a lot of research for us and track what we are doing, advise you, and that’s what good about them.”

In his closing remarks he said that the bank historically had enacted practices that balanced the needs of diverse borrowing member countries.

“This is a difficult task and as the world becomes more integrated, it won’t get any easier,” he noted. That said, Bush acknowledged that accessing “soft loans” from the CDB was not so easy for Cayman.

“Cayman cannot enter into the soft loans with the CDB because of our high per capita income,” he said. “We are deemed a more wealthy country than, say, Anguilla or Montserrat and that is to our detriment because we cannot get the better interest rates.”  

During the week several events were held in addition to the governors meeting, including small-business workshops on food, hygiene and computerised job estimation tools, a Vybzing Youth Programme, and a procurement workshop for civil servants. 

In his closing remarks, Bush said it was important that action came from the discussions.

“We will be judged for the critical thinking we applied to the challenges and opportunities set upon us by the global economy and supranational bodies, and by our own internal processes and norms. Substance, ladies and gentlemen; we will be judged on the substance of this meeting," he said.