April 16, 2009

Port of Spain: The President of the Inter-American Development Bank (IADB), Luis Alberto Moreno, said today that investment opportunities exist in Latin America and the Caribbean and that they should be taken advantage of, even in today’s economic climate.

The IADB president was speaking at the second day of the Fifth Summit of the Americas Private Sector Forum on the topic “Opportunities for growth and prosperity in the new decade”. He told the gathering that investment in infrastructure is one way out of the economic crisis, especially in light of statistics which show that the economies of Latin America and the Caribbean could experience about one (1) to five (5) percent more growth if there was improved infrastructure.

More than 300 business representatives from around the region are participating in the Private Sector Forum and will present their recommendations for consideration by the 34 Heads of State and Government who will meet in Port of Spain from Friday, April 17, to Sunday, April 19, for the Fifth Summit of the Americas.

Meantime, the President of the Andean Development Corporation (CAF), Enrique García, praised the Private Sector Forum for its focus. He said other such meetings tended to be focused and obsessed with the global economic crisis but not on what can be done after it is over.

“This too shall pass,” Mr. García said as he urged everyone to keep their eyes on the future.

Like the President of the IADB, he too underscored the need for more investment in infrastructure projects in Latin America and the Caribbean, but he said these projects must be right for the time and they should be bankable.