The World Bank is to produce a study focusing on the economic needs of developing Eastern Caribbean states, to be presented in June 2003, according to reports.
Following three hours of talks on Wednesday with representatives from Barbados, St Kitts and Nevis, St Lucia, St Vincent and the Grenadines, Antigua and Barbuda, Grenada, and Dominica, World Bank President, James Wolfensohn agreed to commission the report on the challenges facing the small island states in the face of increased globalisation, according to St Kitts Prime Minister, Denzil Douglas, who hosted the meeting.
Speaking to reporters, Mr Douglas explained that the study would be examining in detail ways in which the bank can assist the region in ensuring that impediments to its development are removed, allowing the states to compete more effectively in the international arena.
The St Kitts leader stressed that the Eastern Caribbean nations cannot become truly competitive until the underlying infrastructure necessary for international success is put in place.
'We need more grants rather than loans, we need to look at the relationship of the available capital between IDE (development) funds and the (world) Bank funds and moving it away from a 50/50 percent to a 70/30 percent,' he observed.
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