Amidst multiple crises painting a picture of doom and gloom in several global economic outlooks, Tariq Alli, Inter-American Development Bank (IDB) group general manager, Country Department Caribbean Group and country representative in Jamaica, who presented at Visionaries Summit held last week at the AC Hotel Kingston, pointed to some opportunities for growth in the Jamaican economy.

In particular, he presented an argument for increased partnership between the bank and the Jamaican Government, and also with the private sector. According to Alli, several disruptions occurring simultaneously and converging into a “policrises” had created unpredictability in some forecast models. These disruptions, he said, included economic instability, health and food insecurity, and climate change.

Moreover, while noting that the world was still in recovery mode following the impact of the COVID-19 crisis, he noted that there is still inequality between developed and developing economies, which continues to grow.

Notwithstanding, he pointed to opportunities for “creating a sustainable future for all” through the advancement in technology, increased regional cooperation, and solutions to mitigate the effects of climate change.

“It is the IDB’s perspective that to meet these challenges before us we have to look at development differently and design and execute fresh solutions… To do this we must embrace innovation partnerships and adopt a comprehensive development approach that considers societal and environmental aspects,” Alli outlined.

Looking at the Caribbean, he said the adoption of a digital transformation strategy in both the government sector and private sector could address issues such as food security, infrastructure development, climate risks, and improving the quality of health care.

Again nudging for even more partnerships, the IDB administrator shared that Jamaica has been a “good place to start” having supported initiatives in areas including renewable energy, electric mobility, digital economy, and “climate-smart investments that align with our commitment made in the Paris Agreement”.

“This is why the IDB has been working in Jamaica, not only with Government but also with private sector. Several people see us as being a partner to the Government, but we are actually quite involved with the private sector across the Caribbean and, of course, Jamaica as well,” Alli disclosed.

He added along with its private sector and investment arms IDB Labs and IDB Invest, the hemispheric bank has operationalised a “portfolio of assets” that can aid in the development of various industries. One of those assets is the Development Bank of Jamaica’s (DBJ) BIGEE — Boosting Innovation, Growth Entrepreneurship Ecosystems — programme.

The IDB has allocated US$11 million for BIGEE, which began in 2020 and will last for a period of 10 years. The programme aims to assist up to 1,500 start-up and early-growth businesses preparing to scale.

According to DBJ, the programme has so far impacted approximately 600 businesses through training, grants, and other forms of support. Just last year, the European Union added another layer of financial support to the programme. (https://www.jamaicaobserver.com/business/bigee-targets-1500-entrepreneurs/)

“We’ve executed a partnership with the European Union and over 300 firms have received assistance to adopt digital technology and we are ready to assist with climate-related projects with potential to scale,” Alli revealed about the BIGEE programme.

He added: “You will notice in the words I’ve spoken today that a common thread for us is partnership and this is because we believe, at IDB, that we can be impactful when working with those who have the perspective, the tools and the understanding of what needs to be done and how to do it.”

As such, he appealed to the gathering to consider the implications of how partnerships can lead to innovation and development that benefit everyone.