Dr Warren Smith, who once served as the President of the Caribbean Development Bank (CDB) and until recently held a seat on the Board of Scotia Group Jamaica, has died.

Dr Smith, a Jamaican, has been hailed as one of the Caribbean’s leading economists. He is credited with transforming the CDB, putting in place structural improvements and aligning it more closely with the international multilateral agencies.  He played an instrumental role in designing a rescue package for the regional airline LIAT and was able to repel the Allen Stanford bid to acquire the airline,  seeing to it that it remained under the control of Caribbean governments.

He was a Cornell man, receiving a degree in Economics from the esteemed university in 1974 and then went on to acquire a Master’s in Agricultural Economics, again from Cornell University. In 1985, he completed a PhD in Resource Economics and Public Policy.

Back in 2010, Jamaica’s then Minister of Finance, Audley Shaw, said of Dr Smith: “Dr Warren Smith has been nominated by the Government of Jamaica for the upcoming presidency of the CDB. We believe Dr Smith will serve the region very well. He is a career development economist who has held senior positions across the Caribbean.

“While in Washington, I put it to my Caribbean colleagues that we are not backing a new candidate simply because he is Jamaican. The fact is, the organisation is in need of a new injection of energy and a new philosophical approach to how the CDB can be an effective partner in the region’s efforts in going for growth.“

CEO of Our Today, Al Edwards, said: “Dr Warren Smith was a gentleman and an accomplished scholar. He has to be one of the best economists coming out of Jamaica. He was always positive about the region and served it well.  He was at the helm of the CDB for a decade. I can recall him inviting me to Barbados to get a first-hand look at the operations of the CDB. It was impressive, and his vision for the organisation was one I bought into.

“I thought Scotiabank made a wise choice in appointing him to the Board of its Jamaican operations. His insights and experience would be a boon to the banking group…Jamaican has lost one of its finest sons.”

During Smith’s tenure at the CDB, US$2.5 billion was approved for disbursements. In 2020, under Dr Warren Smith’s leadership, the CDB made around US$400 million in disbursements as it looked to do its part in helping to shore up Caribbean economies during the COVID-19 pandemic. Speaking in Belize in 2014, Dr Warren Smith outlined his economic outlook for the Caribbean.

“A resilient economy is one which is adaptable and can withstand shocks, whether they are economic, political or climate-related. This can best be achieved through diversifying industries with adequate capital buffers and taking advantage of opportunities to create backward and forward linkages.

“The private sector is the principal player in the development of this type of economy. Its composition will include both domestic and private investors who recognise an environment that is predictable and conducive to realising a reasonable rate of return on investment.

“The role of Government then is to create that enabling environment. Caribbean governments are increasingly recognising that targeted efforts at addressing the constraints to doing business, captured in frameworks like the World Bank’s Doing Business Index, will, in time, pay dividends in the form of increased domestic and foreign investment.”

In 2016, Dr Warren Smith was appointed to the Order of Distinction in the Rank of Commander. He received the honour for distinguished public service and for service to the Caribbean in the field of finance.