You may have noticed that earlier this week the World Bank invested in regional Caribbean Digital Transformation Project for a total of US$94 million.

Four Eastern Caribbean countries will benefit: Dominica (US$28 million), Grenada (US$8 million), Saint Lucia (US$20 million), Saint Vincent and the Grenadines (US$30 million), and the Organisation of Eastern Caribbean States (OECS) Commission (US$8 million) to build an inclusive digital economy.

This is the first World Bank-financed project to support the development of the digital economy in the Caribbean.

Tahseen Sayed was so inspired by this project that she penned the op-ed piece below:

Making
#DigitalCaribbean a Reality

by
Tahseen Sayed

Digital
technologies - the internet and other tools to collect and share
information digitally - are spreading rapidly. The share of world
population using the internet more than doubled to around 50 percent
in 2017, from 20 percent in 2007. This trend is even more evident in
developing countries. For example, the share of internet users
increased more than 7 times in sub-Saharan Africa and South Asia over
the same period, though levels remain substantially lower than in
high income countries.

This
means that individuals, firms, and governments are more connected
than ever. It also means that anyone with an internet connection can
access a virtually unlimited amount of information – and
information is power. It is power for farmers using their phones to
find the best markets for their products, for business owners finding
customers through e-commerce platforms, for entrepreneurs using
mobile money to launch their business ventures, or for students
accessing online tutorials such as offered through the Khan Academy,
which had over 70 million users in 2018. Thus, digital technology is
a great equalizer, providing a range of opportunities both academic
and economic.

The
COVID-19 crisis has highlighted the essential role of digital
technologies in keeping the world connected during an almost entire
global lockdown. This has served as a wake-up call to embrace the
digital agenda and embrace it fast. Regardless of country income
levels, governments have increasingly relied on technology to provide
quick financial relief to households and individuals who lost income
and livelihoods during the lockdown. Countries across the world
delivered payments to those in need with the help of digital and
biometric technology. In addition to enabling quick outreach to
citizens during emergencies such as the current pandemic, the use of
digital technologies for payments also improves their efficiency and
decreases their cost.

The
potential of digital technologies extends well beyond payment systems
and can transform every sector of the economy. Small states have been
world leaders in pioneering digital solutions! Estonia’s digital
transformation program, e-Estonia, is a clear example. Its launch
shortly after Estonia’s independence from the Soviet Union, when
less than half of the population had a fixed telephone line,
transformed the country within two decades into one of the most
digitally advanced in the world. Estonia’s e-government platform
now offers over 99 percent of state services online. The country also
ranks among the best on entrepreneurial activity and start-up
friendliness, highlighting the role of digital technologies as a
source of growth and enabling new economic sectors. Singapore, also a
relatively small state, is another example of embracing digital
transformation and becoming a hub for innovation in only a matter of
a few decades. Today, Google’s Asia Pacific Headquarters is based
in Singapore.

These
examples show the wide-ranging benefits of digital technologies –
during a crisis or during normal circumstances. They also show that
country size doesn’t matter. Small states, such as those in the
Caribbean, have a unique opportunity to leapfrog. The Caribbean can
become a digital leader, opening new economic sectors to diversify
the economy, create jobs, and boost future growth.

Working
towards this vision, four countries in the Eastern Caribbean with the
OECS Commission have launched its first-ever large-scale digital
transformation program with World Bank financing. This is also the
first regional
digital
economy project for the World Bank. The US$94 million Digital
Transformation Project aims to lay the foundations for an inclusive
digital economy in the Eastern Caribbean by increasing internet
access, digital banking, online public services, and digital skills.
The dream of Caribbean becoming a technology hub for the region can
become a reality, also leveraging its competitive advantage of an
educated English-speaking population near North American markets.

The
World Bank is especially proud to partner with the Caribbean in its
vision of developing a digital economy. Over the last few decades, we
have seen that technology has the power to change lives. We can
access knowledge and educational opportunities, earn money, transcend
geography, and connect with people in a way that was not possible
before. The Caribbean has been a world leader in many spheres, and it
is time for it to take the lead in the digital arena to create a
#DigitalCaribbean.

Tahseen
Sayed is the World Bank Country Director for Caribbean countries.

See also video: https://www.youtube.com/watch?v=aTNb7nL4TdE