Prime Minister Owen Arthur (right) presenting Professor Compton Bourne, president of the Caribbean Development Bank, with his award on behalf of Caribbean Money Market Brokers for Bourne's outstanding contributions to the development of capital markets and economics in the Caribbean at Sandy Lane on Monday night.

THE DISTINGUISHED CAREER of Professor Compton Bourne received high praise when Caribbean Money Market Brokers (CMMB) honoured his contribution to Caribbean capital market development and economic study on Monday night.

Prime Minister Owen Arthur presented the 2006 award to the Caribbean Development Bank's (CDB) president on CMMB's behalf at a well-attended cocktail reception at Sandy Lane Hotel Spa in St James.

Arthur reminisced to the audience of regional business people, economists, and other specially invited guests, of the "awe" in which Bourne was held even when he (Arthur) was a postgraduate economics student.

"It ages me considerably, but 35 years ago when I entered postgraduate school at Mona, Dr Compton Bourne was already a legend, a person respected for his enormous intellect for the work that he did as a lecturer in the field of monetary economics, but also for the tremendous contributions that he was even then making, to the monetary studies programme which has, over time, been the field of purest economic research that has been sustained in the Caribbean," Arthur said.

The Prime Minister lamented the continuing decline of pure economics in the region, and said he hoped Bourne's award by the Trinidad-based CMMB would "inspire" more students to pursue the discipline.

He added that Bourne enjoyed the confidence of the Barbados Government and that the Caribbean was "richly blessed" to have him as head of the CDB "at this crucial time in the evolution of the Caribbean economy as a regional economy".

Bourne, the University of the West Indies professor emeritus of economics, was the fourth recipient of the CMMB annual award.

In reading Bourne's citation, CMMB managing director and chief executive officer, Ram Ramesh, revealed the economist was the unanimous choice of the adjudicators, amongst whom were past awardees and senior CMMB executives.

Ramesh credited Bourne for "single-handedly" paving the way for the formation of several development banks in the region, while noting there were few Caribbean nationals in financial services who had not either benefited from Bourne's tutelage, mentorship, or "profound insight".

The man of the moment said he was "greatly honoured" by CMMB's selection committee.

He reminisced on his contribution to capital market developments in the Caribbean, Africa, and other developing states over the years; and said his most recent "cause for satisfaction" was the part he played in the establishment of the region's first credit rating agency – CariCRIS. (CH)