The region is running out of time to deliver on promises of prosperity and social justice.

President of the Caribbean Development Bank, Dr. Warren Smith, made the remark as he opened the Bank’s annual Board of Governors meeting on Wednesday.

Dr. Smith says Caribbean countries need to step up the pace of their reform agenda.

Our Business and Finance Editor, Kalilah Reynolds, is in Port of Spain, Trinidad and Tobago covering the meetings.

The CDB President says at the turn of the millenium, Caribbean governments made ambitious promises to their citizens.

But the self-imposed deadline is fast approaching, and not enough progress has been made.

Dr. Smith says the region has to step up the pace of the reform agenda, as countries have fallen off track.

And he’s pointing to this year’s Doing Business report by the World Bank, as proof that there’s been a disappointing lack of progress.

He says despite these setbacks, he believes the targets are still achievable if regional governments step up the pace.