Industry News

$33m readied to finance resilient infrastructure in the CARICOM

Officials from the Caribbean Development Bank (CDB) and the Agence Française de Développement (AFD) have signed an agreement to provide USD$33 million towards financing sustainable infrastructure projects in the Caribbean region. This marks the first time that CDB has accessed financing from AFD.

At least 50 percent of the funds will be used to fund climate change adaptation and mitigation projects.

The agreement was signed in July, 2016 at the CDB Headquarters in Barbados, by French Ambassador to the Organisation of Eastern Caribbean States and Barbados, Eric de la Moussaye, in the presence of CDB Vice-President (Operations), Patricia McKenzie.

Caribbean countries are particularly vulnerable to the impacts of climate change, with our geographical location leading to high exposure to natural hazards. Economic conditions also play a role, as there is a lack of access to long-term resources to finance sustainable climate-related infrastructure projects. We believe that these additional funds will go a long way towards building resilience and mitigating the impact of climate change in our region,” said Mrs. McKenzie.

The Facility will be used by CDB to augment financing for infrastructure projects in several areas: renewable energy, water and sanitation, waste management, adaptation of infrastructure to the effects of climate change, protection of coasts and rivers. Countries that are eligible to benefit from this facility are: Antigua and Barbuda, Belize, Dominica, Grenada, Guyana, Jamaica, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines, and Suriname. The Facility is also complemented by a EUR£3 million technical assistance grant, which will finance feasibility studies for projects eligible for financing under the credit facility.

 

Source: St. Lucia Times

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