CARICOM leaders are set to engage in discussions with their European counterparts in Brussels, Belgium, on Monday, as confirmed by senior EU officials on Friday.
During the two-day EU and Community of Latin American and Caribbean States (CELAC) summit, various matters relevant to the Caribbean region will be deliberated upon, as per the officials briefing reporters.
They emphasized the significance of continued collaboration with the region, highlighting the inclusion of the Bridgetown initiative on the EU-CELAC summit’s agenda.
Spearheaded by Barbados Prime Minister Mia Mottley, the Bridgetown Initiative draws comparisons to the Marshall Plan of 1948, which provided substantial foreign aid—exceeding US$13 billion—to support Western Europe’s post-World War II recovery.
The Bridgetown Initiative encompasses three pivotal steps outlined by Barbados.
Firstly, it aims to modify certain loan and repayment terms, preventing developing nations from falling into a debt crisis when compelled to borrow extensively due to recurring disasters such as floods, droughts, and storms. Secondly, Barbados is urging development banks to extend an additional one trillion US dollars in loans to developing countries, primarily focused on climate change resilience. This includes discounted lending specifically directed towards enhancing climate resilience in countries susceptible to climate-related adversities.
The third step of the Bridgetown Initiative entails establishing a novel mechanism, supported by the private sector, to fund climate mitigation and reconstruction efforts following climate disasters.
Co-chaired by Charles Michel, President of the European Council, and Dr. Ralph Gonsalves, the Prime Minister of St Vincent and the Grenadines and the current pro-tempore Presidency of CELAC, the two-day EU-CELAC summit marks the first such gathering in eight years.
The officials also acknowledged the likelihood of reparation for slavery being included as an agenda item during the summit.
