The Barbados-based Caribbean Development Bank (CDB) Tuesday said it had entered into an agreement with the Italian-based Cassa Depositi e Prestiti (CDP), to provide US$50 million to help regional countries counter the effects of climate change and support the sustainable development of Caribbean countries.
The CDB said that the financing will expand the pool of loans that the region’s premier financial institution already makes available to its Borrowing Member Countries (BMCs) for official development assistance in countries such as Belize, Dominica, Grenada, Guyana, Jamaica, St. Lucia, St. Vincent and the Grenadines and Suriname.
It said the financing will help accelerate the implementation of programs launched by the Caribbean countries aimed at achieving, by 2030, the UN Sustainable Development Goals (SDGs).
“The assistance will support projects related to the management of water resources, the production of energy from renewable sources, the creation of infrastructure for sustainable mobility, and the protection of oceans, coasts, and biodiversity.”
The agreement was signed by the CDB President, Dr. Hyginus “Gene” Leon, and the Director International Development Finance Officer at CDP, Antonella Baldino, at the Permanent Mission of Italy to the United Nations in New York.
“Climate crisis is a global challenge that requires mutual cooperation and collaboration. To this end, we are honored to join other relevant partners in support of Caribbean countries’ efforts to reach their United Nations SDG commitments,” said Antonella Baldino, the CDP’s chief international development finance officer.
Baldino said that it is a target in line with CDP’s 2022-2024 Strategic Plan that aims to promote sustainable development and accelerate ecological transition at a global level.
Leon said that the volume of financing needed by the Caribbean countries to achieve the SDGs “will require broad support from a variety of sources, and CDB is committed to creating and strengthening partnerships that will make affordable financing available for our BMCs”.
Under the arrangements, CDB has responsibility for approval and supervision of projects financed through the Program. Projects will be implemented in compliance with CDB’s policies, procedures, and fiduciary standards, as well as social, environmental, and gender safeguards.
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