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CDB approves millions in loans and grants for ten borrowing member countries
Published on May 31, 2017Email To Friend    Print Version

PROVIDENCIALES, Turks and Caicos Islands -- On Monday, May 22, the board of directors of the Caribbean Development Bank (CDB), met in Providenciales, Turks and Caicos Islands. It approved the following projects in The Bahamas, Belize, Dominica, Grenada, Guyana, Haiti, St Kitts and Nevis, St Vincent and the Grenadines, Suriname and the Turks and Caicos Islands.

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The Bahamas

The government of The Bahamas is set to receive USD100,000 in grant resources from the CDB to undertake a diagnostic study of, and strategic plan for, the Bahamas Development Bank (BDB).

Belize

The CDB has approved a grant of GBP700,000 to the government of Belize to fund a feasibility study for the upgrading of the Philip S. W. Goldson Highway. The project is being supported through the United Kingdom Caribbean Infrastructure Partnership Fund (UKCIF), which is administered by CDB.

Dominica

The CDB approved a USD12 million line of credit to the Dominica Agricultural Industrial and Development Bank (DAIDB) to enhance socioeconomic development in Dominica. The loan, under the guarantee of the government of Dominica, will assist in providing finance for student loans, and low and lower-middle income housing that, combined, is expected to benefit 400 people.

Grenada

The CDB approved a USD500,000 grant to the government of Grenada to undertake a comprehensive reassessment of the T.A. Marryshow Community College (TAMCC). The review will address the adequacy, effectiveness and sustainability of the infrastructure, governance systems and operational procedures of TAMCC.

Guyana

In Guyana, 90 percent of the population live along the coast, which is below sea level at high tide. The communities are protected by a network of seawalls and stone revetments, but these have deteriorated significantly over the years, due in part to the impacts of climate change. On May 22, the CDB approved a grant of GBP603,000 to fund a feasibility study and designs for the rehabilitation of the coastal and river infrastructure in the Georgetown area.

The CDB also approved a grant of GBP830,000 to the government of Guyana, to fund a feasibility study for road rehabilitation between Linden and Mabura Hills, along with plans for a new river crossing at Kurupukari.

Haiti

The CDB approved a grant of USD5.5 million to the government of Haiti to improve climate resilience and disaster risk management on Ile-à-Vache, an island off the country’s southern peninsula.

St Kitts and Nevis

The CDB approved a grant of EUR538,000 to support the government of St Kitts and Nevis in conducting a climate risk and vulnerability assessment of the coastal road infrastructure, as well as prepare designs for the rehabilitation of two high-priority sites.

St Vincent and the Grenadines

The CDB will provide funding to help the government of St Vincent and the Grenadines improve the resilience of its hydropower electricity infrastructure to climate-related and geophysical hazards. The bank approved the technical assistance project, which will also include financing for a climate risk vulnerability assessment and a multi-hazard risk profile for the country’s electricity sector.

The CDB also approved a blended financing package of USD4.2 million loan and the equivalent of USD1 million in grant resources to further support the transformation of the energy sector in St Vincent and the Grenadines. The financing approved will support the replacement of 7,220 streetlights with high-efficiency light-emitting diode (LED) street lamps; the implementation of energy-efficiency measures in 20 government buildings; and the construction of a solar photovoltaic (PV) plant.

Suriname

The CDB approved a grant of USD410,000 to the government of Suriname, to help the ministry of finance implement critical macroeconomic and structural reforms.

Turks and Caicos Islands

The CDB approved funding to the government of the Turks and Caicos Islands to enhance its capacity to protect and manage the islands’ coastlines using climate-resilient approaches. The funding will support a feasibility study and designs for coastal protection works in Grand Turk, North Providenciales and Salt Cay, and the development of a shoreline management plan.
 
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