Caribbean News Now!

About Us Contact Us

Countries/Territories

Jump to your country or territory of interest

Advertise with us

Reach our daily visitors from around the Caribbean and throughout the world. Click here for rates and placements.

Contribute

Submit news and opinion for publication

Subscribe

Click here to receive our daily regional news headlines by email.

Archives

Click here to browse our extensive archives going back to 2004

Also, for the convenience of our readers and the online community generally, we have reproduced the complete Caribbean Net News archives from 2004 to 2010 here.

Climate Change Watch

The Caribbean is especially vulnerable to rising sea levels brought about by global warming. Read the latest news and information here...

Follow Caribbean News Now on Twitter
Connect with Caribbean News Now on Linkedin
Instagram



News from the Caribbean:




Back To Today's News

US$33 million to finance climate change resilient infrastructure in the Caribbean
Published on August 25, 2016 Email To Friend    Print Version

cdb_afd_climate_ agreement.jpg
Patricia McKenzie (centre), CDB Vice-President, Operations and Eric de la Moussaye (right), French Ambassador to the Organisation of Eastern Caribbean States and Barbados, sign the Credit Facility Agreement. Looking on is Dave Waithe, Legal Counsel at CDB

BRIDGETOWN, Barbados -- Officials from the Caribbean Development Bank (CDB) and the Agence Française de Développement (AFD) have signed an agreement to provide US$33 million towards financing sustainable infrastructure projects in the Caribbean region. At least 50 percent of the funds will be used to fund climate change adaptation and mitigation projects.

The agreement was signed last month 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,” McKenzie said.

The funds are being provided by AFD under a credit facility agreement with CDB. AFD is the primary agency through which the government of France provides funding for sustainable development projects. This marks the first time that CDB has accessed financing from AFD.

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 EUR3 million technical assistance grant, which will finance feasibility studies for projects eligible for financing under the credit facility.

The agreement supports the improvement of Caribbean economies’ resilience and vitality through the development of sustainable infrastructure projects with significant environmental or climate impacts. It is in alignment with the Bank’s corporate priority of promoting environmental sustainability.
 
Reads: 12988





Click here to receive daily news headlines from Caribbean News Now!




Back...

Comments:

No comments on this topic yet. Be the first one to submit a comment.

Back...

As a result of our comments feature being overtaken in recent weeks by spammers using fake email addresses, producing a large number of bounced verification emails each day, we have reluctantly decided to suspend the comments section until further notice.

Disclaimer
User comments posted on this website are the sole views and opinions of the comment author and are not representative of Caribbean News Now or its staff. Caribbean News Now accepts no liability and will not be held accountable for user comments.
Caribbean News Now reserves the right to remove, edit or censor any comments. Any content that is considered unsuitable, unlawful or offensive, includes personal details, advertises or promotes products, services or websites or repeats previous comments will not be approved.
Before posting, please refer to our Terms of Use and Privacy Policy.






Other Headlines:



Regional Sports: