Fitch Rates Caribbean Development Bank ‘AA+’; Outlook StableApplication Deadline:(3/22/2017)-Fitch Ratings has assigned Caribbean Development Bank (CDB) a Long-Term Issuer Default Rating (IDR) of ‘AA+’ with a Stable Outlook and a Short-Term IDR of ‘F1+’. KEY RATING DRIVERS The ratings and Stable Outlook reflect the following key rating drivers: The ratings of CDB are fully driven by its intrinsic credit quality, most notably its high level of solvency (assessed at aa) and its excellent liquidity (assessed at aaa). The ‘medium-risk’ business environment assessment (comprising a low-risk assessment of business profile and medium-risk assessment of the operating environment) adds a single notch to the solvency assessment of ‘aa’, resulting in an overall intrinsic rating of ‘aa+’. The ‘aa’ solvency assessment of CDB is driven by ‘excellent’ capitalisation and a ‘low’ risk profile. Capitalisation is a key strength for the ratings. The equity-to-adjusted assets ratio of 56.6% at end-September 2016 (62% at end-2015) is assessed as ‘excellent’ in Fitch’s supranational criteria – far above the 25% threshold for an assessment of ‘excellent’. Fitch views CDB’s risk profile as low-risk, […]
Essex Valley farmers to benefit from GBP35.5 million grantApplication Deadline:(3/22/2017)-Farmers in Essex Valley in St. Elizabeth, Jamaica, are to benefit from the development of an irrigation system, which will supply water to approximately 700 hectares of agricultural land in that parish. The project is being funded through a grant of GBP35.5 million (mn) from the United Kingdom Caribbean Infrastructure Partnership Fund (UKCIF), which is administered by the Caribbean Development Bank (CDB). “Jamaica’s agriculture sector is an important contributor to socioeconomic development, and provides important sources of employment. However, irregular rainfall, prolonged droughts and the possible impacts of climate change all affect agricultural production. This project is intended to reduce the water-related challenges faced by farmers in Essex Valley, and enhance agricultural production and productivity,” said Andrew Dupigny, Head of Infrastructure Partnerships at CDB. Agriculture is the most dominant sector in St. Elizabeth, employing 40 percent of the population. The availability of water is considered a major challenge, and the Essex Valley area is characterized by low rainfall with frequent droughts. Some 55 percent of farmers depend exclusively […]
Grenada receives grant for geothermal energy developmentApplication Deadline:(3/22/2017)-The Board of Directors of the Caribbean Development Bank has approved a grant of USD231,630 to the Government of Grenada to build its capacity for planning and implementation of its geothermal energy development roadmap.