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CDB approves project to support economic reforms in Barbados

The Board of Directors of the Caribbean Development Bank (CDB) has approved a grant of USD400,000 to help the Government of Barbados further develop its economic reform programme. The approval sets into motion the Bank’s plan to support the country’s return to sustained economic growth. The technical assistance project aims to enhance the capacity of staff in the Ministry of Finance, Economic Affairs and Investment to adequately design, negotiate and support the implementation of critical macroeconomic and structural reforms. Further, it is expected to strengthen Barbados’ macroeconomic policy and planning. “This project is critical to unlocking the growth potential of the Barbadian economy, and improving the country’s economic performance. CDB is pleased to support the Government of Barbados in its efforts to restructure the country’s debt and focus on creating conditions for the return of sustained economic growth,” said Dr. Justin Ram, Director of Economics, CDB. The technical assistance project responds to the urgent challenges Barbados faces, including a fragile fiscal and external liquidity situation; and unsustainable levels […]

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CDB to help pay Haiti’s 2018-2019 catastrophe insurance premiums

The Caribbean Development Bank (CDB) has approved a grant of USD3 million (mn) to cover Haiti’s 2018-2019 insurance premiums with CCRIF SPC—the company that provides parametric insurance coverage to the Caribbean and Latin America.  The Bank’s funding will help the country meet the cost of the premiums for tropical cyclone, earthquake and excess rainfall coverage to which the Government of Haiti will contribute up to USD1.8 mn. CDB’s Director of Projects, Daniel Best said that among the Bank’s 19 Borrowing Member Countries, Haiti is one of the most vulnerable to natural hazards. “A large percentage of the population of Haiti is exposed to multiple hazards, due to climate change, the rapid growth of unplanned settlements, and ecosystem degradation and decline. We are pleased that the Government of Haiti is collaborating with development partners like CDB to design and implement development projects that focus on reducing the country’s risk to natural hazards, and help it adapt to climate change,” he said. In the event of a future disaster, however, […]

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CDB shares procurement opportunities, guidance with BVI private sector

  At least 92 contractors, suppliers and consultants in the British Virgin Islands (BVI) are now better equipped to benefit from procurement opportunities available through projects funded by the Caribbean Development Bank (CDB). The Bank held a training exercise in the BVI on August 1, 2018, which helped private sector stakeholders better understand CDB’s procurement guidelines, and provided them with practical advice on successfully preparing bids and proposals. Head of Procurement at CDB, Douglas Fraser said the event helped participants not only build their knowledge but also partnerships that could possibly grow their businesses. “CDB projects have grown in scale and complexity over recent years, and bidders have increasingly needed to identify suitable partners in order to meet the requirements for contracts. As such, the training event provided the participants with the opportunity to build new and lasting business partnerships, which, in turn, deliver development results for the people of the British Virgin Islands and the Region,” said Fraser. For the period 2014 to 2017, BVI companies were […]

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CDB, UK sign agreement to add GBP30 million to infrastructure fund

The Caribbean Development Bank (CDB) and the United Kingdom Department for International Development (DFID), have signed an agreement which will add GBP30 million (mn) to the United Kingdom Caribbean Infrastructure Partnership Fund (UKCIF). The agreement was signed on the sidelines of CDB’s Board of Directors meeting on July 26, 2018.

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Sixteen regional professionals earn Certified Energy Manager designation

Sixteen men and women from around the Caribbean Region are now designated certified energy professionals, having participated in the Regional Certified Energy Manager (CEM) Training Programme and successfully passed the CEM examination. The Programme took place in Barbados in May 2018 with assistance from the USAID Caribbean Clean Energy Program (CARCEP), and the Caribbean Development Bank (CDB) through the Canadian Support to the Energy Sector in the Caribbean Fund, in partnership with the Barbados Renewable Energy Association (BREA). The Jamaica Society of Energy Engineers delivered the Training Programme and administered the exam. Part of the cohort join CDB and BREA representatives for a photo opportunity at CDB’s Headquarters in Barbados on July 27, 2018. The successful participants represent seven countries:  Barbados, Grenada, Guyana, Jamaica, Saint Lucia, St. Vincent and the Grenadines, and Trinidad and Tobago. These countries will now benefit from an increase in the number of internationally certified energy practitioners towards   creating a sustainable energy future and meeting their nationally determined contributions (NDCs). NDCs are the targets […]

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CDB approves funding to enhance Guyana’s transportation sector

Georgetown, Guyana - Stabroek Market

The Board of Directors of the Caribbean Development Bank (CDB) has approved funding in the amount of USD4.4 million (mn) to help Guyana enhance its transportation sector, and support the development of interior communities. The funds will be used to finance feasibility studies and designs for the upgrade of the Lethem aerodrome, and the construction of a new bridge at Wismar and a new riverine transport terminal at Parika. “An effective transportation sector is essential for sustainable growth and development, as it connects people to the supply and distribution of goods. The proposed enhancements to the transportation sector in Guyana will cover road, air and river transport, providing opportunities for business development and enhanced employment,” said O’Reilly Lewis, Division Chief, Economic Infrastructure Division, CDB. The selected sites are all considered to be priority areas for improvements by the Government of Guyana. The Mackenzie-Wismar Bridge was constructed 51 years ago, and includes just one lane. On average, approximately 3,000 vehicles cross the bridge daily, which results in traffic congestion. […]

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CDB project on climate resilient road transport sector expanded to include Dominica

The Board of Directors of the Caribbean Development Bank (CDB) has expanded the scope of an ongoing road transport project to include Dominica, given the devastation caused by Hurricane Maria in 2017. The Hurricane had a major impact on transportation infrastructure in the Eastern Caribbean country, including damage to bridges and culverts from water-borne debris, blockage of drainage structures, landslides and the erosion of unpaved roads. The project seeks to strengthen the capacity of the Bank’s Borrowing Member Countries (BMCs) to provide road infrastructure that is resilient to natural hazards and climate change impacts. It consists of a study on approaches for mainstreaming climate resilience into the road transport sector in BMCs, as well as the piloting of these approaches in three countries—Guyana, Saint Lucia, and now Dominica.  “Hurricane Maria caused damage and losses of over USD200 million to the road transport sector in Dominica. This resulted in the loss of access to agricultural lands, local markets and ports, and the linkages needed for other critical social and […]

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ITC and CDB announce scaled-up partnership

The International Trade Centre (ITC) and the Caribbean Development Bank (CDB) have announced that they are scaling up their partnership to strengthen support for businesses across the Caribbean Region. The announcement was made by CDB President, Dr. William Warren Smith and ITC Executive Director, Arancha González during a meeting at CDB’s headquarters in Bridgetown, Barbados on July 27.

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CDB to evaluate its work in up to 11 Borrowing Member Countries

The Caribbean Development Bank (CDB) is preparing to conduct an evaluation of the work it did in up to 11 of its Borrowing Member Countries (BMCs) between 2005 and 2017. The countries make up the Organisation of Eastern Caribbean States (OECS) and Overseas Dependent Territories (ODTs). The Country Strategy and Programme Evaluation (CSPE) is scheduled for completion by mid-2019, and is a tool used by multilateral development banks to assess and interpret past performance, and provide forward-looking conclusions and recommendations. Through country strategies, often presented in Country Strategy Papers, CDB identifies where and how it can provide support in a results-oriented manner to achieve a country’s development objectives and poverty reduction goals. Strategies are developed in consultation with governments, development partners and other stakeholders. “The Country Strategy and Programme Evaluation will assess performance with respect to the relevance, effectiveness, efficiency and sustainability of the portfolio of loans and technical assistance provided to the countries that make up the OECS and the ODTs,” said James Melanson, Head of the […]

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CDB approves USD9.3 mn loan to Anguilla to support reform programme

The Board of Directors of the Caribbean Development Bank (CDB) has approved a USD9.3 million (mn) loan to the Government of Anguilla, to implement a reform programme that aims to restore fiscal sustainability and enhance resilience against natural disasters. Anguilla is highly vulnerable to natural disasters, and since 1995, the island has been affected by eight named hurricanes. Following the passage of Hurricane Irma in 2017, Anguilla suffered damage and losses that were estimated at approximately 97 percent of GDP. The country is also heavily reliant on tourism, and the effects from Hurricane Irma have led to the closure of hotels and restaurants, causing significant unemployment and income losses. The loan from CDB is the first of a series of three proposed policy-based loans, which will support Anguilla’s three-year reform programme to restore fiscal stability and build resilience, in order to promote and sustain economic recovery and growth. This first loan supports initial reforms under the government’s Medium-Term Economic and Fiscal Plan. “This policy-based loan, which is the […]

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