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CDB funds project to prevent loss of correspondent banking relationships

The Board of Directors of the Caribbean Development Bank (CDB) has approved funding of USD250,000 to strengthen financial transparency, and assist in preventing the loss of correspondent banking relationships (CBRs) in the Region. In the Caribbean, CBRs facilitate a number of payment systems, including international trade, cross-border payments and receiving of remittances. Recently, some large international banks have started terminating or severely limiting their CBRs with smaller local and regional banks, in an effort to reduce exposure to risks associated with money-laundering and financing of terrorism. This process, known as de-risking, has negative implications for the Caribbean, potentially resulting the loss of trade relationships and negative economic impacts. “CBRs are fundamental to the efficient operation and resilience of the global financial system. This project will contribute to a more stable financial system in the Caribbean, which will in turn allow more banks to access CBRs, so that they can continue to carry out international transactions. This is critical if the Caribbean is to reduce poverty and spur economic […]

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Antigua and Barbuda receives USD45.9 mn loan to upgrade roads

The Caribbean Development Bank (CDB) has approved a loan of USD45.9 million to assist the Government of Antigua and Barbuda with the development and management of a reliable and sustainable road sector. The loan will be used to rehabilitate 27.76 km of existing roads: Anchorage Road, Sir Sydney Walling Highway, Old Parham Road and Valley Road (north). “A reliable road sector in Antigua and Barbuda is essential for economic development and the delivery of services to all parts of the country, particularly rural communities, which will be unable to develop without access to an efficient road network,” said Daniel Best, Director of Projects at CDB. The four roads to be upgraded under the Project are currently used by 37 percent of the population of Antigua and Barbuda on a daily basis, and serve to connect the capital, St. John’s, agricultural zones in the south, prime tourism areas, heavily populated communities and the V.C. Bird International Airport. Rehabilitation work will include the upgrading of drainage structures, which are currently […]

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CDB, Government of Trinidad and Tobago, launch USD436.7mn country strategy

Government of Trinidad and Tobago

The Caribbean Development Bank (CDB), in partnership with the Government of Trinidad and Tobago, has formally launched a country strategy for the nation, which proposes financial support of USD436.7 million for the period 2017 to 2021.  On March 9, stakeholders from CDB and the Government of Trinidad and Tobago attended a launch event in Lowlands, Tobago, during which the Bank outlined the programme of support.

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Project launched to improve water supply for 3,400 households in The Bahamas

Patricia McKenzie speaking during the Water Supply Improvement Launch in The Bahamas

The Caribbean Development Bank (CDB) and the Government of the Commonwealth of The Bahamas have launched a project that aims to improve the water supply systems serving communities on New Providence and six Family Islands – Andros, Cat Island, and Crooked Island, Eleuthera, Long Island, and San Salvador.

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CDB, IDB sign agreement to strengthen partnership

The Caribbean Development Bank (CDB) and the Inter-American Development Bank (IDB) have signed a memorandum of understanding (MOU) to strengthen their ongoing partnership in addressing the Caribbean’s development priorities.

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CDB and UNOPS sign agreement to strengthen cooperation

The Caribbean Development Bank (CDB) and the United Nations Office for Projects Services (UNOPS) have signed an agreement that provides a framework to improve cooperation between the two entities. The signing took place at the Bank’s headquarters in Barbados on February 7, 2017. The agreement allows CDB to utilize expertise from UNOPS in the execution of specific projects, which the Bank is funding, so that the most effective outcomes for the Bank’s 19 borrowing member countries are achieved. Under the agreement, UNOPS may be called upon to provide technical advice, financial management, project management and technical infrastructure support for projects financed by CDB, where external support is needed.  There is also expected to be an exchange of knowledge and information relating to sustainable actions and social responsibility. Vice-President Operations at CDB, Patricia McKenzie signed on behalf of the Bank. “In keeping with the Sustainable Development Goal 17: Strengthen the Means of Implementation and Revitalize the Global Partnership for Sustainable Development, this agreement facilitates the collaboration between CDB and […]

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