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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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CDB, partners kick off project to support micro and small enterprises in Haiti

A project has been launched to give female and male entrepreneurs in Haiti better opportunities to grow their businesses.  The Caribbean Development Bank (CDB), Inter-American Development Bank, Global Affairs Canada and Desjardins International (DID) of Canada have partnered to increase access to business loans, saving products, and services for micro and small enterprises (MSEs) in Haiti.  The project, launched on June 17, will support Le Levier Fédération—a network of savings and credit cooperatives— in establishing a specialised MSE Finance Unit. Peter Blackman, Portfolio Manager and Guillermo Aguilar Rios, Operations Officer of the Private Sector Development Unit at CDB visited Haiti to participate in the launch of the project.  The Bank’s funding will specifically focus on underserved and unserved MSEs on the island. “Providing credit and savings support for MSEs will contribute to enterprise growth and sustainability, while improving the living and economic conditions of several rural householders in Haiti, who otherwise would experience financial exclusion” said Blackman.  The new unit to be established under the project will follow the Affiliated […]

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CDB, PAHO train regional mental health professionals to respond in the aftermath of a natural disaster

As the Region prepares for possible impacts from the 2018 Atlantic Hurricane Season, the Caribbean Development Bank (CDB) and the Pan American Health Organization (PAHO) have embarked on a project to build resilience and psychosocial support across the Caribbean. Over the period July 9 to 12, mental health professionals from across the Region will attend a Training-of-Trainers workshop at PAHO’s offices in Barbados. The objective is to establish a roster of persons who can be mobilised to affected countries in the event of a natural disaster, to provide mental health and psychosocial support. In addition, participants will be provided with the tools to conduct additional training in their home countries. Speaking at the opening ceremony on July 9, Daniel Best, Director of Projects, CDB, said that while recovery and rehabilitation efforts have typically focused on infrastructure, there is a need to prepare populations to better cope with natural hazards by focusing on mental health and psychosocial well-being. “As participants of this workshop you will be trained in tools […]

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CDB to construct new office building in Barbados

Office building at CDB's Headquarters in Barbados

The Caribbean Development Bank (CDB) has announced that it will construct a new office building in Barbados, redeveloping the current site of its headquarters at Wildey, St. Michael. The project, approved by the Bank’s Board of Directors in December 2017, will provide adequate accommodations for the CDB’s current and projected staff complement, and integrate environmental sustainability considerations.

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In Jamaica, boosting climate resilience and food security through aquaponics

Participants take a break from their training for a group photo. Twenty-four trainers in Jamaica’s agriculture sector are now better equipped to assist small and medium-scale farmers with building resilience to current and future effects of climate change.  This follows the completion of a train-the-trainers workshop on May 3, 2018, which the Caribbean Development Bank (CDB) funded to support aquaponics agri-business enterprises on the island. The three-day workshop complements a multi-year project in collaboration with INMED Partnerships for Children and the Inter-American Development Bank’s Multilateral Investment Fund (IDB/MIF). The initiative seeks to implement an agri-business development programme, focused on making aquaponics a commercially viable technology for small and medium-scale farmers, and provide them with the technical and business skills needed to successfully manage a commercial-scale aquaponics farm. In addition, the programme focuses on improving linkages with consumers and financial institutions. “By training the trainers, we are ensuring the sustainability of this critical project,” said Lisa Harding, Coordinator, Micro Small and Medium Enterprise Development, CDB.  “The agriculture sector employs […]

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Significant reform needed to transform regional aviation industry

President of the Caribbean Development Bank (CDB), Dr. Wm. Warren Smith, is calling for a new paradigm in the aviation industry, defined by connectivity which is convenient, flexible, and reasonably priced. Speaking at Aviation Day Caribbean on June 29, Dr. Smith noted that transforming the Caribbean airline industry will demand significant reforms and actions by regional governments, but will also lead to a better overall customer experience and to aviation making an even bigger contribution to regional economic activity. The CDB President said that the cost of intra-regional travel is a major deterrent to travel, saying that in many instances, high taxes have made fares uncompetitive. He noted that a reduction in these costs could lead to an increase in travel. “Intra-regional fares have risen steadily to the point where it is often cheaper to fly to the Eastern Seaboard of the United States than it is to fly to neighbouring Caribbean islands. […] Studies commissioned by CDB, confirm that air travel is price elastic, so that reductions […]

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CDB assists UWI with shaping new disaster resilience graduate course

The University of the West Indies Open Campus, with support from the Caribbean Development Bank (CDB), is shaping the syllabus of its Community-based Disaster Resilience course to be offered as part of a new Disaster Risk Management (DRM) Online Graduate Programme, scheduled to commence early 2020.

Twenty-one regional stakeholders gathered in Barbados from June 12 to 15 for a four-day pilot of the course, where representatives of the Community Disaster Risk Reduction Fund (CDRRF), a multi-donor programme administered by the Bank, shared practical experience gained while implementing disaster resilience projects in four of CDB’s Borrowing Member Countries – Belize, British Virgin Islands, Jamaica and St. Vincent and the Grenadines.

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CDB teams up with cultural industries stakeholders for CATALYST

CATALYST, an ideas lab at the University of the West Indies (UWI) St. Augustine Campus in Trinidad and Tobago, concluded on Friday, June 15, with the intended outcome of achieving greater harmony among key players in the Region’s cultural industries sector.

The British Council, in partnership with UWI and the European Union, hosted the workshop from June 13 to 15, under the theme “Harmonising Action in the Caribbean Creative Ecology”.

“It is envisaged that CATALYST will provide an opportunity to get high-level decision-makers, funders and creatives in the same space to discuss how funding and technical assistance actually affect their work in the creative ecology,” said Dr. Suzanne Burke, Lecturer in Cultural Studies, UWI at St. Augustine.

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Boosting climate resilience in the Caribbean water sector through training

From June 13 to 15, over 50 regional water sector professionals participated in a workshop at the Caribbean Development Bank (CDB), which aimed to strengthen their capacity to establish climate-resilient water sector policies and investment plans in their countries. The workshop was part of CDB’s Planning for the Integration of Climate Resilience in the Water Sector in the Caribbean Project.

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CDB and PAHO sign agreement to support mental health in aftermath of natural disasters

Jesse Schutt Aine (left), Subregional Program Coordinator, Caribbean, PAHO and Monica La Bennett (right), Vice-President (Operations), CDB, sign the agreement to enhance capacity for mental health and psychosocial support in disaster management in the Caribbean. The signing took place on June 13, 2018, at CDB’s headquarters in Barbados.   The Caribbean Development Bank (CDB) and the Pan American Health Organization (PAHO) have signed an agreement to enhance capacity for mental health and psychosocial support in disaster management in the Caribbean. “Despite the high vulnerability of the Region to these types of events, too often we have approached recovery and rehabilitation efforts by focusing on infrastructure and physical mitigation plans only. While ‘building back better’ is indeed necessary and critical, there is also a need to prepare populations to better cope with natural hazards by focusing on mental and psychosocial well-being. Strengthening social and individual resilience is—and always should be—a key component of any response to disasters,” said Monica La Bennett, Vice-President (Operations), CDB. “As we begin the 2018 […]

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