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Montserrat Power Project

May 23, 2011 No. 16/11-BD CDB TO SUPPORT MONTSERRAT POWER PROJECT  The Caribbean Development Bank (CDB) is to provide a loan equivalent to USD 2.5 million to the Government of Montserrat to build a permanent power station in Montserrat.   This project will enable Montserrat Utilities Limited to provide an efficient, secure and reliable electricity service, and will facilitate increased activity in the productive sectors that would stimulate economic growth in the medium term. CDB will also provide the Government of Montserrat with a grant equivalent to USD 364,170 for use in financing specified technical assistance components.  This includes development of an Environment, Health and Safety Management System, and undertaking a Cost of Service and tariff Study to provide Montserrat Utilities Limited with an efficient pricing mechanism and rate structure for all categories of customers in the electricity and water segments of the business. Only 40% of the island’s land mass in the north, considered the safe zone, is habitable as a result of volcanic activity which started in 1995.  The destruction of […]

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News Release No. 15/12-BD

March 7, 2012 No. 15/12-BD CDB APPROVES LOAN TO BELIZE FOR AMBERGRIS CAYE WATER AND SEWERAGE PROJECT   The Government of Belize is to receive financial assistance from the Caribbean Development Bank (CDB) for expanding water and sewerage facilities on Ambergris Caye.  CDB is to provide the Government with a loan equivalent to USD750,000 to finance the services of consultants to undertake detailed designs. Ambergris is an island located northeast of the old capital, Belize City.  The largest settlement on the island is the town of San Pedro.  Between 2000 and 2010, it experienced the highest average growth rate of any urban centre in Belize.  Over the past decade, the permanent population grew from 4,499 to 11,510.  More than 100 tourist lodgings operate on the Caye, and during the peak tourist season they provide accommodation for an estimated additional 6,000 persons. CDB previously financed a feasibility study, preliminary and detailed designs, and the construction of a water and sewerage system for San Pedro which was completed in 1996.   That water and sewerage system […]

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Financial Support for CARTAC

 NO. 29/08-BDOctober 30, 2008 CDB TO CONTINUE FINANCIAL SUPPORT FOR CARTAC  The Caribbean Regional Technical Assistance Centre (CARTAC) is to receive a USD600,000 grant from the Caribbean Development Bank (CDB) to support its operations.   CARTAC was established in 2001, in response to the challenges posed by globalisation and trade liberalisation, and the need to strengthen macro-economic stability in the Region.  The main focus of its operations was intended to be capacity building, and improving hands-on management expertise in the 20 participating Caribbean countries.   In the past, CDB has supported the activities of CARTAC in several ways, including seconding a CDB country economist to the centre during the first phase of its operations, and financing the assignment of an economist during phase two. Now the Bank will contribute USD600,000 for the third phase of the CARTAC Programme for the period 2008-2010.  In justifying its continued support of CARTAC, CDB noted “its success in meeting the technical assistance and training needs of beneficiary countries, in responding quickly in meeting those needs, and […]

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10th March

 Dr. Compton Bourne Re-Elected CDB PresidentDr. Compton Bourne has been re-elected to serve as President of the Caribbean Development Bank (CDB) for a second five-year term. The former Principal and Professor of Economics at the St. Augustine Campus of the University of the West Indies assumed office on May 1, 2001, as the fourth president of CDB. His current term is due to end on April 30, 2006. Dr. Bourne says his first term in office was “a very interesting and exciting period”. The CDB President says that he made the consolidation of relationships with shareholders a priority during this period, seeking to meet with them in their own countries to convey what the Bank was doing and how it saw its future, and to get their views. With regard to the borrowing member countries, another issue which he sought to address is the way in which the Bank effectively services their needs in providing resources. “I think that while we have made some progress in that area […]

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IFIs Response to Global Crisis

March 13, 2009 No. 4/09-G International Financial Institutions Coordinate Response to Global Financial Crisis International financial institutions have agreed to a series of measures in response to the global financial crisis, following a meeting hosted at the Caribbean Development Bank (CDB) on March 12, 2009, to come up with a mechanism for coordinated support to the Bank’s borrowing member countries (BMCs). These measures include a communications strategy to disseminate to all stakeholders the type of support available from the institutions.  This will include: A publication that will outline the support programmes available from each institution A mechanism to interface with the “CARICOM Task Force on the Policy Implications of the Global Financial and Economic Crisis” established by the Council for Finance and Planning (COFAP) on January 29, 2009, and Utilising the upcoming Summit of the Americas in Trinidad and Tobago in April to broaden the dissemination of information relating to crisis response.It was also agreed to set up a monthly meeting – mainly utilising teleconferencing or video conferencing facilities – to share information […]

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Statement on Haiti

 STATEMENT ON HAITI            We at the Caribbean Development Bank are deeply saddened by the news of the massive earthquake which our member country, Haiti, experienced on January 12, 2010.   Our deepest sympathies go out to the Government and all residents of Haiti, as they struggle to cope with this major tragedy.                                      The effects of the earthquake on the people and economy are catastrophic, particularly at this time when significant progress was being made in overcoming longstanding development challenges facing the country.  Haiti will need considerable international development assistance.                 The Caribbean Development Bank will provide up to USD200,000 for  immediate disaster relief, to provide potable water, food, medicines and temporary shelter; and USD750,000 for restoration of critical facilities and services.  In collaboration with our international development partners, the Caribbean Development Bank will also address the medium and long-term rehabilitation needs of Haiti. January 13, 2010

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Standard & Poor’s Rating

August 24, 2010 No. 36/10 – G  STANDARD AND POOR’S RE-CONFIRMS CDB’S AAA RATING The international credit rating agency, Standard and Poor’s (S&P), has once again rated the Caribbean Development Bank (CDB) as a ‘Triple A’ institution in its just-released full analysis of the Bank’s operations. In identifying the major rating factors, S&P listed CDB’s strong capitalization, its diversified and well-performing loan portfolio, its prominent position as a lender in its borrowing member countries (BMCs), the recent demonstration of strong shareholder support in the form of a large paid-in capital increase, and adequate liquidity. S&P stated that “The performance of CDB’s loan portfolio to date has been excellent. The bank has reportedly never written off a loan (although some have been rescheduled), and its impaired loans totaled less than US$11 million, 1.3% of total loans, as of year-end 2009. More than 95% of CDB’s loans were to or guaranteed by its member countries as of that date.  CDB’s core income increased to more than US$30 million during 2009 from less than US$25 million […]

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Hotel Training, Belize

October 3, 2011 No. 29/11-G CDB HOSTS CUSTOMERS SERVICE TRAINING IN BELIZE FOR HOTELIERS Selected owners and managers of small hotels in Belize are to receive assistance in enhancing their customer service.   In collaboration with the Belize Tourism and Industry Association (BTIA), the Caribbean Development Bank (CDB) will be conducting two workshops which are intended to assist the management of small hotels in Belize to improve their customer service systems, and to sustain service levels that would ensure continuous customer satisfaction, retention of repeat business and greater potential for new business. The first workshop will be held in Placencia during the period October 4-7, 2011, and in San Pedro, from October 11-17, 2011.   The workshops will be facilitated by Barbadian Consultant, Mrs. Charmaine Sealey, of Global Travel Solutions.  Approximately thirty-two persons are expected to participate in each workshop.   This training follows the successful hosting of a four-day regional workshop on “Enhancing Customer Service Delivery for Owners and Managers of Small Hotels” in Saint Lucia during the period June 7-10, 2011.

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Policy-Based Loan Jamaica

December 12, 2008 No. 41/08-BD CDB APPROVES USD100 MILLION POLICY-BASED LOAN FOR JAMAICA The Board of Directors of the Caribbean Development Bank (CDB) has approved a loan, equivalent to USD100 million to the Government of Jamaica.  The policy-based loan will support the government’s fiscal and debt sustainability initiatives. In Jamaica, the government has articulated a comprehensive reform agenda that is designed to effectively control debt generation outside of the budget, strengthen financial management in the public sector, consolidate and streamline revenue systems, and enhance private sector competitiveness.  These reforms are intended to bolster the near to medium-term fiscal and economic growth outlook and gradually reduce the level of poverty in the country. This policy-based loan is part of a broader CDB assistance strategy for Jamaica which places emphasis on support for strengthening macroeconomic management and policy reform; bolstering economic growth prospects through the upgrade of critical economic infrastructure; and forging output expansion in key sectors, including agriculture.  CDB also proposes to support human resources development, and to tackle poverty directly through direct poverty […]

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11th December

 CSME Researchers to Establish Task ForceA task force is to be set up to review the results of a recently-held conference on research support for the CARICOM Single Market and Economy (CSME). This is one of the major decisions taken at the conclusion of the two-day conference, which was hosted by the Social and Economic Research Unit (SERU) of the Caribbean Development Bank (CDB) at its headquarters in Barbados at the end of November. The task force will be expected to continue the attempt to prioritise the research agenda coming out of the conference.The conference brought together persons engaged in, or interested in, research on the CSME to explore how, through collaboration, their research effort can strengthen the empirical basis of the regional integration movement. Participants came from the three campuses of the University of the West Indies, the CARICOM Secretariat, CDB and various labour and private sector organisations in the region.Participants agreed to engage the regional private sector for its input into the CSME research agenda. In […]

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