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News Release No. 10/12

March 1, 2012   No. 10/12-G   CDB TO HOST SPECIAL DEVELOPMENT FUND (UNIFIED) NEGOTIATION MEETING IN DOMINICA   The First Formal Negotiation Meeting of Contributors to the Special Development Fund (Unified) (SDF U) of the Caribbean Development Bank (CDB) will be held in the Commonwealth of Dominica during the period March 6-9, 2012. Now in its seventh cycle, the SDF is CDB’s largest source of concessionary finance for providing soft loans and grants to its Borrowing Member Countries.  Replenishment of the SDF takes place every four years. The current cycle will end on December 31, 2012, and the resources which were made available for SDF 7 are expected to be fully committed by that date.   A Preparatory Meeting of Contributors was held on December 9, 2011, to agree on the Themes, Issues and Timeline for the SDF 8 replenishment discussions.  Other negotiation meetings are scheduled for May, July, October and possibly December 2012.    The Dominica meeting will include site visits to projects funded by the SDF […]

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Support for Jamaica

 NO. 25/08-BDOctober 30, 2008 CDB TO PROVIDE FINANCIAL SUPPORT FOR POVERTY REDUCTION IN JAMAICA Over 150,000 persons in about 130 poor communities in Jamaica are expected to benefit from a project to be financed by the Caribbean Development Bank (CDB), and the learning environment for more than 9,000 children in pre-primary and primary schools will be enhanced.    The Bank will provide a loan equivalent to USD12.085 million to the Government of Jamaica to support the Government in its continuing commitment to raise the living standards of the poor and vulnerable in that country. These funds will be made available to the Jamaica Social Investment Fund (JSIF) to invest in social and economic infrastructure and social services in poor rural communities throughout Jamaica.  The main focus of the project will be the provision of basic infrastructure in the education, health and transportation sectors.  It will encourage active community involvement, and beneficiaries will be empowered, through capacity-building interventions, to plan and manage their investments on a sustainable basis. JSIF was established by the Jamaican […]

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11th October

 Another CDB Loan Approved for St. Vincent Road Project The Caribbean Development Bank (CDB) has approved a loan in an amount not exceeding the equivalent of USD5.2 million to the Government of St. Vincent and the Grenadines to assist with financing the reconstruction and improvement of a section of the Windward Highway. Approval was granted at a meeting of CDB’s Board of Directors at the Bank’s Headquarters in Barbados on October 11, 2007.In December 2002, the CDB Board approved a loan of USD10.581 million for this Windward Highway Reconstruction Project. The Windward Highway is the most direct route between the capital, Kingstown, and the north-eastern side of the island. This additional loan has been approved to help the Government with financing additional project costs associated with the original project scope, and with the construction of a further road realignment that is required to by-pass a section of the existing Windward Highway. This section of the highway from Mt. Pleasant to Peruvian Vale falls within the boundaries of the […]

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13th December

 Grenada to Benefit from Caribbean Development Bank Financing Totalling USD24.479 MillionGrenada is to receive a package of financing from the Caribbean Development Bank (CDB) totalling USD24.479 million for a number of projects intended to facilitate the recovery and reconstruction effort and to contribute to improving general economic conditions, reducing economic vulnerabilities and preserving the country’s debt sustainability. Approval for the financing was given at a meeting of CDB’s Board of Directors at the Bank’s Headquarters in Barbados, on Thursday and Friday, December 8 and 9, 2005.Bridge and Road Improvement ProjectAmong the projects is a Bridge and Road Improvement Project which is expected to contribute to the social and economic development of Grenada through improved road transport infrastructure. It is also expected to reduce vehicle operating costs and contribute to improved safety for road users. A loan equivalent to USD11.939 million was approved to assist the Government in financing the reconstruction of approximately 2.1 kilometres of main arterial road in St. George’s – including one bridge. The project also […]

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Dominica AID Bank Loan

December 10, 2009 No. 32/09-BD CDB Loan for Dominica Aid Bank The Caribbean Development Bank (CDB) is to provide the Dominica Agricultural Industrial and Development Bank (DAIDB) with a loan equivalent to USD8 million.  The loan is to assist DAIDB to continue its lending programme in the productive sector, and for housing and student loans for the financial years 2010-2012.  The main impacts of this financing are expected to be: increased investments, employment creation and economic growth through the provision of long-term credit to enterprises in agriculture, industry, tourism and services sectors; promotion of home ownership and improvement of existing housing stock among low and lower middle income earners in Dominica; and the development of human capital through student loans for skills upgrading at the technical, vocational and professional levels.  

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Grenada Water Supply Study

July 22, 2010 No. 33/10-BD GRENADA WATER SUPPLY STUDY TO RECEIVE CDB FUNDING Residents of the Grenadine islands of Carriacou and Petite Martinique are to benefit from a reliable, quality water supply system.  The Government of Grenada is to receive a technical assistance grant equivalent to USD204,000 from the Caribbean Development Bank (CDB) to assist in financing consultants to develop a Water Supply Master Plan for these islands.  The Government will provide counterpart financing equivalent to USD37,750. The objective of this intervention is to improve the ability of the National Water and Sewerage Authority (NAWASA) to Carriacou and Petite Martinique, and to formulate a phased capital works investment programme.   Approximately 6,000 people live in Carriacou, while Petite Martinique’s population is estimated at 900.  Tourism is the main economic driver, and the islands receive approximately 21,000 visitors annually.  During extended or severe dry seasons, the water supply on the islands is insufficient to meet the needs of the population, and NAWASA is forced to supply water by barge to these islands. NAWASA will be […]

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Grant to Haiti, CCRIF Premiums

July 18, 2011 No. 25/11-BD CDB APPROVES GRANT TO HAITI TO HELP WITH CCRIF PREMIUMS  The Government of Haiti is to receive assistance from the Caribbean Development Bank (CDB) to meet part of its premium payments to the Caribbean Catastrophe Risk Insurance Fund (CCRIF) for the period June 1, 2011, to May 31, 2012.  A grant equivalent to USD550,000 has been approved by the Bank’s Board of Directors for this purpose. CCRIF is the world’s first regional insurance fund.  It is a parametric insurance facility, owned, operated and registered in the Caribbean for the Region’s governments.  It insures government risk, and is designed to limit the financial impact of catastrophic hurricanes and earthquakes to Caribbean governments, by quickly providing short-term liquidity when a policy is triggered. Against a background of large declines in government revenue, and the current social, economic and fiscal challenges facing the Haitian people, CDB and the Government of Canada have once again come to the assistance of the Government of Haiti in meeting the cost of its premiums […]

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Jamaica Agriculture Sector

December 12, 2008 No. 36/08-BD CDB SUPPORT FOR AGRICULTURE SECTOR IN JAMAICA The Government of Jamaica is to receive a loan equivalent to USD7.8 million from the Caribbean Development Bank (CDB) to assist in enabling it to support access to credit by small farmers and agricultural entrepreneurs.  The ultimate objective of this project is to spur food production and underpin economic growth. While the Development Bank of Jamaica will be the executing agency, approximately 800 small farmers will be able to access the funds through the National Peoples’ Cooperative Bank and other approved financial intermediaries. The project is expected to induce and support private direct investment in agriculture that will generate new employment and contribute to farm incomes, poverty reduction and further socio-economic development in rural communities. Agriculture is an important sector in the Jamaican economy in terms of its contribution to Gross Domestic Product, foreign exchange earnings and employment generation, particularly in rural communities.

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26th June

 CDB/IDB Sponsor Regional Disaster Risk Management Workshop“Poor people are more likely to live in disaster-prone areas and tend to have fewer resources for coping, such as savings and insurance.” This assertion was made by Mr. Luis Alberto Moreno, President of the Inter-American Development Bank, this morning when he spoke at the opening ceremony of a workshop on Mainstreaming Disaster Risk Reduction.Mr. Moreno is on his first official visit to the Caribbean since assuming the IDB presidency on October 1 last year.In his view, “The need for effective management of natural disaster risks is self-evident. From the recent flooding in Suriname to the devastating hurricane seasons of the last two years, we have all seen the immense social costs of natural disasters. We have seen families displaced from their homes, human lives lost, communities destroyed and livelihoods disrupted. It is often people in the lower ranks of the economic pyramid that are most severely affected.”The two-day workshop entitled “Management of Disaster Risk Through Fiscal and Budget Planning” is a […]

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National Spatial Plan-Jamaica

May 25, 2009 No. 11/09-BD CDB TECHNICAL ASSISTANCE FOR NATIONAL SPATIAL PLAN FOR JAMAICA  The Caribbean Development Bank (CDB) is to provide a technical assistance grant equivalent to USD678,000 to the Government of Jamaica to prepare a National Spatial Plan.  The Government considers the Plan to be critical to its long-term strategy to improve the overall development planning process, including environmental and natural resources management, which will assist Jamaica in charting a more sustainable development path. Preparation of the National Spatial Plan is expected to provide the framework for Jamaica’s development to the year 2030, setting out strategic priorities to support growth and sustainable economic development. Among the specific objectives of the Plan are to identify priorities for the improvement of infrastructure to support long-term development that promotes more sustainable patterns of transport and land use; to identify priorities and opportunities to promote development which will help to regenerate communities and enable disadvantaged communities to access opportunities;  and to address the major challenges of global competition, disaster risk reduction and climate change […]

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