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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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Nevis Water Supply Project

March 12, 2010 No. 7/10-BD CDB to Finance Nevis Water Supply Project The Board of Directors of the Caribbean Development Bank (CDB) has approved financing for a project which will contribute to the development of an efficient, sustainable and adequate supply of potable water in Nevis. CDB is to make a loan equivalent to USD8.425 million to the Government of St. Kitts and Nevis for this purpose.  The project will enhance the water supply network, build capacity and strengthen the institutional arrangements for delivery of water services, and strengthen the legislative and institutional framework for the management of water resources. A large part of the Nevis water supply network was installed between the mid-1980s and mid-1990s.  Over the last decade, there has been an estimated 60% increase in the number of residential customers, with tourist and other commercial usage also increasing significantly.  By contrast, there has been relatively little investment in expansion of the network capacity. This project is expected to increase efficiencies to meet current and projected demands.  It will be implemented by […]

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Policy-based Loan, Grenada

December 9, 2010 No. 50/10-BD CDB REVISES SCOPE OF POLICY-BASED LOAN TO GRENADA              The Caribbean Development Bank (CDB) has revised the scope of the policy-based loan (PBL) which it approved for the Government of Grenada in October 2009.  At that time, the Bank approved a loan equivalent to USD12.8 million as part of a broader framework of multilateral assistance to Grenada.             This PBL was approved to support the implementation of the Government of Grenada’s comprehensive policy reform agenda to improve fiscal and debt sustainability, sustain growth and reduce poverty.   Disbursement of the first tranche of the loan was made in December 2009, and it was anticipated that conditions precedent to disbursement of the second tranche would have been satisfied within twelve months, allowing for release of the second tranche in December 2010.  However, while substantial progress has been made in satisfying these conditions, there are some conditions which have not been met. Therefore, a revision in scope of the PBL’s terms and conditions was requested in relation to the non-observance […]

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Road Sector Workshop

November 28, 2011 No. 38/11-G CDB to Host Road Sector Institutional Reform Workshop Senior level representatives from public sector institutions involved in the transportation and road infrastructure sector in the Borrowing Member Countries (BMCs) of the Caribbean Development Bank (CDB) are to attend a Road Sector Institutional Reform Workshop at the Bank’s Headquarters in Barbados on December 1 and 2, 2011.  The workshop will facilitate discussions on organisational effectiveness and efficiencies, and their impact on the ability to deliver services that are responsive to road user needs.  It will also provide a platform for understanding and responding to common institutional problems.   The road transport sector is a vital pillar supporting economic development in CDB’s BMCs. Despite the large investment in the sector, BMCs continue to face significant difficulties in adequately operating and maintaining their networks.  One of the foremost issues is the provision of sufficient funding.  Given the scarce resources available in the current economic climate, there is pressing need for road sector agencies to adopt approaches that provide most effective […]

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Disaster Rehabilitation Belize

 July 30, 2008No. 16/08-BD  NEWS RELEASE CDB TO FINANCE DISASTER REHABILITATION PROJECT FOR BELIZE             The Board of Directors of the Caribbean Development Bank (CDB) has approved an USD8.8 million loan to the Government of Belize to help restore two bridges destroyed by flooding which resulted during the recent passage of Tropical Storms Alma and Arthur, between May 30 and June 1, 2008.             CDB expedited the loan application and approval process in order to assist Belize, a borrowing member country of the Bank.  On June 5, the Government of Belize formally applied to CDB for the loan, which was approved at the most recent meeting of the Bank’s Board of Directors on July 24.             The rehabilitation project will restore and protect the Kendal Bridge and the Mullins River Bridge.  The reconstruction of these bridges will reconnect sections of southern Belize which had been totally cut off from the rest of the country.               Residents of these areas are being adversely affected by the absence of both bridges.  They are engaged […]

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6th February

 Highlights of CDB’S Activities in 2006 and Economic Background and ProspectsPart A – Regional Economic DevelopmentsOverviewMacroeconomic conditions were generally good in CDB’s borrowing member countries (BMCs) in 2006, as a high level of external and domestic demand continued to drive expansion in the region. The main contributions to economic growth across the region came from tourism and construction activity, although growth in business services and in agricultural output was important in a few countries. In Trinidad & Tobago, petroleum-related activities were the main drivers, although non-petroleum operations expanded strongly as well. The contribution from tourism came despite moderate rates of expansion in the number of long-stay arrivals and a decline in the number of cruise visitors, and reflected increases in visitor expenditure. Construction sector activity was driven by a combination of factors, including reconstruction from past hurricane damage, investor expectations of continuing growth in tourism, high domestic demand from prospective home-owners and from the business sector given a favourable medium-term outlook and active credit marketing by financial institutions, and by high levels […]

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21st April

CDB Annual Meeting Returns to Guyana After 27 YearsWhen the Government of the Republic of Guyana hosts the Thirty-Fifth Annual Meeting of the Board of Governors of the Caribbean Development Bank (CDB) next month, it will be the first time since 1978 that a CDB Annual Meeting will be held in Guyana. The Meeting is scheduled for May 18 and 19, at Le Meridien Pegasus Hotel in Georgetown.CDB’s Annual Meeting is held in a different member country each year; Guyana last hosted the Eighth Annual Meeting in 1978. President Bharrat Jagdeo, who is CDB Governor for Guyana, was elected Chairman of the Board of Governors at the 34th Annual Meeting in Tobago last year, and will serve up to the end of the meeting in Georgetown.Delegates, Observers and Guests will be engaged in a week of activities in Georgetown since the Governors’ Meeting will be preceded by a meeting of the Bank’s Board of Directors on May 16, the Annual Meeting of Contributors to CDB’s Special Development Fund and […]

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