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20th April

 Regional Leaders to Attend Forum 2005 in BarbadosRegional leaders and policy-makers will be gathering in Barbados for Forum 2005, a regional development policy dialogue on Managing Transformation for Competitiveness scheduled for May 5 and 6 at the Sherbourne Conference Centre. Forum 2005 is being organised by the Caribbean Forum for Development located at the Caribbean Development Bank, and will be chaired by Dr. the Hon. Denzil Douglas, Prime Minister of St. Kitts and Nevis. Presenters will include the Prime Minister of Barbados, the Rt. Hon. Owen Arthur; the Prime Minister of Trinidad & Tobago, the Hon. Patrick Manning; the Prime Minister of St. Vincent and the Grenadines, Dr. the Hon. Ralph Gonsalves and the Chancellors of the University of the West Indies and the University of Technology, Jamaica. Other participants will include the Secretary-General of CARICOM and the Governor of the Eastern Caribbean Central Bank.The Forum is designed to foster consultation among Caribbean policy-makers, civil society and the international donor community, and will examine the critical and sometimes unique development […]

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CDB Invests in DEVCAP Fund

July 23, 2009 No. 21/09 – BD NEWS RELEASE CDB TO INVEST USD 3 MILLION IN DEVCAP EQUITY FUND The Caribbean Development Bank (CDB) is to invest up to USD 3 million in acquiring units in DEVCAP Equity Fund 2007. The Fund will be managed by Caribbean Development Capital Limited, commonly known as DEVCAP, which is a subsidiary of DFL Caribbean Holdings Limited.  Fund investments are to be made in transactions which span a number of CDB’s borrowing member countries and Suriname.  Such investments will be in the form of equity and equity related instruments, primarily in cross-border small and medium-scale enterprises that are privately held, with the objective of achieving long-term capital growth.  There will be a focus on enterprises with growth potential which have assets ranging from $0.3 – 30 million. Investments will be made in start-up and expansion enterprises and buyouts with appropriately structured financing packages ranging from $75,000 to $1.5 million.  It is projected that investments will be made in approximately 25 ventures with an average size of $0.6 […]

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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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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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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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