CDB announces four-year strategy to support Turks and Caicos Islands

BRIDGETOWN, Barbados – The Caribbean Development Bank (CDB) Board of Directors has approved a country strategy for Turks and Caicos Islands for the period 2015 to 2018. The strategy proposes financial support of USD100.8 million for Turks and Caicos Islands from CDB over the four-year period.

The country strategy paper, approved during a meeting of the Board of Directors held in Barbados last week, will guide CDB’s support and interventions in Turks and Caicos Islands. It focuses on helping the Government address the social, economic and environmental challenges the country faces.

 “CDB is a committed partner in helping the Government of Turks and Caicos Islands achieve sustained growth and development. The 2015 to 2018 strategy for Turks and Caicos Islands proposes solutions to meet some of the country’s most pressing development challenges,” said Dr. Justin Ram, Director of Economics, CDB.

“The strategy builds on Turks and Caicos Islands’ emergence from the effects of the global economic crisis and the Government’s implementation of a strong national reform programme,” he said.

CDB has outlined support for Turks and Caicos Islands anchored in five areas.

  • Enhancing infrastructure through improvements to water and sanitation systems, roads and drainage, and through funding for the preparation of a transportation master plan
  • Improving environmental sustainability by addressing issues such as inadequate solid waste management and climate change impacts that include stronger and more intense hurricanes, drought, sea-level rise, and extreme precipitation and flooding
  • Improving macro-economic policy and development planning by providing resources and technical assistance to entrench fiscal discipline, improve economic resilience, and improve governance systems
  • Increasing access to finance and provision of business development services for micro small and medium enterprises to boost their competitiveness and strengthen their technical and management capacity
  • Strengthening the impact of the education system by ensuring equitable access to education; improving the quality of teaching and learning; providing opportunities for all learners; and supporting the establishment of a technical vocational education and training system that meets the country’s needs
  • All interventions will be underpinned by a focus on gender equality; regional cooperation and integration; and energy security.

The Bank’s 2015-2018 support for Turks and Caicos Islands closely aligns with the Government’s national development priorities. The plans and priorities of the Government of Turks and Caicos Islands were discussed with officials and private sector stakeholders during a CDB mission that took place in June 2015.  The Bank also intends to assist the Government of Turks and Caicos develop a new medium term development strategy that will also cement the recent development gains.