CDB Approves Grant to Support Environmental Sustainability in Grenada

The Caribbean Development Bank (CDB) has approved a grant to the Grenada Development Bank (GDB), for the creation of an environmental management system (EMS) to better help the organisation manage environmental and social risks.

GDB invests in sectors and companies that support and nurture micro and small enterprises which drive the Grenadian economy. The grant from CDB aims to strengthen the capacity of GDB to assess and manage environmental and social risks, and positively impact the sustainability of the work it supports.

CDB’s technical assistance will support activities, including:

  • a review of GDB’s investment operations to determine the level of environment and social risks in its portfolio;
  • the design of an Environmental and Social Management System appropriate to GDB’s operations
  • development of operational procedures for the system;
  • preparation of a Draft Environmental and Social Policy; and
  • a training workshop designed for GDB staff.

The grant of USD55,000 also supports the Government of Grenada’s intent to increase its efforts to mobilise concessionary financing to implement its climate resilience work programme. In order to access these financing resources, governments must be able to demonstrate that they have the requisite governance framework and the capacity to manage environment and social risks. The successful implementation of the EMS will help GDB meet these requirements.

The Project aligns to CDB’s strategic objective of promoting good governance, and regional cooperation and integration.