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 proposed international airport at Argyle. The project will also include the Construction of a reinforced concrete bridge.CDB to Provide Student Loan Financing for The British Virgin Islands Eligible persons in the British Virgin Islands who want to upgrade their vocational, technical and professional skills and qualifications will be able to benefit from CDB financing, under the Bank's Student Loan Scheme. CDB's Board of Directors has approved a loan not exceeding USD5 million to the Government of the British Virgin Islands, to help the Government to provide funding to that country's Scholarship Trust Fund Board. The Trust Fund Board will be the executing agency, while the National Bank of the Virgin Islands Limited will administer the loan.Of this amount, USD 300,000 is to be made available to provide access to training to students from poor and vulnerable households.The main objective of the project is to assist the Government in satisfying its human resources for graduates of tertiary level institutions to contribute to the development of the BVI, in both the public and private sector. This is the sixth loan to the BVI which CDB has made under the Student Loan Scheme, and is consistent with CDB's strategic objective of fostering inclusive social development by improving the quality of, and access to, education and training. The President notified the Board of Directors of a number of financing initiatives undertaken by the Bank to assist its borrowing member countries (BMCs) since the last meeting of the Board in July: Emergency Relief Grants Following the Passage of Hurricane DeanIn August, CDB approved a grant of an amount not exceeding the equivalent of USD100,000 to the Caribbean Disaster Emergency Relief Agency (CDERA) for providing emergency relief assistance to the Commonwealth of Dominica, in accordance with the Bank's Disaster Management Strategy and Operational Guidelines. Over the period August 17-21, 2007, Hurricane Dean moved across the Eastern Caribbean with sustained winds of 145 miles per hour. The impact was felt in St. Lucia, St. Vincent and the Grenadines and Dominica, with Dominica being most significantly affected. Hurricane Dean went on to severely affect the southern portion of Jamaica, and the President approved a USD100,000 grant to CDERA for providing emergency relief assistance to Jamaica. Another grant to CDERA of USD100,000 was approved for providing emergency relief to Belize, after Hurricane Dean inflicted considerable damage to the Corozal and Orange Walk districts in northern Belize.The CDB grants will be used to assist CDERA to cover costs associated with fielding technical personnel to carry out damage assessments and to provide emergency equipment and supplies to the affected areas.CDB Provides Three Grants to BelizeThe President approved a grant of an amount not exceeding the equivalent of USD101,200 to assist the Government of Belize to finance consultancy services related to developing an institutional framework for the macro-economic management of the country.The objective of the project is to enhance the economic performance of Belize over the medium to long term, by putting in place an appropriate framework and adequate human resource capacity for conducting economic management.In addition, another grant in an amount not exceeding the equivalent of USD101,200 was approved to assist in financing another consultancy dealing with the modernisation and revision of financial regulations. The objective is to improve effectiveness, transparency and accountability in public financial management.A third grant to the Government of Belize in an amount not exceeding the equivalent of USD149,000 was approved to assist in conducting a feasibility study and preparing detailed designs for a cost-effective, reliable, efficient and sustainable water supply system in the Belize River Valley. Once implemented, this project is expected to safeguard public health and improve the general quality of life of residents in the area. CDB Assists With Strengthening the Antigua Public Utilities AuthorityThe Antigua Public Utilities Authority (APUA) is to receive a CDB grant of an amount not exceeding the equivalent of USD119,350 to assist in financing consultancy services for a strategic business plan and organisational strengthening exercise.APUA is a government statutory authority, set up under the Public Utilities Act to provide telecommunications, electricity and water and sewerage services to residents of Antigua and Barbuda.The objective of the project is to develop a five-year comprehensive strategic plan. It will also strengthen APUA's planning capabilities, by developing effective institutional arrangements for sound strategic and business planning. Dominica To Receive CDB Grant For Information TechnologyDominica is to receive a grant in an amount not exceeding the equivalent of USD48,840 from the Caribbean Development Bank. The funds are to be used to assist the Government of the Commonwealth of Dominica to finance consultancy services to identify the requirements of an appropriately resourced Information Technology department within the Ministry of Finance, Industry and Planning. This department would serve the needs of the Government's fiscal administration, in an effort to further strengthen institutional capacity and improve fiscal management.The consultant will also be required to design a sustainable training programme for core staff within the Ministry and in the existing computer room. The primary objective of the project is to support the Government's fiscal and development efforts.CDB Financing for Regional DevelopmentThe Caribbean Development Bank has provided development financing in a variety of areas ranging from education to fiscal management:CDB has committed to using an amount not exceeding the equivalent of USD149,000 to assist in conducting a consultancy which is aimed at promoting sovereign ratings as a tool for improved fiscal and economic management within the Bank's BMCs, and also for strengthening CDB's own capacity in risk and portfolio management. The consultancy is also expected to undertake initial private sovereign ratings of five of the Bank's BMCs, namely Anguilla, the British Virgin Islands, St. Kitts and Nevis, St. Lucia and St. Vincent and the Grenadines. A sovereign rating is a measure of a country's general credit worthiness and signifies a country's overall ability to provide a stable investment environment.The use of funds not exceeding the equivalent of USD44,081 was approved to engage a consultant to prepare rules for putting the CARICOM Development Fund into operation. Progress towards regional integration is being affected by the concerns of a number of participating countries that the regime and arrangements provided for in the Revised Treaty of Chaguaramas to address the needs of countries experiencing disadvantage have not been effectively implemented. The Development Fund is seen as a critical part of the arrangements which need to be functional for full and effective participation of member countries in the integration process.A grant in an amount not exceeding the equivalent of USD99,950 to the Caribbean Tourism Organisation was approved to assist in financing two workshops aimed at building capacity in regional tertiary institutions in the design, development and delivery of online courses in sustainable Tourism. These courses will be offered throughout the Region. They will be at the Level I Associate Degree course and could be offered as a stand-alone course and also as one of the requirements for the Associate Degree in Tourism/Hospitality. The first workshop was held in Barbados in June of this year, and the second in Jamaica in September.Funds not exceeding the equivalent of USD49,500 have been approved to engage a consult to conduct an evaluation of greenhouse technology in crop production in its BMCs. This project is the first of a two-phase project, and will involve a comprehensive evaluation of past and present experiences in greenhouse technology in six countries, namely the Bahamas, Belize, Dominica, Grenada, Jamaica and Trinidad and Tobago. The information gathered will form the basis for developing technological options for greenhouse crop production in the Caribbean, and recommendations for training farmers and stakeholders in the agriculture sector. CDB provided the equivalent of USD20,098 to assist in hosting a regional workshop on development effectiveness and managing for results. It was held at the Barbados Hilton from July 17-18, 2007. The workshop was targeted to senior public servants involved in the national planning and budgeting processes, as well as monitoring and evaluating, as well as personnel in the development agencies which provide technical support to member states of the Organisation of Eastern Caribbean States in the area of budget management. Funds not exceeding the equivalent of USD16,223 have been approved to support of literacy and numeracy improvement initiatives at primary and secondary schools in the Caribbean. The funds are to be used to engage a consultant to review these initiatives and to document promising practices in literacy improvement. This technical assistance project is being implemented in collaboration with the Inter-American Development Bank.