15th May

Published on
CDB Approves USD1.7 million Technical Assistance Loan for Jamaica The Government of Jamaica is to benefit from a package of Technical Assistance financing from the Caribbean Development Bank (CDB) to assist in its national development agenda. The Board approved a financing package equivalent to USD1.7 million, of which USD1.2 million will be a loan and USD0.5 million will be grant funds. Approval for the financing was given at a meeting of CDB's Board of Directors at the Ritz-Carlton Golf and Spa Resort, Montego Bay, Jamaica, on May 15, 2006.This financing is intended to assist the government in developing the capacity to install a comprehensive development planning model, and to provide institutional support for the preparation of a new National Development Plan for Jamaica. The Jamaica Government has mandated the Planning Institute of Jamaica (PIOJ) to prepare a comprehensive National Development Plan which will result in Jamaica achieving developed country status by 2030. PIOJ will be the executing agency for the project.CDB's Board of Directors also approved the following financing:USD7 million Line of Credit Approved for The Turks and Caicos Islands An increase in the number of new houses and improvements to the existing housing stock in the Turks and Caicos Islands, through loans to persons at the low and lower-middle income levels and an increase in the flow of resources to the productive sectors. That's the expected outcome from a USD7 million line of credit which the Government of the Turks and Caicos Islands is to receive from CDB. The line of credit will provide the executing agency, the Turks and Caicos Islands Investment Agency (TCInvest), with financing for its lending programme in agriculture, manufacturing, Tourism, housing and education.The CDB loan should also contribute to human resource development in the Turks and Caicos Islands through the provision of loans for tertiary level education and training. USD500,000 of the funds is to be made available to address the needs of students from poor and vulnerable households under the student loan scheme. CDB Supports Modernisation of Barbados Financial SectorThe Barbados Government is to receive assistance from CDB in modernising the regulatory framework of the country's financial sector. It comes in the form of a technical assistance loan equivalent to USD3.5 million. These funds will be used to finance consultancy services, for training and other activities related to establishing a statutory authority to regulate insurance, pensions, securities and credit unions. These activities include assistance with drafting appropriate legislation to govern the authority's operations, establishment of an appropriate organisational structure and the implementation of human resource management and information technology systems. The new regulatory authority will be called the Financial Services Commission of Barbados, which will consolidate the supervision and regulation of non-bank financial institutions into one entity. The Ministry of Finance will be responsible for implementing the project, and it is anticipated that the new entity will be operational by March 2007.

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