CDB Approves USD 22.568 million Additional Loan for Roads Development Programme in St. LuciaThe Board of Directors of the Caribbean Development Bank (CDB) has approved an additional loan of an amount up to the equivalent of USD22.568 million to the Government of St. Lucia. The loan is to assist the Government in financing additional project costs encountered during the implementation of a Roads Development Programme.CDB's Board of Directors approved the financing at a meeting of the Board at the Bank's Headquarters in Barbados on Thursday, March 10, 2005, under the chairmanship of President, Dr. Compton Bourne.This is the second additional loan which CDB has approved for this project. On October 10, 2002, the Board approved an additional loan of up to the equivalent of USD2.838 million to assist the Government of St. Lucia with its counterpart contribution for the programme. The original loan for up to the equivalent of USD 27.489 million was approved on December 9, 1999, bringing the total CDB financing approved for the programme to the equivalent of up toUSD52.895 million. President Notifies Board of Directors of Prior Financing Approvals CDB's Board of Directors has delegated the authority to the President to approve financing up to a specified limit. As a condition of this authority, the President is required to report such approvals at the first conveniently scheduled meeting of the Board following such approvals. Dr. Bourne asked the Board to note his prior approval of the following financing:An Immediate Response Loan equivalent to USD500,000 to the Government of Guyana to assist the Government in clearing and cleaning areas affected by severe flooding following record rainfall which started in late December 2004, and emergency restoration of essential services to the affected areas. The use of funds equivalent to USD20,000 to assist in financing consultancy services to provide independent inspection and certification of works in connection with the clearing and cleaning project in Guyana.A grant of an amount equivalent to USD100,000 to the Caribbean Disaster Emergency Response Agency (CDERA) to assist in providing emergency relief to Guyana following the severe flooding. A grant of an amount equivalent to USD150,000 to CDERA to assist in providing emergency relief to Grenada following the passage of Hurricane Ivan in September 2004.A second grant of an amount equivalent to USD50,000 to CDERA to assist in providing emergency relief to Grenada post Hurricane Ivan.A grant up to the equivalent of USD100,000 to CDERA to assist in providing emergency relief to St. Vincent and the Grenadines following the passage of Hurricane Ivan.A grant up to the equivalent of USD150,000 to the University of the West Indies to assist UWI in strengthening an Early Childhood Development project in CDB's Borrowing Member Countries (BMCs). A grant of an amount up to the equivalent of USD150,000 to the Government of Dominica to assist in financing consultancy services. The consultants are to be engaged to prepare a Tourism Master Plan 2005-2015 for Dominica. The use of funds up to the equivalent of USD143,268 to assist with the development and delivery of an Introductory Course in Natural hazard Risk Reduction in St. Kitts and Nevis.The use of funds equivalent to USD44,000 to assist in financing a training programme for organic fertilizer production.The use of funds equivalent to USD27,800 to finance a joint Regional Building Code Technical Meeting of CDB's BMCs and CARICOM members. The meeting was held on November 4, 2004.The use of funds equivalent to USD36,800 to finance a joint regional meeting of CDB and the Inter-American Development Bank with Civil Society Organisations on January 25 and 26, 2005. The meeting focused on the theme Strengthening Partnerships for Sustainable Development.A grant in an amount equivalent to USD22,486 to CDERA to finance consultancy services for the enhancement of the comprehensive disaster management database.The use of funds equivalent to USD18,218 to assist six representatives of CDB's BMCs to participate in the 4th Vulnerability Assessment Techniques (VAT IV) workshop, which was held in New Orleans, Louisiana, United States of America from November 29 to December 1, 2004.The use of funds equivalent to USD9,899 to assist with hosting the Special Conference on the 2004 Hurricane Season: Implications for Structural Engineering Practice in the Caribbean, which was held in Barbados on December 13, 2004. CDB to Invest in Regional SME Development Company The Caribbean Development Bank (CDB) is to invest in Caribbean SME Development Network Limited (SME DevNet), a company which provides financial support to small and medium-sized enterprises (SMEs) in the region. The Bank is to use up to USD143,000 from its Private Sector Fund to buy shares in the company. Approval for the equity investment was given at a meeting of CDB's Board of Directors held at the Bank's Headquarters in Barbados, on Thursday, March 9, 2006.SME DevNet provides start-up capital for innovative technology ventures, and makes equity investments in small enterprises and in small venture funds that invest in SMEs in the Eastern Caribbean, Guyana and Suriname. It also provides business development services such as corporate governance reviews and management development training.CDB took this initiative because it is of the view that SMEs play an important role in the Region's economies as they account for a large number of firms and provide a wide range of employment opportunities. They also influence the growth of local markets and make a significant contribution to the improvement of living standards. CDB Supports Regional Health Sector ProjectCDB is providing financial support for a project which has among its objectives a review of the current situation regarding intra-regional movement of patients and the payment mechanisms for care provided to these patients. As part of this project, the Bank is providing the equivalent of USD36,000 to finance two meetings of regional experts in the health sector to look at the high costs of health care affecting its borrowing member countries, and to design a feasible regional solution to the problem. The first such meeting took place on December 5 last year and another is to be held at a time to be determined. Other objectives of the project are to conduct an expected demand analysis for health care which is likely to result from the movement/employment of skilled persons and other population groups within the Region, as well as to examine the feasibility of various health insurance options (private and public) for financing the health care requirements of CARICOM nationals when travelling to or working in other member states. The project will also make recommendations for follow-up action by Heads of Government, national authorities and private insurance networks.CDB believes that since the full implementation of the CSME will lead to greater mobility among Caribbean people, it is imperative that a regional approach to health care be sought so that the transient workforce can feel comfortable and assured that should they become ill in a regional country other than their own, proper health care will be available to them.