CDB and IDB Sign Blended Loan Agreement
The Caribbean Development Bank (CDB) is to receive a Global Loan from the Inter-American Development Bank (IDB) equivalent to USD20 million to assist with the financing of public sector projects/ programmes in CDB and International Development Association (IDA)-eligible Organisations of Eastern Caribbean States (OECS) member countries; Dominica, Grenada, St. Lucia and St. Vincent and the Grenadines. The Global Loan consists of a mix of ordinary capital and Funds for Special Operations financing. This blended loan structure ensures that OECS countries are not disadvantaged in accessing IDB resources through CDB as compared to IDB's own members. The signing of the agreement took place during the recently concluded 43rd Annual Meeting of the Board of Governors of CDB in St. Lucia. CDB's Vice-President (Operations), Dr. Carla Barnett, signed the loan agreement on behalf of the Bank, and Mr. Gerald Johnson, Manager, Caribbean Country Department, on behalf of IDB. Mr. Johnson stated, "This is another vote of confidence in the way CDB is managed, the way CDB understands development and the way CDB delivers the product in these countries." He added, "The other thing that is very important about this loan is that this is the most concessional money the IDB has; we do not lend money on any better terms than this." Dr. Barnett noted, "We are passing on all of the concessionality these funds bring with them on to the beneficiaries because highly concessional financing is what is required at this time. We hope to get this particular line of credit operational as quickly as possible. " CDB and IDB has identified the following areas for collaboration over the coming years: Disaster Risk Reduction; Climate Change Mitigation and Adaptation; Information and Communication Technologies; and Private Sector Development, including Business Climate work in the OECS and Civil Society Interface and Programming Collaboration. PIX CAPTION: Dr. Carla Barnett, signing the loan agreement on behalf of CDB, and Mr. Gerald Johnson, Manager, Caribbean Country Department, on behalf of IDB. Looking on is CDB's General Counsel, Mrs. Diana Wilson Patrick.