Last month the Caribbean Development Bank (CDB) and the Agence Française de Développement (AFD) signed an agreement to provide USD$33,000,000 towards sustainable infrastructure projects in the Caribbean.
According to a CDB press release, at least 50 percent of the funds will be used for climate change adaptation and mitigation projects.
“Caribbean countries are particularly vulnerable to the impacts of climate change, with our geographical location leading to high exposure to natural hazards. Economic conditions also play a role, as there is a lack of access to long-term resources to finance sustainable climate-related infrastructure projects.
We believe that these additional funds will go a long way towards building resilience and mitigating the impact of climate change in our region,” the release quoted CDB VICE President (Operations) Patricia McKenzie as saying.
According to the release, the funds are being provided by AFD under a Credit Facility Agreement with CDB. The facility will be used by the CDB to finance infrastructure projects in areas such as renewable energy, water and sanitation, water management, adaptation of infrastructure to the effects of climate change, protection of coasts and rivers, the release stated.
Antigua and Barbuda, Belize, Dominica, Grenada, Guyana, Jamaica, St Kitts and Nevis, St Lucia, St Vincent and the Grenadines, and Suriname are eligible to benefit.
The release added that the Facility is also complemented by a EUR€3,000,000 technical assistance grant, which will finance feasibility studies for projects eligible for financing under the credit facility.
