The European Investment Bank’s (EIB’s) Board of Directors last week approved the allocation of a further €24.4 million (USD26.7 million) to support water supply services in four regions of Guyana, under a previous joint operation with the Caribbean Decvelopment Bank (CDB).
A release yesterday from the CDB said that the project in Guyana will improve the supply of clean water to five communities through the construction of five new water treatment plants, replacing old pipes and installing water meters.
“The new water treatment plants will remove the high iron content in the water and provide water 24 hours a day to all of the households supplied. The project is expected to have a significant impact both in terms of sustainable water management and on the health and quality of life of the communities benefitting”, the release said.
Water supply and management and the ocean ecosystem across the Caribbean will receive support under the new arrangement between the EIB and the CDB. A €100 million (USD109.4 million) loan from the EIB will boost CDB support to projects that secure the supply of clean water, improve collection and treatment of wastewater and solid waste and upgrade flood prevention. The investments will help countries adapt to more frequent periods of drought or intense rain caused by climate change and contribute to environmental sustainability through reduced ocean pollution.
The release said that the eligible countries for the EIB-supported investments are Antigua & Barbuda, The Bahamas, Barbados, Belize, Dominica, Grenada, Guyana, Haiti, Jamaica, Saint Kitts & Nevis, Saint Lucia, Saint Vincent & the Grenadines, Suriname and Trinidad & Tobago.
“CDB and the EIB continue to enjoy a mutually beneficial collaboration, with this latest initiative providing access to additional concessional resources to 14 states, representing almost three-quarters of CDB’s Borrowing Member Countries. More importantly, those countries represent over 19 million people. Resources such as these are therefore deeply appreciated, as adequate water and sanitation services, and the prevention of water-related disasters, are key to achieving and maintaining development in our region,” said CDB President (Ag.) Isaac Solomon.
“The vulnerability of small island states on the frontline of climate change is at the centre of discussions here in Washington. Working together we can achieve a far greater impact in tackling these challenges than working alone. Partnerships, like the European Investment Bank’s longstanding relationship with the Caribbean Development Bank, mean that we can contribute to projects and initiatives such as the one we have signed today, that support communities and our precious ocean ecosystems as well,” said EIB Vice President Ambroise Fayolle, speaking from Washington DC.
The EIB and the CDB have successfully worked together to support projects benefitting the Caribbean region since the EIB’s first loan to the CDB in 1978, the release said.
The release noted that the water sector in the Caribbean is challenged by aging equipment and pipes, leaks, inadequate wastewater treatment capacity and lack of storage capacity. Meanwhile, the marine ecosystem and coastal economy and communities are threatened by warmer seas, ocean acidification and storm surges.
