EIB, CDB commit US$24M to post-disaster reconstruction in Caribbean

EIB Vice President responsible for Climate Action, Jonathan Taylor (left) and CDB President, Dr. Wm. Warren Smith (right) sign the agreement in Bonn on November 13, 2017.(Photo via CDB)
EIB Vice President responsible for Climate Action, Jonathan Taylor (left) and CDB President, Dr. Wm. Warren Smith (right) sign the agreement in Bonn on November 13, 2017.(Photo via CDB)

November 13, 2017, BONN, Germany – The European Investment Bank (EIB) and the Caribbean Development Bank (CDB) have set up an emergency post-disaster reconstruction financing initiative to help the Region recover from recent hurricane events.

The arrangement will support investments for infrastructure reconstruction projects in the Caribbean in the wake of the recent hurricanes. The new US$24M financing package is an addition to the US$120M Climate Action Framework Loan II signed in May this year, and which remains the EIB’s biggest loan to the Caribbean.

Eligible investments under the new loan will include infrastructure reconstruction, with a focus on “building back better” and integrating climate risk and vulnerability assessments into the projects. This will help reduce the Bank’s Borrowing Member Countries’ vulnerability to future natural disasters and worsening climate change impacts. As well as infrastructure, financing to communities for low-carbon and climate-resilience measures such as improved water resource management are also foreseen.

CDB President Wm. Warren Smith and EIB Vice President responsible for Climate Action, Jonathan Taylor, signed the new agreement during the UN Climate Change Conference (COP 23) in Bonn, Germany. Small Island Developing States is a key theme for the event this year under the Fijian Presidency. Against this backdrop, CDB and EIB presented innovative solutions to climate challenges during an event focusing on climate action in the Caribbean, attended by the Prime Minister of Grenada, Dr. the Rt. Hon. Keith Mitchell, Prime Minister of Saint Lucia, Hon. Allen Chastanet and other stakeholders.

High-level officials during the event hosted by EIB at COP23 on November 13, 2017. From left to right: Dr. the Rt. Hon. Keith Mitchell, Prime Minister of Grenada, Chairman of CARICOM and Chairman of the Board of Governors of CDB; Jonathan Taylor, Vice President, EIB; Dr. Wm. Warren Smith, President, CDB; Hon. Allen Chastenet, Prime Minister of Saint Lucia. (Photo via CDB)
High-level officials during the event hosted by EIB at COP23 on November 13, 2017. From left to right: Dr. the Rt. Hon. Keith Mitchell, Prime Minister of Grenada, Chairman of CARICOM and Chairman of the Board of Governors of CDB; Jonathan Taylor, Vice President, EIB; Dr. Wm. Warren Smith, President, CDB; Hon. Allen Chastenet, Prime Minister of Saint Lucia. (Photo via CDB)
Caribbean Development Bank
The Caribbean Development Bank (CDB), is a regional financial institution which was established by an Agreement signed on October 18, 1969, in Kingston, Jamaica, and entered into force on January 26, 1970. The Bank came into existence for the purpose of contributing to the harmonious economic growth and development of the member countries in the Caribbean and promoting economic cooperation and integration among them, having special and urgent regard to the needs of the less developed members of the region (Article 1 of the Agreement establishing CDB). In the Revised Treaty of Chaguaramas, the CDB is recognised as an Associate Institution of CARICOM
(more…)

Chairman of CDB’s Board of Governors, PM Keith Mitchell, pays official visit to Bank’s Headquarters

Dr. The Right Honourable Keith Mitchell, Prime Minister of Grenada and Chairman of the Board of Governors of CDB (left) greets Dr. Wm. Warren Smith, CDB President (right), during an official visit to the Bank on June 23, 2017. (Photo via CDB)
Dr. The Right Honourable Keith Mitchell, Prime Minister of Grenada and Chairman of the Board of Governors of CDB (left) greets Dr. Wm. Warren Smith, CDB President (right), during an official visit to the Bank on June 23, 2017. (Photo via CDB)

June 23, 2017, BRIDGETOWN, Barbados – Dr. The Right Honourable Keith Mitchell, Prime Minister of Grenada and Chairman of the Board of Governors of the Caribbean Development Bank (CDB), on Friday urged the institution to continue playing a role in accelerating the implementation of the development agenda for the Caribbean.

 “Together, united, we must forge ahead, locking in the gains we have made as a Region; and, building on those gains, accelerate a development agenda to improve the lives of our Caribbean family. CDB must continue to play the integral role it has been playing in this united and focused approach to advance regional development. We must never back away from this,” said Dr. Mitchell, in his address to the Bank’s Staff during an official visit to CDB in Barbados.

While at the Bank, Dr. Mitchell also met with CDB President, Dr. Wm. Warren Smith and senior management.

Staff listen to the address by Dr. The Right Honourable Keith Mitchell, Prime Minister of Grenada and Chairman of the Board of Governors of CDB. (Photo via CDB)
Staff listen to the address by Dr. The Right Honourable Keith Mitchell, Prime Minister of Grenada and Chairman of the Board of Governors of CDB. (Photo via CDB)
Caribbean Development Bank
The Caribbean Development Bank (CDB), is a regional financial institution which was established by an Agreement signed on October 18, 1969, in Kingston, Jamaica, and entered into force on January 26, 1970. The Bank came into existence for the purpose of contributing to the harmonious economic growth and development of the member countries in the Caribbean and promoting economic cooperation and integration among them, having special and urgent regard to the needs of the less developed members of the region (Article 1 of the Agreement establishing CDB). In the Revised Treaty of Chaguaramas, the CDB is recognised as and Associate Institution of CARICOM.
(more…)

World Bank Deputy Chief Economist urges Region to think big about small economies

PROVIDENCIALES, Turks and Caicos Islands, May 24, 2017 – It is time for the Caribbean Region to think big about its small economies, says Deputy Chief Economist for Latin America and the Caribbean at the World Bank, Dr. Daniel Lederman. Further, small economies can be successful by being open and nimble. Lederman delivered the 18th William G. Demas Memorial Lecture, which took place in Providenciales, Turks and Caicos Islands on May 23, 2017, ahead of the start of the Annual Meeting of the Board of Governors of the Caribbean Development Bank (CDB).

Lederman, joining a distinguished roster of speakers who have delivered the Lecture, spoke on the topic, ‘Thinking Big about Small Economies: From ‘Open and Nimble’ to Talented Workforce’.

The Deputy Chief Economist noted that the characteristic of being small helps ameliorate the volatility caused by fluctuations in global demand for specific goods and services.

(more…)