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…)