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
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CDB to promote resilient recovery, climate action for Caribbean at COP23

Dr. Warren Smith, President of the Caribbean Development Bank (CDB)

November 13, 2017, BONN, Germany – A delegation from the Caribbean Development Bank (CDB) has arrived at the United Nations Climate Change Conference (COP23) in Bonn, Germany. While at the event, which runs until November 17, the Bank will join other regional stakeholders in reiterating the urgent need for climate action and resilient recovery in the Caribbean. Against the backdrop of this year’s devastating hurricane season, CDB will also underscore its commitment to mobilising highly concessionary resources for regional countries to tackle the impacts of climate change.

 “We are pleased to add our voice to the global conversation on climate action, given the vulnerability of the low-lying and coastal states in the Caribbean Region. At COP23, our priority is to continue to draw attention to the very real challenges our small states are facing as a result of climate change; to strengthen partnerships to combat those challenges; and to further engage stakeholders as our Region seeks to ‘build back better’,” said Dr. Wm. Warren Smith, President of CDB.

While in Bonn, the Bank will sign a US$24M agreement with the European Investment Bank for post-disaster reconstruction. It is an addition to the US$120M Climate Action Framework Loan II signed in May this year.

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
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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.
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CDB study recommends strategies to promote regional innovation and productivity

Timothy Antoine, Governor, Eastern Caribbean Central Bank, making a point during the panel discussion on May 24, 2017. (Photo via CDB)
Timothy Antoine, Governor, Eastern Caribbean Central Bank, making a point during the panel discussion on May 24, 2017. (Photo via CDB)

May 25, 2017, PROVIDENCIALES, Turks and Caicos Islands – If the Region is to enhance productivity and economic growth, new initiatives and strategies must be explored. A study by the Caribbean Development Bank (CDB), entitled “Enhancing Productivity and Growth in the Caribbean”, suggests ways of enhancing productivity and economic growth by focusing on four main areas: foreign direct investment (FDI); information and communications technology (ICT); research and development (R&D) and innovation; and the adoption of industrial clustering to promote innovation and productivity.

There is an urgency to find new ways of improving total factor productivity and propelling economic growth in the Caribbean, with the Region facing significant economic challenges associated with high levels of un- and under-employment and poverty; high fiscal deficits; high public debt; reliance on slow growing economic sectors; high levels of volatility; various economic and environmental threats; and the strain of maintaining adequate levels of foreign reserves,” said Dr. Justin Ram, Director of Economics, CDB.

Dr. Wm. Warren Smith, President, CDB, noted: “The study sets out a core set of productivity enhancement strategies which can propel economic growth onto a higher and more sustainable path, and improve the lives of ordinary Caribbean people over the medium to long term. The proposals set out in the study are intended to provide a practical set of policy measures to advance the growth agenda.”

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
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CDB announces keynote speaker for prestigious William G. Demas Memorial Lecture

Dr. Daniel Lederman, Lead Economist and Deputy Chief Economist for Latin America and the Caribbean at the World Bank (Photo via CDB)
Dr. Daniel Lederman, Lead Economist and Deputy Chief Economist for Latin America and the Caribbean at the World Bank (Photo via CDB)

BRIDGETOWN, Barbados – The Caribbean Development Bank (CDB) has announced the keynote speaker for the 18th William G. Demas Memorial Lecture, scheduled to take place on May 23, 2017, at the Beaches Turks and Caicos Resort Villages & Spa in Providenciales. Dr. Daniel Lederman, Lead Economist and Deputy Chief Economist for Latin America and the Caribbean at the World Bank, will speak on the topic, ‘Thinking Big about Small Economies: From ‘Open and Nimble’ to Talented Workforce’.

An economist and political scientist by training, Dr. Lederman has published numerous books and articles on a broad set of issues related to economic development. These include: financial crises; crime; political economy of economic reforms; economic growth; innovation; international trade; and labour markets.

Lederman is co-author of ‘Open and Nimble: Finding Stable Growth in Small Economies’, published in March. The book analyses what makes small economies unique and proposes that they are not necessarily prone to underdevelopment and, in fact, can achieve very high income levels.

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…)