CDB President announces up to US$800M for disaster recovery, amid strong Bank performance in 2017

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

February 7, 2018, BRIDGETOWN, Barbados – President of the Caribbean Development Bank (CDB), Dr. Wm. Warren Smith, today announced that the institution is making USD700 to 800 million (mn) available to help Borrowing Member Countries (BMCs) recover from the impact of the 2017 Atlantic Hurricane Season. The funding, which the Bank is providing over the next five years, complements its ongoing work to build resilience in the Caribbean Region.

 “Disaster risk management and resilience building took centre-stage again in CDB’s strategic responses to the challenges facing our BMCs,” said Smith while outlining the Bank’s 2017 performance during his Annual News Conference on February 7, 2018.

“To incentivise BMCs to invest in climate-resilient infrastructure, CDB must be able to also offer grant and other attractively priced financial resources. But the challenges our Region faces are bigger than what CDB can handle on its own. We have, therefore, been drawing on a combination of our own resources as well as funds intermediated through CDB by other development partners to meet this challenge,” he added.

In 2017, the Bank mobilised concessionary resources from development partners to support more resilient infrastructure projects throughout the Region.

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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Grenada to host CDB’s 48th Annual Meeting

cdb logoGrenada will host the 48th Annual Meeting of the Board of Governors of the Caribbean Development Bank (CDB), which is scheduled to take place on May 30 and 31, 2018. The programme for this year’s Meeting will focus on resilience, against the backdrop of one of the most devastating hurricane seasons the Caribbean Region has experienced in recent history.

Approximately 400 delegates, including Government Ministers and officials, private sector representatives, members of civil society, academia, and media are expected to attend the Meeting. The event will highlight the impact of the Bank’s investments in its 19 borrowing member countries (BMCs). In addition, participants will take part in strategic discussions on resolving some of the Caribbean Region’s most pressing economic and social development issues.

“CDB thanks the Government of Grenada for agreeing to host the Bank’s 48th Annual Meeting. We look forward to working hand in hand with local officials on this flagship event. I am optimistic about the outcomes the Meeting will realise as our partners gather with a common goal to help this Region achieve resilience in all its forms,” said Dr. Wm. Warren Smith, President, CDB.

Read more at: Caribbean Development Bank

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.
(more…)