CDB allocates US$45M grant funding for Haiti until 2026
(Caribbean Development Bank Press Release) The Caribbean Development Bank (CDB) has set aside grant funding in the amount of US$45 million for Haiti over the period 2022 to 2026, CDB Vice-President of Operations, Mr. Isaac Solomon said to the United Nations Economic and Social Council’s Ad Hoc Advisory Group on Haiti (on Wednesday).
With a new country strategy for Haiti under development, Mr. Solomon emphasised: “The Bank will seek to strengthen its capacity for greater adaptability and effectiveness considering Haiti’s distinct challenges.”
The CDB Vice-President assured that the Bank will remain engaged with its Haiti Country Office to preserve hard-won development gains and continue to build resilience. The office, which was established in 2018, is the only CDB operational post apart from its headquarters in Barbados.
La Banque de développement des Caraïbes (#CDB) prévoit d’octroyer à #Haïti une subvention de 45 millions de dollars américains sur une période de 4 ans, ce qui permettra au gouvernement d’agir rapidement et efficacement sur les problèmes pressants auxquels fait face le pays. pic.twitter.com/2gLvcjJpW8
— Primature de la République d’Haïti (@PrimatureHT) March 4, 2022
The Bank is also seeking to scale up donor coordination. “Each donor should concentrate on its areas of strength and where it can have maximum impact. Responding quickly and in a coordinated manner, with harmonised processes will be very important for optimising our resources and realising greater benefits for all,” CDB’s Solomon said.
In addition, the Bank will seek to increase collaboration with humanitarian organisations, non-governmental and civil society organisations and local actors, as well as to ramp up private sector support to foster resilience in ways not covered by traditional humanitarian and development response, particularly at the micro-level and in the informal sector.
While addressing the Advisory Group, Mr. Solomon stressed that the Bank is exploring innovative instruments to extend financing facilities, grow multilateral finance and build a stronger financial ecosystem for the region, bringing benefits to Haiti. CDB is also aiming to increase access to concessional finance, given the multiple vulnerabilities faced by Haiti and the rest of the region, he noted.
Since Haiti joined CDB in 2007, the Bank has allocated grants totalling US$209 million for interventions in education and training, community-driven development and agriculture, environment and disaster risk management, as well as sustainable energy.