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US$16 million in financing for Dominica


US$16 million in financing for Dominica

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Washington – The World Bank Monday said it is providing US$16.4 million in additional financing for Dominica to support ongoing projects in the areas of agriculture and infrastructure for climate resilience and economic recovery from the coronavirus (COVID-19) impacts.

“Agricultural livelihoods, food security, and resilience to climate-related shocks are key priorities for Dominica. This financing will support Dominica’s efforts in these areas, including providing local employment opportunities in the construction and agriculture sectors during this challenging COVID-19 period,” said Tahseen Sayed, World Bank Country Director for the Caribbean.

The Washington-based financial institution said the additional financing approved includes US$12.8 million for the Disaster Vulnerability Reduction Project, which aims to reduce Dominica’s vulnerability to natural hazards and climate change impacts.

The funding will be also used to rehabilitate and upgrade an important section of the East Coast Road to resilient standards.

Additional financing of US$3.6 million was also approved for the Dominica Emergency Agricultural Livelihoods and Climate Resilience Project which aims to restore the livelihoods of farmers and fisherfolk affected by Hurricane Maria.

“Additional financing for this project replenishes funds that were redirected to support the country’s emergency response to COVID-19 using a Contingency Emergency Response Component (CERC),” the World Bank said.

It said that the interest-free financing from the International Development Association (IDA), has a maturity of 40 years, including a grace period of 10 years. (CMC)