President of the Caribbean Development Bank (CDB), Dr Hyginus “Gene” Leon (third from left) and Chief International Development Finance Officer at the Cassa Depositi e Prestiti (CDP) Group, Antonella Baldino (third right) pose with the respective members of their delegations during the signing of their cooperative agreement in New York City

Regional

on September 20, 2022

CDB gets U.S. $50m for climate change fund

Article by Caribbean Media Corporation (CMC)

New York City – The Barbados-based Caribbean Development Bank (CDB) announced on Tuesday it had entered into an agreement with the Italy-based Cassa Depositi e Prestiti (CDP) to provide U.S. $50 million to help regional countries counter the effects of climate change and support the sustainable development of the Caribbean countries

CDB officials said the financing will expand the pool of loans that the region’s premier financial institution already makes available to its Borrowing Member Countries (BMCs) for official development assistance in countries such as Belize, Dominica, Grenada, Guyana, Jamaica, St Lucia, St Vincent & the Grenadines, and Suriname.

Bank officials said the financing will help accelerate the implementation of programmes launched by the Caribbean countries aimed at achieving the United Nations Sustainable Development Goals (SDGs) by 2030.

In addition, the assistance will support projects related to the management of water resources, the production of energy from renewable sources, the creation of infrastructure for sustainable mobility, and the protection of oceans, coasts and biodiversity.

The agreement was signed by the CDB president Dr Hyginus “Gene” Leon, and the Director International Development Finance Officer at CDP, Antonella Baldino at the Permanent Mission of Italy to the United Nations in New York.

Leon said: “The volume of financing needed by the Caribbean countries to achieve the SDGs will require broad support from a variety of sources, and CDB is committed to creating and strengthening partnerships that will make affordable financing available for our BMCs.”

Baldino said: “Climate crisis is a global challenge that requires mutual cooperation and collaboration. To this end, we are honoured to join other relevant partners in support of Caribbean countries’ efforts to reach their UN SDG commitments. A target in line with CDP’s 2022-24 Strategic Plan that aims to promote sustainable development and accelerate ecological transition at a global level.”

The CDP’s 2022-2024 Strategic Plan aims to promote sustainable development and accelerate ecological transition at a global level.

Under the arrangements, CDB will be responsible for approval and supervision of projects financed through the programme.

Projects will be implemented in compliance with CDB’s policies, procedures, and fiduciary standards, as well as social, environmental, and gender safeguards.