Countering the effects of climate change and supporting the sustainable development of the Caribbean countries: these are the objectives of the US$50M financing granted by Cassa Depositi e Prestiti (CDP), the Italian National Promotional Institution to the Caribbean Development Bank (CDB).
The grant will be utilized through the Revolving Fund for Development Cooperation which is managed by CDP on behalf of the Italian Ministry of the Economy and Finance as part of its International Cooperation and Development Finance activities. Guyana Standard understands that this financing will expand the pool of loans CDB already makes available to its Borrowing Member Countries (BMCs) for official development assistance. These BMCs include Belize, Dominica, Grenada, Guyana, Jamaica, Saint Lucia, Saint Vincent and the Grenadines and Suriname.
The financing will help accelerate the implementation of programmes launched by the Caribbean countries aimed at achieving, by 2030, the sustainable development goals (SDGs) set out by the United Nations. 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 President of CDB, Dr. Hyginus “Gene” Leon, and the Director International Development Finance Officer at CDP, Antonella Baldino, at the premises of the Permanent Mission of Italy to the United Nations in New York.
Antonella Baldino, Chief International Development Finance Officer at CDP, commented: “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 United Nations SDG commitments. A target in line with CDP’s 2022-2024 Strategic Plan, that aims to promote sustainable development and accelerate ecological transition at a global level.”
The President of CDB, Dr Hyginus “Gene” Leon, said: “The volume of financing needed by the Caribbean countries to achieve the Sustainable Development Goals 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 Borrowing Member Countries.”
Under the arrangements CDB has responsibility 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.