IDB approves loan to CDB
WASHINGTON: The InterAmerican Development Bank (IDB) today approved US$20 million for a Global Loan Program to the Caribbean Development Bank (CDB) for projects in the four IDAeligible Organization of Eastern Caribbean States (OECS) member countries. The CDB will on-lend the funds for the financing of public sector projects in Dominica, Grenada, St. Lucia and St. Vincent and the Grenadines. These small open economies are vulnerable to external economic shocks and natural disasters. The new approved program will help address the social and economic challenges of these non-IDB member countries, constrained by their limited access to longer term and lower cost credit resources. Resources will be allocated by CDB based on its country strategy and programming processes.