US$33 mil­lion to fi­nance Cli­mate Change-Re­silient In­fra­struc­ture

The Star (St. Lucia) - - REGIONAL -

Of­fi­cials from the Caribbean De­vel­op­ment Bank (CDB) and the Agence Française de Développe­ment (AFD) have signed an agree­ment to pro­vide US$33 mil­lion to­wards fi­nanc­ing sus­tain­able in­fra­struc­ture projects in the Caribbean re­gion. At least 50 per­cent of the funds will be used to fund cli­mate change adap­ta­tion and mit­i­ga­tion projects.

The agree­ment was signed last month at the CDB head­quar­ters in Bar­ba­dos, by French am­bas­sador to the Or­gan­i­sa­tion of Eastern Caribbean States and Bar­ba­dos, Eric de la Mous­saye, in the pres­ence of CDB vice-pres­i­dent (oper­a­tions), Pa­tri­cia McKen­zie.

“Caribbean coun­tries are par­tic­u­larly vul­ner­a­ble to the im­pacts of cli­mate change, with our ge­o­graph­i­cal lo­ca­tion lead­ing to high ex­po­sure to nat­u­ral haz­ards. Eco­nomic con­di­tions also play a role, as there is a lack of ac­cess to long-term re­sources to fi­nance sus­tain­able cli­mate-re­lated in­fra­struc­ture projects. We be­lieve that th­ese ad­di­tional funds will go a long way to­wards build­ing re­silience and mit­i­gat­ing the im­pact of cli­mate change in our re­gion,” McKen­zie said.

The funds are be­ing pro­vided by AFD un­der a credit fa­cil­ity agree­ment with CDB. AFD is the pri­mary agency through which the govern­ment of France pro­vides fund­ing for sus­tain­able de­vel­op­ment projects.

The fa­cil­ity will be used by CDB to aug­ment fi­nanc­ing for in­fra­struc­ture projects in sev­eral ar­eas: re­new­able en­ergy, wa­ter and san­i­ta­tion, waste man­age­ment, adap­ta­tion of in­fra­struc­ture to the ef­fects of cli­mate change, pro­tec­tion of coasts and rivers.

The fa­cil­ity is com­ple­mented by a EUR3 mil­lion tech­ni­cal as­sis­tance grant which will fi­nance fea­si­bil­ity stud­ies for projects el­i­gi­ble for fi­nanc­ing un­der the credit fa­cil­ity.

The agree­ment sup­ports the im­prove­ment of Caribbean economies’ re­silience and vi­tal­ity through the de­vel­op­ment of sus­tain­able in­fra­struc­ture projects with sig­nif­i­cant en­vi­ron­men­tal or cli­mate im­pacts. It is in align­ment with the Bank’s cor­po­rate pri­or­ity of pro­mot­ing en­vi­ron­men­tal sus­tain­abil­ity.

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