CDB spends some US$2 billion in region in 9 years

CDB spends some US$2 billion in region in 9 years

Wednesday, September 30, 2020

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KINGSTON, Jamaica— Over the period 2011 to 2019, the Caribbean Development Bank (CDB) has approved US$2.5 billion to be spent on various development projects in the region.

Some US$1.8 billion has so far been disbursed.

The bulk of the resources, according to CDB president Warren Smith, have been approved for projects in transportation; social infrastructure; environment, sea defences and disaster management; reconstruction, and energy.

Smith said that despite the setbacks caused by COVID-19, total approvals in 2020 are anticipated to reach US$470 million, and disbursements to be around US$367 million.

The CDB president, who was speaking today at the bank's 50th Annual Meeting convened by its Board of Governors, said the Bank has been instrumental in helping to transform the region.

He said it has helped to narrow the infrastructure deficit in the region over the last 10 years and has improved access to social and economic services.

He noted that almost 2,400 kilometres of roads were constructed and upgraded with CDB funds; and some 60 communities benefitted from community-based interventions in disaster risk management to reduce vulnerability and strengthen the capacity of residents to cope with hazard events.

CDB also improved learning conditions by building human capital through investments in over 1,600 classrooms, and training almost 13,000 teachers. These initiatives have benefitted and continue to benefit some 469,000 students across the region.

The Bank has also financed the installation and upgrading of over 800 kilometres of water supply lines in several countries, providing an estimated 62,700 households with access to improved water and sanitation services.

“To achieve this, CDB deepened strategic partnerships and mobilised resources from numerous donor countries and multilateral financial institutions, with a strong focus on attracting funding for climate adaptation, renewable energy and energy efficiency, making the region more resilient to climate change while better meeting its energy demand in a sustainable manner.

“I am even more convinced that the business of development is complex. It requires many players, including CDB, joining forces in an orchestrated manner to create the environment best suited for advancing living standards in our region”, said Smith.

The CDB works with 28 member countries, not all of which are located in the region and not all of which have borrowing status, to reduce poverty and promote social and economic growth in the Caribbean.

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