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

Print this page Email A Friend!


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.


Now you can read the Jamaica Observer ePaper anytime, anywhere. The Jamaica Observer ePaper is available to you at home or at work, and is the same edition as the printed copy available at http://bit.ly/epaper-login


ADVERTISEMENT




POST A COMMENT

HOUSE RULES

1. We welcome reader comments on the top stories of the day. Some comments may be republished on the website or in the newspaper � email addresses will not be published.

2. Please understand that comments are moderated and it is not always possible to publish all that have been submitted. We will, however, try to publish comments that are representative of all received.

3. We ask that comments are civil and free of libellous or hateful material. Also please stick to the topic under discussion.

4. Please do not write in block capitals since this makes your comment hard to read.

5. Please don't use the comments to advertise. However, our advertising department can be more than accommodating if emailed: advertising@jamaicaobserver.com.

6. If readers wish to report offensive comments, suggest a correction or share a story then please email: community@jamaicaobserver.com.

7. Lastly, read our Terms and Conditions and Privacy Policy



comments powered by Disqus
ADVERTISEMENT

Poll

ADVERTISEMENT
ADVERTISEMENT

Today's Cartoon

Click image to view full size editorial cartoon
ADVERTISEMENT