GEORGETOWN, Guyana (CMC) — The Caribbean Development Bank (CDB) has entered a joint initiative with the European Investment Bank (EIB) to provide funding for several regional countries seeking to develop their water supply and management, and the ocean ecosystem.

The CDB and the EUR $100 million loan from the EIB will boost the bank’s support to projects that secure the supply of clean water, improve collection and treatment of wastewater and solid waste, and upgrade flood prevention.

It said that the investments will help countries adapt to more frequent periods of drought or intense rain caused by climate change as well as contribute to environmental sustainability through reduced ocean pollution.

The countries eligible for the EIB-supported investments are Antigua and Barbuda, the Bahamas, Barbados, Belize, Dominica, Grenada, Guyana, Haiti, Jamaica, St Kitts & Nevis, St Lucia, St Vincent and the Grenadines, Suriname and Trinidad and Tobago.

“CDB and the EIB continue to enjoy a mutually beneficial collaboration, with this latest initiative providing access to additional concessional resources to 14 states, representing almost three-quarters of CDB’s borrowing member countries (BMC),” said CDB Acting President, Isaac Solomon.

“More importantly, those countries represent over 19 million people. Resources such as these are therefore deeply appreciated, as adequate water and sanitation services, and the prevention of water-related disasters, are key to achieving and maintaining development in our region,” Solomon continued.

EIB Vice President Ambroise Fayolle, speaking from Washington, said the vulnerability of small island states on the frontline of climate change is at the centre of discussions taking place in Washington.

“Working together we can achieve a far greater impact in tackling these challenges than working alone. Partnerships, like the European Investment Bank’s longstanding relationship with the Caribbean Development Bank, mean that we can contribute to projects and initiatives such as the one we have signed today, that support communities and our precious ocean ecosystems as well,” said Fayolle.

“Investing in sustainable water management is vital for the Caribbean small island developing states on the frontline of extreme weather and climate change,” Fayolle added.

The European Commissioner for International Partnerships, Jutta Urpilainen, said Caribbean states emit a fraction of the global greenhouse gasses, yet they are facing the most devastating effects of climate change.

“The EU is committed to supporting its Caribbean partners in the face of climate change and extreme weather through Global Gateway investment strategy. Resilient infrastructure is at the heart of this,” said Urpilainen.

The CDB said that together with the EIB, it has successfully worked to support projects benefitting the Caribbean region since the EIB’s first loan to the CDB in 1978.

The CDB said the Caribbean is vulnerable to climate-change-related extreme weather events and sea-level rise. It said more violent storms, rising temperatures and unpredictable rainfall are increasing the pressure on both water infrastructure and the surrounding seas.

“The water sector in the Caribbean is challenged by aging equipment and pipes, leaks, inadequate wastewater treatment capacity and lack of storage capacity. Meanwhile, the marine ecosystem and coastal economy and communities are threatened by warmer seas, ocean acidification and storm surges.

“Many countries in the Caribbean are small island developing states which are highly vulnerable to climate change while also facing unique economic and social challenges due to their geography. These economies and communities depend on the biodiversity and health of the ocean surrounding them,” the CDB added.