The regional Caribbean Development Bank (CDB) has highlighted its support to agriculture and the Kingston Harbour Walk Project in Jamaica, on which it is spending a combined US$27.4 million, among its top achievements, at its annual press conference last week.

The bank said it provided US$26 million to expand agricultural development in Jamaica, in the face of global supply chain disruptions.

CDB said it is spending US$1.4 million for pre-investment studies on the Kingston Harbour Walk, a government-sponsored initiative aimed at enhancing climate resilience and infrastructure, benefiting more than 600,000 people in Kingston, St Andrew and Port Royal.

Kingston harbour is the seventh-largest natural harbour in the world and is crucial to Jamaica’s economy and environment.

The bank said it had continued to drive sustainable development across the region in 2024, disbursing US$323 million across the transport, renewable energy, education, private and agriculture sectors, while strengthening strategic partnerships.

CDB secured financing to advance its water and energy security efforts through key partnerships, including a EUR$100-million loan agreement with the European Investment Bank for water supply expansion, wastewater treatment, solid waste management, and flood protection, along with a CA$58-million envelope from Global Affairs Canada for resilient energy projects.

“Strategic partnerships amplified our reach enabling us to secure significant funding and achieve unprecedented milestones in energy and infrastructure development across the region,” said CDB’s Acting Director of Projects L O’Reilly Lewis, addressing the bank’s annual news conference.

“Notably, CDB achieved two significant firsts: a US$34.8-million loan for the construction of a geothermal power plant in Dominica, marking its first private sector limited recourse financing in energy, co-financed by the Inter-American Development Bank and the Government of Canada, as well as a US$5-million grant for rural electrification in Haiti.

“The bank demonstrated its commitment to advancing education by investing US$60 million to expand access to inclusive learning for students with special education needs in Saint Lucia, Grenada, and Saint Vincent and the Grenadines, strengthen climate-resilient schools, and integrate digital technology in classrooms. Additionally, the bank provided US$13 million for primary education in Haiti.

“Recognising the financing challenges faced by regional businesses, CDB approved a US$30 million line of credit to support private sector infrastructure and energy projects, as well as US$20 million for student loans, low-income housing, renewable energy, and MSMEs in agriculture and industry in Belize. The bank also commissioned a study on a regional credit enhancement facility designed to strengthen local credit markets.”

In support of agriculture, CDB also committed a further US$7 million to increase productivity and market access in Haiti. The bank launched a call for proposals under the EU-CDB Food Security Programme to improve access to finance, innovation, and distribution for micro, small and medium-sized agri-businesses and producers in CARIFORUM countries.

“Investments in water security and coastal resilience will benefit almost 50,000 people in the Eastern Caribbean with US$22.8 million to upgrade the John Compton Dam’s water supply and transmission system in Saint Lucia, US$15 million for the Sauteurs Coastal Protection Project in Grenada.

“The bank’s flagship poverty reduction programme, the Basic Needs Trust Fund, delivered tangible results, with over 4,750 individuals benefitting from enhanced roads and 271 educators receiving training to support students with learning disabilities,” said CDB.

“Our focus remains on supporting sustainable development initiatives that address the critical needs of the Caribbean. These investments are all essential for long-term economic growth and stability. By reducing the risk of loss of life, physical and economic damage, and post-disaster recovery time, these projects will improve long-term Caribbean resilience,” Lewis added.

A journalist asking a question of Caribbean Development Bank officials at their annual press conference in Bridgetown, Barbados.