In 2023, the Caribbean Development Bank (CDB) approved a significant amount of financing, exceeding millions of dollars, for various projects in water, renewable energy, education, and health.
The bank’s primary focus was on regional development and providing budgetary support to governments.
Among the approved funding, The Bahamas received over USD125 million and Saint Lucia received USD43 million for public financial management reforms and liquidity support.
This funding will enable the implementation of infrastructure upgrades, poverty reduction, climate resilience building, and improved social services.
The CDB disbursed a record USD390 million for project implementation and technical assistance in 2023.
Speaking at the Bank’s Annual News Conference on Tuesday, February 20, 2024, Director of Projects, Mrs. Therese Turner-Jones said, “Without a doubt, 2023 was an excellent year for the Bank as we moved closer to closing gaps in the region’s sustainable development agenda.
Looking ahead to 2024, we anticipate greater advances as we address outstanding infrastructure, social, and economic priorities. Improving health, education, citizens’ security, and economic prosperity in the region remains our laser focus.”
Mrs. Turner-Jones described how CDB is promoting “Supporting Resilient Prosperity” through several initiatives.
The Bank has committed USD30 million for nearly 100 projects through the Basic Needs Trust Fund aimed at reducing poverty and fostering economic empowerment in underprivileged communities across the region.
Additionally, the Bank’s USD6 million Youth Economy Project in Saint Lucia promotes youth entrepreneurship to reduce unemployment and curb crime.
The CDB Projects Director outlined a multi-faceted agenda for 2024, including major infrastructure projects such as a USD60 million upgrade of the Glass Window Bridge in the Bahamas and a USD36 million overhaul for the George Price Highway in Belize to increase safety and boost economic activity.
Another initiative is addressing the effects of gender-based violence through a partnership with UN Women to establish One-Stop Centers in Saint Lucia and St. Vincent and the Grenadines that provide a comprehensive and coordinated response for those affected.
Mrs. Turner-Jones stressed that the Bank’s focus on the private sector aims to improve the environment for commerce and industry.
Support will include financial assistance, technical expertise, infrastructure investment, and policy advocacy.
Additionally, the Bank will focus on investigating and stemming the root causes of project implementation delays in its client countries and offer support to improve procurement processes and reinforce better monitoring and reporting on projects.
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