EIB delegation explores new financing opportunities in the Caribbean at CDB’s annual meeting in Trinidad & Tobago
7 June 2019
Delegation to meet high-level regional representatives at the Caribbean Development Bank’s annual meeting, taking place in Port of Spain this year
EIB delegation will explore financing opportunities for new public and private sector projects in the Caribbean region
A European Investment Bank (EIB) delegation is attending the Caribbean Development Bank’s (CDB) annual Board of Governors meeting to explore opportunities for financing new projects in the Caribbean and to meet high-level representatives from across the region.
Head of the EIB Caribbean regional representation office, Yves Ferreira and colleagues will discuss financing opportunities with ministers, senior government officials, private sector investors and other development finance institutions present at this key regional event with a view to providing financing to projects in the Caribbean region. The European Investment Bank has supported investments essential for private and public sector growth across the Caribbean since 1978.
Transformation is the key theme for the CDB’s 49th annual Board of Governors meeting. Against this backdrop, CDB, the EIB and regional stakeholders discussed innovative solutions to climate challenges during the annual meeting.
CDB President, Dr. Wm. Warren Smith said: “CDB’s annual meeting provides an excellent forum for renewing our commitment to work alongside EIB in the Caribbean Region. At our meeting this week, we are anticipating meaningful discussions with our long-standing partner about how CDB can better support the necessary transformation of these countries to realise the SDGs by 2030”.
Head of the EIB Caribbean regional representation office, Yves Ferreira said on the margins of CDB’s annual meeting: “We are looking forward to an interesting exchange of ideas with CDB on future areas and forms of cooperation in the Caribbean, building on our fruitful 40 year partnership with this key regional player. Both institutions stand committed to the UN Sustainable Development Goals (SDGs), in particular Goal 13: Climate action by supporting climate resilience, adaptation and mitigation.”
The EIB has supported development and economic activity in the Caribbean with loans and equity investment worth EUR 1.8 billion. Since 2011, it has provided EUR 170 million of concessional funding to CDB to support climate action projects in the region. Investments financed include energy efficiency, solar power, security of water supply, flood prevention and post-hurricane reconstruction projects.
Notes to editors:
The Caribbean Development Bank is a regional financial institution established in 1970 for the purpose of contributing to the harmonious economic growth and development of its Borrowing Member Countries (BMCs). In addition to the 19 BMCs, CDB’s membership includes four regional non-borrowing members – Brazil, Colombia, Mexico and Venezuela and five non-regional, non-borrowing members; i.e., Canada, China, Germany, Italy, and the United Kingdom. CDB’s total assets as at December 31, 2017 stood at USD 2.97 billion (bn). These include USD 1.6 bn of Ordinary Capital Resources and USD 1.37 bn of Special Funds Resources. The Bank is rated Aa1 Stable with Moody’s and AA+ Stable with Standard and Poor’s and Fitch. Read more at caribank.org.
The EIB and the Caribbean Development Bank (CDB) have signed a new agreement to deliver better support for climate resilient projects across the region. The new Procurement Procedural Framework, will help the EIB and CDB to improve project implementation and monitoring, leading to more efficient financing for a range of climate focused investments in the Caribbean.
The EIB and Caribbean Development Bank (CDB) have signed a USD 110 million financing agreement to support investment projects in the Caribbean under CDB’s climate action policy. The Climate Action Framework Loan II builds on the USD 65 million Climate Action Line of Credit (CALC) signed between EIB and CDB in 2011, and which supports nine projects in seven countries across the Caribbean. The EUR 100 million climate action initiative is the EIB’s biggest loan to the Caribbean.