KINGSTOWN, St. Vincent, CMC – The Barbados-based Caribbean Development Bank (CDB) has announced an US$88.4 million package of development projects for St. Vincent and the Grenadines.
The CDB said that the projects underpin the Bank’s new Country Engagement Strategy (CES), adding that the roadmap for 2022-26 identifies initiatives that will be financed across various sectors.
It said these projects would address challenges in agriculture, infrastructure, climate change, and other multisectoral concerns while building resilience.
CDB’s Vice President, Isaac Solomon, said that the engagement strategy, which will guide the Bank’s interaction with St. Vincent and the Grenadines on projects, is informed by CDB and government-determined priorities to meet development targets.
“Through this new and ambitious strategy, the country seeks to support the re-engineering of economic growth, enabling enhanced human and social development; while facilitating environmental sustainability and enhancing climate resilience.”
Finance Minister Camillo Gonsalves said that while CDB has done phenomenal work in engaging with ministries and programming resources to suit the country’s agenda of transformation and resilience, “an injection at this time and an injection into critical areas can transform the developmental trajectory of St. Vincent and the Grenadines if we sequence our priorities successfully.”
He said that while the strategy aggregated the wants and desires of the government, its successful ownership and implementation require an understanding of what projects must be undertaken and the requisite resources.
Prime Minister Dr. Ralph Gonsalves encouraged the CDB to provide even more support than the current offering.
Citing the US$250.8 million Kingstown Port Modernisation Project, currently the most significant venture in CDB’s portfolio, Gonsalves said, “this period going forward, we have to do far better than we are doing, listen more and help to see how we can solve problems better.
“I am a huge fan of CDB and want [the Bank] to grow stronger. While St. Vincent and the Grenadines still need more development funds, the Government and the Bank need to continue to work together for success for our region and people,” Gonsalves said as he affirmed his support for the region’s premier financial institution.
The CDB said the CES sets out the tactical direction for CDB’s engagement with the Government of SVG. The approach is guided by the National Economic and Social Development Plan 2013-2025 (NESDP), which defines the country’s development objective as improving the quality of life for all Vincentians.
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