GEORGETOWN, Guyana, CMC – The Barbados-based Caribbean Community (CARICOM) Development Fund (CDF) has agreed with the Egypt-based African Export-Import Bank (Afreximbank) to establish a new blended finance facility, the Green Growth, Resilience and Sustainability Facility (GRSF).
According to a statement issued by the CARICOM Secretariat, this formed a critical part of the discussion between the CDF chief executive officer, Rodinald Soomer, and the newly appointed President and chairman of the Board of Directors of Afreximbank, Dr George Elombi.
It said that the discussions “reaffirmed their strategic partnership” and that the CDF is currently developing the GRSF with advisory support from Afreximbank.
“The mandate of the GRSF is to finance high-impact public sector infrastructure projects that foster regional productivity and economic resilience while delivering direct and measurable climate benefits.”
The statement said that GRSF will be a CARICOM-focused development financing facility, sponsored by the CDF, to channel concessional resources into strategic public sector projects that help address the persistent infrastructure deficit in the Region and its high vulnerability to climate shocks.
“The GRSF will contribute to closing the infrastructure gap by enabling CDF member countries to identify, prepare, and deliver priority projects (resilient economic infrastructure, including for climate adaptation and mitigation) while providing end-to-end project execution support, including crowding in funding and technical support from regional and international investors with an interest in the CARICOM region.”
The statement said that the facility will also leverage the strengthening of ties between Africa and the African diaspora, underscored by CDF’s membership in Afreximbank since June 2023, as the Caribbean’s first regional shareholder.
“CDF’s membership of Afreximbank allows the Fund to readily access the various financing facilities and instruments of the Bank, including concessional debt, guarantees, grants, and project preparation support, either independently or channelled through GRSF.”
The statement said that the discussions held between Soomer and Elombi earlier this week “focused on some of the practical approaches that could be taken to afford the CDF accelerated access to these financing instruments and resources”.
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