Asunción, CMC – The Inter-American Development Bank (IDB) says Canada is expanding its support for resilience and business development in the Caribbean through its partnership with the Washington-based financial institution.
On Friday, the IDB said the government of Canada’s previously announced commitment of CAN$10 million to the Technical Assistance Facility (TAF) of the Caribbean Community Resilience Fund (CCRF) through the IDB Group’s ONE Caribbean programme was formalized by the signature of the corresponding administrative arrangement in February.
“The contribution will reinforce the ONE Caribbean Multi-Donor Trust Fund, the IDB Group’s main regional platform for advancing resilient development,” the IDB said.
“ONE Caribbean addresses shared challenges, including resilience, disaster-risk management, citizen security, private-sector development, and food security, while strengthening institutions and promoting digital transformation,” it added.
The IDB said resources will finance technical assistance to help prepare resilient projects for small and medium-sized enterprises (SMEs), as well as investments across sectors such as sustainable energy, transport, sustainable agriculture, and blue economy industries.
Announced at the 48th Regular Meeting of Heads of Government of the Caribbean Community (CARICOM), “this contribution underlines Canada’s sustained commitment to practical, private-sector-led solutions across the region,” the IDB said.
Additionally, it said Canada was the first donor to deposit its instrument of acceptance and contribution to IDB Lab, the innovation and venture arm of the IDB Group, providing US$2.2 million to support its recent replenishment.
Through its contribution, the IDB said Canada is also supporting Small and Island States in the Caribbean with nearly US$111,000 under IDB Lab’s Impact Enhancement Program – “a flagship advisory initiative aimed at strengthening the social, resilient, and economic impact of its clients while embedding responsible digital transformation across their business models.
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