GEORGETOWN, Guyana, CMC—The Barbados-based Caribbean Development Bank (CDB) has entered into a joint initiative with the European Investment Bank (EIB) to provide funding for several regional countries seeking to develop their water supply and management and ocean ecosystems.
The CDB and the Euro 100 million loan from the EIB will boost the bank’s support for projects that secure the supply of clean water, improve the collection and treatment of wastewater and solid waste, and upgrade flood prevention.
The reports said that the investments will help countries adapt to more frequent periods of drought or heavy rain caused by climate change and contribute to environmental sustainability through reduced ocean pollution.
The countries eligible for the EIB-supported investments are Antigua and Barbuda, the Bahamas, Barbados, Belize, Dominica, Grenada, Guyana, Haiti, Jamaica, St. Kitts & Nevis, St. Lucia, St.Vincent and the Grenadines, Suriname and Trinidad and Tobago.
“CDB and the EIB continue to enjoy a mutually beneficial collaboration, with this latest initiative providing access to additional concessional resources to 14 states, representing almost three-quarters of CDB’s Borrowing Member Countries (BMC).
“More importantly, those countries represent over 19 million people. Resources such as these are therefore deeply appreciated, as adequate water and sanitation services, and the prevention of water-related disasters, are key to achieving and maintaining development in our region,” said CDB acting president Isaac Solomon.
Speaking from Washington, EIB Vice President Ambroise Fayolle said the vulnerability of small island states on the frontline of climate change is central to discussions in Washington.
“Working together, we can achieve a far greater impact in tackling these challenges than working alone. Partnerships, like the European Investment Bank’s longstanding relationship with the Caribbean Development Bank, mean that we can contribute to projects and initiatives such as the one we have signed today that support communities and our precious ocean ecosystems,” said Fayolle.
“Investing in sustainable water management is vital for the Caribbean small island developing states on the frontline of extreme weather and climate change,” Fayolle added.
The European Commissioner for International Partnerships, Jutta Urpilainen, said Caribbean states emit a fraction of the global greenhouse gasses, yet they face the most devastating effects of climate change.
“The EU is committed to supporting its Caribbean partners in the face of climate change and extreme weather through the Global Gateway investment strategy. Resilient infrastructure is at the heart of this,” said Urpilainen.
The DB said that the EIB and it have successfully collaborated to support projects benefitting the Caribbean region since the EIB’s first loan to the CDB in 1978.
Last week, the EIB’s board of directors approved allocating a further Euro 24.4 million to support water supply services in four regions of Guyana under a previous joint operation with the CDB.
The project in Guyana will improve the supply of clean water to five communities by building five new water treatment plants, replacing old pipes, and installing water meters.
The new water treatment plants will remove the high iron content and provide water 24 hours daily to all households supplied. The project is expected to have a significant impact on sustainable water management and on the health and quality of life of the communities benefiting.
The CDB said the Caribbean is vulnerable to climate-change-related extreme weather events and sea-level rise. More violent storms, rising temperatures, and unpredictable rainfall are increasing the pressure on water infrastructure and the surrounding seas.
“Aging equipment and pipes, leaks, inadequate wastewater treatment capacity, and lack of storage capacity challenge the water sector in the Caribbean. Meanwhile, warmer seas, ocean acidification, and storm surges threaten the marine ecosystem, coastal economy, and communities.
“Many countries in the Caribbean are small island developing states that are highly vulnerable to climate change while facing unique economic and social challenges due to their geography. These economies and communities depend on the biodiversity and health of the ocean surrounding them,” the CDB added.
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