World Bank raises awareness of road safety in the Caribbean

The World Bank has issued a Sustainable Development Bond of US$33.8 million to raise awareness of the importance of road safety in the Caribbean and other developing countries.

The Washington-based financial institution said the bond, due July 2027, was issued through its International Bank for Reconstruction and Development (IBRD) as it engages with investors on the importance of road safety.

“This was also the first Sustainable Development Bond sold to a Japanese investor while raising awareness for road safety,” said the World Bank, adding that it supports programs and activities in its member countries designed to achieve a “positive social and environmental impact” in line with its “twin goals” of eliminating extreme poverty and promoting shared prosperity.

The bank said these “twin goals” are aligned with the United Nations’ Sustainable Development Goals (SDGs).

Together with member countries, the World Bank said it is working to introduce transportation policies and systems that increase safety and reduce road fatalities.

“Improving the safety of transportation systems directly contributes to SDG 3 (Good Health and Well-Being) and SDG 11 (Sustainable Cities and Communities),” the World Bank said. “Investments that incorporate road safety also contribute to many other SDGs by saving lives, preserving human capital, and promoting economic development.

“Road safety is an important development challenge because road crashes rank as the leading cause of death globally for children and youth aged 5-29,” it added.

The lack of road safety in Latin America and the Caribbean (LAC) results in nearly 130,000 deaths and six million injuries per year. The regional road traffic fatality rate stands at 19.2 per 100,000 people, with the number of deaths stabilizing over the last few years as of 2015.

The World Bank said it is implementing a “safe system” approach to support road safety in its member countries.

It includes strengthening countries’ capacity to design and implement effective road safety interventions and create “a holistic, country-level road safety management system,” the bank said.