Germany, CDB to Build Capacity for Climate Change Projects in Eastern Caribbean

BRIDGETOWN, Barbados, Monday April 1, 2019 – The
Caribbean Development Bank (CDB) has approved a €249,860 (US$279,980) grant
from the German international development agency, Deutsche Gesellschaft für
Internationale Zusammenarbeit (GIZ), to support Organization of Eastern
Caribbean States (OECS) member countries in their efforts to build capacity to
develop robust climate change projects for financing.

“The grant from GIZ will help our Borrowing Member Countries in
the OECS tackle the effects of climate change and make the transition to
resilient, low-carbon economies,” said Monica La Bennett, CDB Vice-President of
Operations.

Following the Paris Agreement, the historic international climate
change deal made at the 21st Conference of the Parties to the United Nations
Framework Convention on Climate Change (UNFCCC) in 2015, the OECS countries
outlined their intended climate actions after 2020 to meet their obligations
under the Paris Agreement.

The grant aims to assist Eastern Caribbean countries in developing
bankable, financially viable projects to tackle climate change.

The venture will help Eastern Caribbean countries advance project
ideas to the concept note stage so that they can be considered for funding by
the Green Climate Fund (GCF), the Adaption Fund (AF) or CDB. It is planned that
project concepts will be developed for four pilot countries – Dominica, Saint
Lucia, St. Kitts and Nevis, and St. Vincent and the Grenadines. Thirty
technical staff throughout the sub-Region will also be trained to use SOURCE,
an online tool for project preparation and management. In addition, the OECS
Commission will hold a workshop on priority investment projects.

“Eastern Caribbean countries are in great need of technical
assistance and concessionary financing from CDB, GCF, AF and other emerging
finance streams to deal with the effects of climate change. This initiative
will concretely support countries in the sub-Region so they can better meet
their needs,” said La Bennett.

The activities of the venture will be completed by November 2019.

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