(Caribbean Development Bank Press Release) – The European Investment Bank (EIB) and the Caribbean Development Bank (CDB) have signed a new agreement to deliver better support for climate resilient projects across the region. The new agreement will help the EIB and CDB to improve project implementation and monitoring, leading to more efficient financing for a range of climate focused investments in the Caribbean.
The initiative aligns with the continuous efforts of both banks to promote harmonisation and aid effectiveness, as well as their commitment to supporting mutual reliance, streamlining procurement activities for promoters and recipients and increasing the resource efficiency of multilateral development banks’ (MDBs) procurement monitoring.
The new Framework, was signed during a bilateral meeting between EIB Vice-President, Emma Navarro and CDB President, Dr. William Warren Smith, on the margins of the World Bank/IMF meetings in Washington.
Speaking at the signature event in Washington, EIB Vice-President, Emma Navarro said: “Small island states are particularly vulnerable to the effects of climate change and access to finance to support public sector initiatives in this area is critical. The new agreement today will help the EIB and CDB to improve project implementation and monitoring, leading to more efficient support for climate adaptation and resilience projects in the Caribbean. This new step in the long-term partnership with CDB confirms our commitment to delivering efficient finance for projects in the region.”
CDB President, Dr. William Warren Smith said: “Reaching agreement on a common procurement approach is one of the most common challenges we face when we co-finance projects with…
