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Caribbean Development Bank Seeks to Reduce Poverty In 8 Countries with $40M Funding

Posted byBy Lena D | Published on: | Updated on March 22, 2017 CommentsComments (0)

Bridgetown, Barbados — The Caribbean Development Bank has announced $40 million in funding for poverty reduction in eight countries in the Caribbean region, through the Basic Needs Trust Fund (BNTF).

The resources will support improved access to quality education, water and sanitation, basic community access and drainage, and livelihoods enhancement and human resource development services in low-income and vulnerable communities under the ninth phase of BNTF (BNTF 9). Countries that will benefit are Belize, Dominica, Grenada, Guyana, Jamaica, Saint Lucia, St. Vincent and the Grenadines, and Suriname.

“The participating countries share many common characteristics and face a number of challenges inherent to small, open economies. BNTF 9 will respond to the development needs of these countries, which face challenges associated with limited diversity in production and extreme vulnerability to natural hazards, which is now exacerbated by climate change and other external shocks,” said Daniel Best, director of projects at the CDB.

Initiatives under BNTF 9 will be implemented during the period of March 2017 through December 2020. Governments of the eight participating countries will provide total counterpart funding of $6.04 million.

BNTF has implemented more than 2,750 subprojects over the past 37 years, directly impacting the lives of more than three million beneficiaries in poor communities. The program is the CDB’s main vehicle for tackling poverty in the region, through the provision of basic infrastructure and skills training towards improving the livelihoods of beneficiaries in participating countries.

BNTF projects are implemented through grant financing from the Bank’s Special Development Fund [Unified]. BNTF aligns with the CDB’s objective of poverty reduction through inclusive and sustainable economic growth, as articulated in the Bank’s Strategic Plan 2015-2019.

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