CARICOM Chairman and Prime Minister of Grenada Dr. Keith Mitchell yesterday welcomed the establishment of an emergency post-disaster reconstruction financing initiative to help the region recover from recent hurricane events.
Mitchell, who is also chairman of the Caribbean Development Bank (CDB), was speaking in Germany on the new initiative between the European Investment Bank (EIB) and the CDB.
The arrangement will support investments for infrastructure reconstruction projects in the Caribbean in wake of the recent hurricanes.
The new US$24 million financing package is in addition to the US$120 million Climate Action Framework Loan Two signed in May this year, and which remains the EIB’s biggest loan to the Caribbean.
Eligible investments under the new loan will include infrastructure reconstruction, with a focus on “building back better” and integrating climate risk and vulnerability assessments into the projects.
This will help reduce the bank’s ‘Borrowing Member Countries’ vulnerability to future natural disasters and worsening climate change impacts.