The European Investment Bank

By the Caribbean Journal staff

The Caribbean Joint Action Plan, a collaboration between six leading development banks aimed at bringing the Caribbean out of the downturn, has totaled more than $960 million in commitments to private and public sector projects in the region in its first year. That number represents more than 100 percent of what had been pledged for the next three years. “In only a year, the Caribbean Joint Action Plan has demonstrated the clear value of enhanced cooperation between development finance institutions to support projects essential for economic growth across the Caribbean and our engagement in the region has surpassed targets,” said Warren Smith, the president of the Caribbean Development Bank, in a statement. The six institutions that form the initiative are the Caribbean Development Bank, German bank DEG, the European Investment Bank, the Netherlands Development Finance Company, the International Finance Corporation and PROPARCO.