Above: Dominica (CJ Photo)
By the Caribbean Journal staff
The Inter-American Bank and the Caribbean Development Bank have signed a $20 million agreement for a global loan programme for projects in four Organization of Eastern Caribbean States countries.
The loan was approved Monday by the CDB’s board.
The funding will finance public sector projects in Dominica, Grenada, St Lucia and St Vincent and the Grenadines.
The new programme will address what the IDB called “social and economic challenges” in the countries, which are not members of the Inter-American Development Bank.
The loan will also support areas including education, mitigation and adaptation to climate change and policy-based operations.
The programme will be financed by $14 million from the IDB’s ordinary capital, along with $6 million from the bank’s Fund For Special Operations.
It has an amortization period of between 30 and 40 years.