Caribbean
Caribbean News Global

Caribb - World Bank provides US$56M to support Sustainable Blue Economy Growth in the Eastern Caribbean

The Blue Economy is a comprehensive, multi-sectoral approach aimed at promoting sustainable use of living coastal and marine natural resources to support economic development, improve livelihoods dependent on such resources and strengthen resilience to climate change.

WASHINGTON, May 2, 2022 – The World Bank’s Board of Executive Directors has approved IDA financing of US$56 million for the Unleashing the Blue Economy of the Caribbean (UBEC) project, to support several Eastern Caribbean countries in catalyzing the sustainable economic potential of their living marine and coastal assets. Of that sum, $15 million will be provided to Grenada, US$18 million to Saint Lucia and US$15 million to Saint Vincent and the Grenadines along with a US$8 million IDA grant provided to the OECS Commission for integrated regional interventions.

In addition, the World Bank’s PROBLUE Multidonor Trust Fund has provided grant financing of US$1 million each to Grenada, Saint Lucia and Saint Vincent and the Grenadines to as well as US$1 million to the OECS Commission.

The Blue Economy is a comprehensive, multi-sectoral approach aimed at promoting sustainable use of living coastal and marine natural resources to support economic development, improve livelihoods dependent on such resources and strengthen resilience to climate change. The project objectives include financing for micro, small and medium-sized enterprises, increased access to fisheries sector risk insurance, strengthened coastal resilience, improved waste management practices, and greater regional collaboration.

“This operation will support the sustainable development in the Eastern Caribbean by helping participating countries to better take advantage of their blue economy resources,” said Lilia Burunciuc, World Bank Country Director for the Caribbean. “The project is designed to address key investment priorities in each country, helping them on their path of economic recovery.”

Read more.