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(CMC) – The Barbados-based Caribbean Development Bank (CDB) says it is providing US106.5 million programme of assistance for the Bahamas, over the period 2018-2022.
The CDB said that the programme is outlined in a new Country Strategy Paper for the country, which was approved by CDB’s Board of Directors last week.
“This strategy has been designed in collaboration with the government of the Commonwealth of The Bahamas, and aims to help the country achieve its medium-term development objectives.
“As such, we focus on areas that are considered critical to inclusive growth, such as the provision of quality climate resilient infrastructure, energy efficiency and renewable energy, as well as governance and human capital improvement,” said Dr. Justin Ram, CDB director of Economics.
The CDB said that the strategy is built on three key pillars, namely the Environmental Protection and Infrastructure Enhancement, Inclusive Social Development and Improved Governance Productivity.
The CDB said that its interventions will build economic resilience to weather-related shocks, with the aim of minimising post-disaster spending and maintaining macroeconomic stability in the event of a natural disaster.
In addition, the bank will focus on projects that increase energy efficiency and renewable energy, to improve public-sector efficiency.
It said regarding inclusive social development, “CDB will support interventions that target the creation of a certified, skilled and employable workforce.
“Projects will complement existing activities, and provide solutions to create an inclusive and effective education system, which responds to the learning needs of all citizens,” it said, adding that the CDB support will focus on reform in areas such as public policy capacity and project implementation capacity. The region’s premier financial institution said that the Bahamas Country Strategy follows the previous strategy for the period 2013-2017, which had a resource envelope of US$80.7 million.