CDP 50 million funding to fight climate change in Caribbean countries

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Antonella Baldino, (third from right) International Development Finance Director of Cassa Depositi e Prestiti (CDP) Group and Dr. Hyginus “Gene” Leon (third from left), President of the Caribbean Development Bank (CDB) pose with the respective members of the delegations representing Italy and the Caribbean at the signing of a financing agreement of 50 million euros between CPD and CDB. The funding will support the construction of sustainable infrastructure and the protection of natural ecosystems in the Caribbean. The agreement was signed recently at the premises of the Permanent Mission of Italy to the United Nations in New York.

The financing granted by the Cassa Depositi e Prestiti (CDP) group to the Caribbean Development Bank (CDB) increases resources for the construction of sustainable infrastructure and the protection of the natural ecosystems of the region.

Through the Revolving Fund for Development Cooperation, the CDP contributes to the achievement of the Sustainable Development Goals (SDGs) set by the United Nations General Assembly.

New York, September 20, 2022 – Countering the effects of climate change and supporting the sustainable development of Caribbean countries: these are the objectives of the 50 million financing granted by Cassa Depositi e Prestiti (CDP), the Italian National Promotion Institution of the Caribbean Development Bank (CDB), a financial institution that helps Caribbean countries finance social and economic programs in member countries.

Allocated through the Revolving Fund for Development Cooperation, managed by CDP on behalf of the Italian Ministry of Economy and Finance as part of its international cooperation and development finance activities, this funding will expand the pool of loans that the CDB already makes available to its borrowers. Member Countries (BMC) for official development assistance in countries such as Belize, Dominica, Grenada, Guyana, Jamaica, Saint Lucia, Saint Vincent and the Grenadines and Suriname.

The financing will make it possible to accelerate the implementation of the programs launched by the countries of the Caribbean aimed at achieving, by 2030, the Sustainable Development Goals (SDGs) set by the United Nations. The aid will support projects related to the management of water resources, the production of energy from renewable sources, the creation of infrastructure for sustainable mobility and the protection of oceans, coasts and biodiversity. .

The agreement was signed by CDB Chairman Dr. Hyginus “Gene” Leon and CDP International Development Finance Director Antonella Baldino at the premises of the Permanent Mission of Italy to the United Nations in New York.

Antonella Baldino, Director of International Development Finance at CDP, said: “The climate crisis is a global challenge that requires mutual cooperation and collaboration. To this end, we are honored to join other relevant partners in supporting the efforts of Caribbean countries to meet their UN SDG commitments. An objective in line with the CDP’s 2022-2024 Strategic Plan, which aims to promote sustainable development and accelerate the ecological transition on a global scale.

CBD Chair, Dr. Hyginus “Gene” Leon, said: “The volume of financing that Caribbean countries need to achieve the Sustainable Development Goals will require broad support from a variety of sources, and the CBD is committed to creating and strengthening partnerships that will make affordable financing available to our borrowing member countries.

Under these agreements, the CDB is responsible for approving and supervising projects financed by the Programme. Projects will be implemented in accordance with CBD policies, procedures and fiduciary standards, as well as social, environmental and gender safeguards.

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