The US$400,000 being released by the IDB will be used to support recovery and reconstruction efforts in Antigua & Barbuda and Dominica, as well as for the displaced population. The CDB will facilitate the disbursement of the grant funding to the two OECS countries.
IDB Country Representative for Barbados, Mr. Juan Carlos De la Hoz Vinas, and Ms. Monica La Bennett, CDB Vice-President (Operations), signed the agreement on Friday, February 2, 2018 at the CDB’s headquarters in Barbados. It falls within the framework of the two development institutions’ ongoing partnership, which currently includes two active loans, with another in the pipeline.
Mr. De la Hoz Vinas, said: “Recovering from a devastating natural disaster can take years, with support needed in the short, medium and long term. The Inter-American Development Bank assists reconstruction efforts in Latin American and Caribbean countries through a variety of financial instruments and we are pleased that, through our partnership with the Caribbean Development Bank, we are able to carry out our mission of improving lives in Eastern Caribbean countries.”
“The signing of these agreements builds on CDB’s ongoing partnership with IDB to work collaboratively to address our borrowing member countries’ development challenges. We welcome this contribution by the IDB to support the ongoing reconstruction activities in Antigua and Barbuda, and Dominica, and the role it will have in assisting these countries on the path to recovery,” said Ms. La Bennett.
The ongoing partnership between the IDB and the CDB, established since 1977, was strengthened in February 2017 with the signing of a memorandum of understanding (MOU) in which both institutions reaffirmed their commitment to collaborating to promote sustainable economic development in the region.