May 17

World Bank Provides US$56 Million to Support Sustainable Blue Economy Growth in the Eastern Caribbean

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.

Photo courtesy of Skybluesrich.

Source: Modern Diplomacy (link opens in a new window)

blue economy, climate change