Connect with us

Hi, what are you looking for?

CleanTechnica
The European Investment Bank has partnered with the Caribbean Development Bank to sign a financing agreement for $110 million that will support climate change mitigation, adaptation, and resilience projects across the Caribbean.

Clean Power

European Investment Bank Partners With Caribbean Development Bank For $110 Million In Financing

The European Investment Bank has partnered with the Caribbean Development Bank to sign a financing agreement for $110 million that will support climate change mitigation, adaptation, and resilience projects across the Caribbean.

The European Investment Bank has partnered with the Caribbean Development Bank to sign a financing agreement for $110 million that will support climate change mitigation, adaptation, and resilience projects across the Caribbean.

Announced this week, the European Investment Bank (EIB) has signed a financing agreement worth $110 million with the Caribbean Development Bank (CDB) to finance investment projects in the Caribbean under the CDB’s climate action policy that will be designed to support climate mitigation, adaptation, and resilience projects. The financing, called the Climate Action Framework Loan II, builds on the existing $65 million Climate Action Line of Credit signed between the two organizations back in 2011, which itself supports nine projects across seven Caribbean countries.

The new financing agreement will be eligible for projects including climate change mitigation, adaptation and resilience projects in renewable energy, energy efficiency, road transport, water infrastructure, and community-level physical and social infrastructure projects that reduce greenhouse gas emissions and also serve to improve the resilience to the impacts of climate change. Already a $300 million pipeline of projects has been developed with support from an EIB-funded technical assistance program.

“We are delighted to be signing this new climate action loan with CDB, which is the result of a fruitful partnership that lasts for almost four decades, to support new projects in the Caribbean,” said Pim Van Ballekom, EIB Vice President. “This partnership is currently supporting CDB’s efforts to mainstream climate action to help its borrowing member countries (BMCs), which are all considered Small Island Developing States, to adequately tackle risks related to climate change. Caribbean countries face economic and social challenges which must be addressed whilst ensuring resilience to climate change. ”

EIB Vice President, Pim Van Ballekom (left) and CDB President, Dr. Wm. Warren Smith (right) shake hands after signing the agreement for the Climate Action Framework Loan II on May 24, 2017 in Providenciales, Turks and Caicos Islands.

“Through this new Line of Credit, CDB will be able to provide to its BMCs much needed low-cost financing to address the climate impacts already affecting these countries,” added CDB President Dr. Wm. Warren Smith. “The line supports our ongoing work to build climate resilience and the adaptive capacities of BMCs, as they work towards their goal of achieving sustainable development. The signing of this agreement reinforces the longstanding partnership between EIB and CDB, and signals strengthened cooperation between our two institutions.”

 
 
Appreciate CleanTechnica’s originality? Consider becoming a CleanTechnica member, supporter, or ambassador — or a patron on Patreon.
 
Sign up for our free daily newsletter to never miss a story.
 
Have a tip for CleanTechnica, want to advertise, or want to suggest a guest for our CleanTech Talk podcast? Contact us here.


New Podcast: Lyft's 100% Electrification Target, Autonomy, Charging

Written By

I'm a Christian, a nerd, a geek, and I believe that we're pretty quickly directing planet-Earth into hell in a handbasket! I also write for Fantasy Book Review (.co.uk), and can be found writing articles for a variety of other sites. Check me out at about.me for more.

Comments

You May Also Like

Buildings

California’s Public Utilities Commission (CPUC) just became the nation’s first regulator to require utilities to better account for the impact of climate change on...

Energy Efficiency

A DIY home efficiency program, where residents can use a guided home efficiency self-audit tool, and receive a box in the mail full of...

Climate Change

$11 trillion in divestments! That's the grand total movement away from fossil fuels as of end-of-year 2019.

Coal

Goldman Sachs has been garnering quite a lot of Twitter praises after the bank updated its “Environmental Policy Framework.” As per the changes, the...

Copyright © 2021 CleanTechnica. The content produced by this site is for entertainment purposes only. Opinions and comments published on this site may not be sanctioned by and do not necessarily represent the views of CleanTechnica, its owners, sponsors, affiliates, or subsidiaries.