Business View Caribbean | January 2020

8 BUSINESS VIEW CARIBBEAN JANUARY 2020 Protecting and preserving the rich marine and ocean resources is essential for the country’s successful transition to a blue economy economy and for boosting coastal tourism, which contributes 24 percent to the country’s GDP. The World Bank is committed to expanding its support for the Caribbean’s transition to a sustainable blue economy.” The operation also supports the Government’s measures for better environment and natural resource management, including integrated coastal zone management and inclusion of environmental sustainability requirements in public procurement. A major policy measure is the ban of Styrofoam food containers, and the phase out of single- use plastic shopping bags and disposable utensils. Plastic pollution represents one of the Caribbean’s main environmental challenges that is polluting watersheds, coastal areas, the ocean, and poses a threat to ocean biodiversity and tourism development. The US$20 million operation is financed by the International Development Association, the concessional financing arm of the World Bank. The credit has a maturity of 40 years, and a grace period of 10 years.