Business View Caribbean | October 2022

3 BUSINESS VIEW CARIBBEAN VOLUME 9, ISSUE 10 B arbados and other CARIFORUM states have the opportunity to benefit from up to €800 million (BDS$1.6 billion) over the next seven years. The funds are being mobilized by the European Investment Bank (EIB), for climate mitigation and adaptation, healthcare systems upgrade and renewable energy efforts. The EIB is making some €250 million in loans available under two new programmes – the Green and Inclusive Recovery Programme and the Caribbean Sustainable Water Management and Clean Oceans Programme. Vice-President of the EIB Ricardo Mourinho Félix explained that this funding was designed to attract additional financing from private investors and financial institutions that would result in up to €800 million being made available in loans for infrastructure upgrades. “The EIB is considering €250 million to €300 million. With this amount we can mobilize CLIMATE, HEALTH AMONG AREAS TO BENEFIT FROM FUNDING other partners so that we can bring investment in green transition, resilient infrastructures, healthcare systems, supporting SMEs that can go up to €800 million in the next seven to eight years,” said Mourinho Félix. He explained that the EIB was committing €150 million to the Caribbean Sustainable Water Management and Clean Oceans Programme. Loans from this will be blended with a €17 million grant from the European Union’s Caribbean Investment Facility (CIF) for technical assistance and investment. “This is a programme that is committed to improve climate resilience and house erosion through new investments in security of water supply, in wastewater treatment, solid waste management and in stormwater management across the region,” said Mourinho Félix. “This will support environmental protection and healthy oceans. This will contribute to the O p e n i n g L i n e s