A European Investment Bank (EIB) delegation is visiting Grenada to explore opportunities for financing new projects in the country and to meet high-level representatives from across the region, during Caribbean Development Bank’s (CDB) annual Board of Governors meeting.
Head of the EIB Caribbean regional representation office, René Perez and colleagues will discuss financing opportunities with senior government officials, private sector investors and project promoters with a view to providing loans to projects in Grenada. The European Investment Bank has supported investment essential for private and public sector growth in Grenada and across the Caribbean.
CDB President W Warren Smith and EIB Vice President responsible for Climate Action, Jonathan Taylor, recently signed a new emergency post-disaster reconstruction financing initiative during the UN Climate Change Conference (COP 23). Building Resilient Cities is a key theme for the CDB’s annual Board of Governors meeting. Against this backdrop, CDB, EIB and regional stakeholders discussed innovative solutions to climate challenges during the annual meeting, attended by the Prime Minister of Grenada, Dr the Rt Hon Keith Mitchell.
Head of the EIB Caribbean regional representation office, René Perez said, “We are looking forward to an interesting exchange of ideas on future support in particular for projects in the private sector in Grenada in the margins of CDB’s annual meeting. We stand committed to developing our fruitful 40-year partnership with CDB, to support climate-resilient projects in the Caribbean and to help to adequately tackle the challenges related to climate change.”
The EIB has supported development and economic activity in the Caribbean with loans and equity investment worth EUR 1.6 billion. The EIB is the world’s largest multilateral financier of climate action with EUR 19 billion of lending for this sector in 2016, including EUR 1.9 billion targeted at developing countries.
The EIB supported its first project in Grenada in 1982 and plans to continue supporting projects, including similar transport and energy sector projects and small business support schemes across the country.