WASHINGTON — The Inter-American Development Bank (IDB) approved a US$90 million loan to support improvements in the reliability and efficiency of electricity service in The Bahamas. This operation is the second in a Conditional Credit Line for Investment Projects (CCLIP) approved in 2020 to finance larger programmatic support to the energy sector and promote renewable energy in the country. This new operation aims to enhance the efficiency of electricity metering, optimize grid management, and strengthen the institutional capacity of the state-owned utility, The Bahamas Power and Light Company
WASHINGTON — Innovative financing solutions and public-private partnerships (PPPs) are key to unlocking the Caribbean’s development, according to a new report by the Inter-American Development Bank (IDB). Investment in smart, resilient, well-executed infrastructure projects will both help insulate the region from global economic shocks, as well as drive faster and more inclusive growth. The report, “Catalyzing Capital: Public-Private Partnerships for Resilient Growth,” provides a comprehensive analysis of the region’s infrastructure investment needs, the enabling environment for public-private
WASHINGTON — The Inter-American Development Bank (IDB) has approved a US$160 million loan to support The Bahamas in enhancing its disaster-risk management. The operation, which has been approved by the IDB's Board of Executive Directors, is the second loan in a series of two. The first, approved in 2023, focused on establishing the legal structure for disaster-risk management. It led to the passage of the Disaster Risk Management Act. This second loan will allow The Bahamas to design and adopt the core policy instruments created by that law, such as national standards for humanitarian
BRASILIA – As part of the Brazil-Caribbean Summit, with the participation of Caribbean Community (CARICOM) nations, the Inter-American Development Bank (IDB) today announced new measures to support the region through development and integration. In the IDB's view, the joint efforts of Brazil and CARICOM prove that regional integration works. One of the IDB's most important initiatives is the creation of a multi-donor fund for the ONE Caribbean program, a platform for collective action focused on climate resilience and disaster-risk management, citizen security, private-sector development, and
IDB Lab, the innovation and venture capital arm of the Inter-American Development Bank Group (IDB Group), has launched a call for participants in its Women STEMpreneurs Competition to fund women-led startups in Latin America and the Caribbean. The thirteenth edition of the regional competition will be held through the WeXchange platform offering opportunities for women entrepreneurs in science, technology, engineering, and mathematics (STEM). The call underscores IDB Lab's commitment to strengthening the innovation ecosystem to maximize the talent of women entrepreneurs and accelerate the
As prepared for delivery Introduction Good morning. The Honorable Philip Davis, Prime Minister of the Commonwealth of the Bahamas, Minister Halkitis, Distinguished Governors, Heads of Delegation and Members of the Delegations; Executive Directors of the Inter-American Development Bank and IDB Invest, Ladies and gentlemen. It's a pleasure to be here. The Bahamas offers us an ideal venue for our meetings and our discussions on how we can foster sustainable development and growth for our region. These principles of respect for the environment and its people are rooted in the ancestry of these
Most Caribbean businesses are either innovative or potentially innovative but still face challenges, according to a new report by the Inter-American Development Bank (IDB). This edition delves into the critical role of innovation in driving economic growth and productivity in the Caribbean region. Innovative businesses in the Caribbean have 26% to 35% higher levels of productivity and 21% to 81% higher sales per worker than non-innovative firms, depending on the type of innovation, according to the report titled "Innovation for Faster Economic Growth in the Caribbean: Are We There Yet?". The
BRIDGETOWN, Barbados– The Inter-American Development Bank (IDB) and the Development Centre of the Organisation for Economic Co-operation and Development (OECD) launched a new publication, Caribbean Development Dynamics, that provides comprehensive insights into how Caribbean countries can unlock their economic potential through the energy transition, the blue economy, sustainable tourism, and the digital transformation. The publication was presented at an event attended by IDB President Ilan Goldfajn, with the virtual participation of OECD Secretary General Mathias Cormann, and panel