Support totaling $300 million to foster fiscal sustainability, safeguard social outcomes, and promote higher productivity and competitiveness
The Board of Executive Directors of the Inter-American Development Bank (IDB) approved a new country strategy with Barbados, which will have a financial plan for the period 2019–2023 of up to $300 million for sovereign-guaranteed loans.
The new country strategy sets forth development challenges identified jointly by the Government of Barbados and the IDB, as well as a coordinated response to these challenges. Strategic lines of action include the following: support activities to foster fiscal sustainability and a more efficient public sector; safeguard social outcomes; and promote higher productivity and competitiveness to enhance the country’s growth potential. Given their critical importance, ensuring energy independence, building climate resilience and promoting disaster risk management will be prioritized in the IDB Group’s projects. Additional crosscutting issues of gender, and institutional strengthening will also be included in all country strategy efforts. Urban management and health are dialogue areas included within the country strategy.
Juan Carlos De La Hoz Viñas, the IDB’s Representative in Barbados commented: “With this strategy, the IDB Group reaffirms its commitment to continue working closely in partnership with the Government and the people of Barbados. The new country strategy with Barbados is the product of extensive and comprehensive consultations with key sectors of Barbadian society. We at the IDB believe that this country strategy will effectively guide the Bank’s important partnership with Barbados during the next five years.”
The strategy underwent a consultation process with civil society and private sector representatives in Barbados. They contribute to the achievement of the main priorities and sector targets set for the IDB Ninth General Capital Increase (GCI-9), which calls for increased support for small, vulnerable countries; greater efforts to reduce poverty and inequality; and specific actions regarding climate change, sustainable energy and environmental sustainability, as well as deeper regional cooperation and integration.
Since Barbados became an IDB borrowing member country in 1969, the IDB has traditionally been the main multilateral source of development financing in Barbados.
About the IDB Group
The IDB Group is the leading source of development finance for Latin America and the Caribbean. It helps to improve lives by providing financial solutions and development know-how to public and private sector clients. The group comprises the IDB, which has worked with governments for 60 years; IDB Invest, which serves the private sector; and IDB Lab, which tests innovative ways to enable more inclusive growth.
Chris Barton
Golda Lee Bruce