CALGARY, Canada – The Inter-American Development Bank (IDB) and the Caribbean Development Bank (CDB) signed today agreements to support the private sector in Eastern Caribbean States.
The documents were signed by IDB President Luis Alberto Moreno and CDB President Compton Bourne, during the IDB-IIC Annual Meeting.
The agreements were the following:
Technical Cooperation Agreement to Develop Private Sector Development Strategies for the Eastern Caribbean States - US$ 250,000
The objective of this non-reimbursable program is to develop Private Sector Development Strategies for the Organization of Eastern Caribbean States (OECS) member countries and for the sub-region, identifying projects to support the private sector in the OECS member countries and generating linkages and synergies with the IDB’s regional operations in the Caribbean Community.
Financial Agency Agreement for Nonreimbursable Technical Cooperation
The objective of the Financial Agency Agreement is to have the Caribbean Development Bank act as the Bank’s Financial Agent for purposes of administering the Bank’s grant resources provided by the United Kingdom’s Department for International Development (DFID) and the Canadian International Development Agency (CIDA) to finance the implementationof individual projects in the Organizationof Eastern Caribbean States countries in accordance with the Grant Proposal for the Compete Caribbean - Program to Support Private Sector Development & Competitiveness in the Caribbean.
Compete Caribbean is a multimillion dollar grant facility established by the Inter-American Development Bank, the UK’s Department for International Development (DFID), and the Canadian International Development Agency (CIDA) to provide grant funding to support productive policies, business climate reforms, clustering initiatives and small and medium-sized enterprises within a comprehensive private sector development framework in the Caribbean.
The IDB joined forces with the Caribbean Development Bank to reach countries in the Eastern Caribbean that are not IDB members so as to increase their access to development financing and technical assistance.