The European Investment Bank (EIB) has granted a 50 million Euro line of credit to the Caribbean Development Bank to cover up to half of the total aggregate costs of borrowing member country projects related to climate change mitigation or adaptation.
6 January 2012: The European Investment Bank (EIB) has announced that it will grant a €50 million line of credit to the Caribbean Development Bank (CDB) to help finance borrowing member countries’ (BMC) efforts to address climate change mitigation and adaptation.
The credit line can be used to finance up to half of the aggregate total costs of eligible projects related to climate change, such as: energy efficiency; renewable energy; forestry and land use; low-carbon technology research, development and innovation; adaptation; and transport projects that reduce greenhouse gas (GHG) emissions from road and air traffic. Most of the funds for the EIB line of credit derive from the 2010 Cotonou Agreement on development assistance signed between the EU and the African, Caribbean and Pacific (ACP) countries.
The CDB’s BMCs include Antigua and Barbuda, Bahamas, Barbados, Belize, Dominica, Grenada, Guyana, Haiti, Jamaica, St. Kitts and Nevis, Saint Lucia, St. Vincent and the Grenadines, and Trinidad and Tobago. [CDB Press Release]