The Government of Barbados Forms a Coalition of Multilateral Banks

• The Government of Barbados recently announced an integrated package of innovative initiatives to accelerate its transition to net zero, boost resilience, enfranchise workers, and draw in private sector investment while prudently managing public debt levels.
• This package of initiatives reflects unprecedented cooperation and a new "system approach" between the Government, its Resilience and Sustainability Facility (RSF) at the International Monetary Fund (IMF) and Barbados' long-standing financing partners; Inter-American Development Bank (IDB), World Bank Group (WBG), Development Bank of Latin America and the Caribbean (CAF), European Investment Bank (EIB), and Green Climate Fund (GCF). 
• Particularly, in a first of its kind, the Government of Barbados has decided to use US$10Mn from the fiscal space created by the RSF as capital for a new Blue Green Bank.
• A green bank is a type of bank that is determined to use its resources of finances to help transition to more sustainable concepts, such as the use of renewable energy; and fight against climate change as a whole.
• Once established, the Blue Green Bank will help finance over US$250Mn of green investments in affordable homes, hurricane-resilient roofs, the electrification of public and private transport, and other Paris-aligned investments.
• Additionally, low-cost and long-term financing instruments from the EIB, CAF, IDB, GCF and RSF will support Government investment in resilient water and waste treatment infrastructure, and flood and coastal protection.
• Together, these initiatives will help Barbados meet its resilience objectives and protect its citizens, whilst helping transform the economy and protect its pristine natural environment.

(Source: International Monetary Fund)