CDB Seeks to Boost Finances for Development Fund

• The Barbados-based Caribbean Development Bank (CDB) said it is now actively mobilising financing to continue its Special Development Fund (SDF), regarded as an integral element of its poverty reduction and sustainable development efforts.
• The region's premier financial institution said that currently near the end of its tenth four-year cycle, the SDF has disbursed over US$2.1Bn in development financing during its current phase, driving significant progress in regional economies. To sustain its impact beyond the present cycle, the CDB is undertaking a replenishment exercise, aiming to increase contributions from existing donors and enlist new contributors.
• The SDF, as the largest pool of concessionary funds from the Caribbean Development Bank, remains crucial in addressing poverty and human development challenges throughout the Caribbean region
• The CDB said SDF initiatives focus on enhancing the lives of the population of its borrowing member countries (BMCs). It said from 2013 to 2022, the SDF trained about 8,850 teachers, built over 2,760 classrooms, and improved learning for around 343,400 students. The fund also financed training initiatives for nearly 11,160 stakeholders in agriculture, boosting productivity. Projects impacting roads, transportation, water, and sanitation have benefitted over one million citizens in the region.
• The CDB noted that key sectors that have benefitted from investments and interventions include education, climate change, capacity building in government and national institutions, poverty reduction, water security, economic infrastructure and connectivity. 'Yet, despite this progress, Caribbean economies remain vulnerable to external forces, with persistent inequalities and pockets of poverty.
• With its mandate focused on poverty reduction, an adequately financed SDF will continue playing a vital role in addressing the region's key development challenges,' the CDB added.

 (Source: Trinidad Express Newspaper)