The Inter-American Development Bank (IDB) says it has approved a new country strategy with Barbados, which will have a financial plan for the period 2019–2023 of up to US$300 million for sovereign-guaranteed loans.
The IDB said the new country strategy outlines development challenges identified jointly by the Barbados government of Barbados and the Washington-based financial institution, 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,” the IDB said in a statement.
IDB’s Representative in Barbados, Juan Carlos De La Hoz Viñas, said 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.
The IDB said that since Barbados became a borrowing member country in 1969, it has traditionally been the main multilateral source of development financing in Barbados.