Barbados has inked a 50 million U.S. dollar loan with the Inter-American Development Bank (IDB) to support its efforts at boosting climate resilience of its coastal areas.
Prime Minister Mia Amor Mottley was present for a signing ceremony that place during the annual meeting of the Boards of Governors of the IDB and IDB Invest in the Dominican Republic.
The project, approved by the IDB board on January 10, is expected to benefit thousands of residents in coastal areas including Oistins, Rockley Beach to St. Lawrence Gap, Clinketts, Sand Street, Mullins and others who directly enjoy the beaches’ ecosystem services that make recreation and other activities possible.
Prime Minister Mottley says the funds come on the heels of the debt for nature swap the island was able to settle with the assistance of IDB and the nature conservancy in 2022.
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