Barbados has described as a bold step the move to launch a new regional finance mechanism to help the region address climate change challenges.
The new 100 million US dollar CARICOM Development Fund Resilience Facility has been established with assistance from the US Agency for International Development (USAID).
The fund will make investments in resilience-focused small and medium enterprises and critical infrastructure projects through flexible debt and equity investments.
Prime Minister Mia Amor Mottley says she looks forward to the support of the region and interested parties to invest in the fund.
She hopes it will be increased over time.
Meanwhile, US Ambassador Roger Nyhus says the Resilience Fund symbolises not just an allocation of resources, but a promise to invest in innovative solutions and technologies that will fortify societies against changing climate patterns.
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