Bridgetown – The Caribbean Development Bank (CDB) says it has set aside grant funding totalling US$45 million for Haiti over the period 2022 to 2026, a senior official of the Barbados-based financial institution told the United Nations Economic and Social Council’s Ad Hoc Advisory Group on Haiti.
“The bank will seek to strengthen its capacity for greater adaptability and effectiveness considering Haiti’s distinct challenges,” CDB Vice-President of Operations, Isaac Solomon said, indicating that a new country strategy for Haiti is under development.
Solomon said the region’s premier financial institution will remain engaged with its Haiti Country Office to preserve hard-won development gains and continue to build resilience.
The office, which was established in 2018, is the only CDB operational post apart from its Barbados headquarters and Solomon said that the bank is also seeking to scale up donor coordination.
“Each donor should concentrate on its areas of strength and where it can have maximum impact. Responding quickly and in a coordinated manner, with harmonised processes will be very important for optimising our resources and realising greater benefits for all,” Solomon said.
In addition, the bank will seek to increase collaboration with humanitarian organisations, non-governmental and civil society organisations and local actors, as well as to ramp up private sector support to foster resilience in ways not covered by traditional humanitarian and development response, particularly at the micro-level and in the informal sector.
Solomon told the Advisory Group that the CDB is exploring innovative instruments to extend financing facilities, grow multilateral finance and build a stronger financial ecosystem for the region, bringing benefits to Haiti.
CDB is also aiming to increase access to concessional finance, given the multiple vulnerabilities faced by Haiti and the rest of the region, he noted.
Since Haiti joined CDB in 2007, the Bank has allocated grants totalling US$209 million for interventions in education and training, community-driven development and agriculture, environment and disaster risk management, as well as sustainable energy. (CMC)
