The World Bank board of executive directors has approved IDA financing of US$56 million for the Unleashing the Blue Economy of the Caribbean (UBEC) project, in order to stimulate the sustainable economic potential of several Eastern Caribbean countries.
US 15 million dollars (EC$40M) of that amount have been provided to Saint Vincent and the Grenadines.
Saint Vincent and the Grenadines have also received grant funding from the World Bank’s PROBLUE Multidonor Trust Fund worth US$1 Million.
Blue Economy refers to a holistic, multi-sectoral approach designed to support economic growth, improve the livelihoods of those dependent on such resources, and strengthen resilience to climate change.
Among the project’s objectives are financing for micro, small, and medium-sized enterprises, increasing access to fisheries sector risk insurance, strengthening coastal resilience, improving waste management practices, and fostering greater regional collaboration.
Lilia Burunciuc, Country Director for the Caribbean at the World Bank, said that the operation will support the sustainable development of Eastern Caribbean countries by tapping into their blue economy resources. “The project is designed to address key investment priorities in each country, which will help them recover economically.”
Through the introduction of a regional MSME matching grants program, the project supports the expansion of women-owned and managed businesses in the blue economy. Women operating in the Blue Economy sectors will also be able to grow their businesses and increase profits by increasing their access to financing.
Women will receive priority access to the Caribbean Ocean and Aquaculture Sustainability Facility (COAST) climate risk insurance, which protects fishers’ livelihoods in the event of extreme weather events, in the fisheries sector.
The OECS Commission received an IDA grant of $8 million for integrated regional interventions, as well as US$1 million from the PROBLUE Multidonor Trust Fund.
