CDB to provide additional funding for Haiti Micro Insurance Catastrophe Risk Organisation

The Caribbean Development Bank (CDB) is to allocate an additional amount equivalent to USD1 million to its Micro Insurance Catastrophe Risk Organisation (Haiti) Fund (MICRO).  CDB established the multi-donor trust fund after approval from the Board of Directors in July 2011, with an initial contribution of GBP955,00 from the Government of the United Kingdom of Great Britain and Northern Ireland.

This fund supports the operations of a micro insurance catastrophe risk facility (MiCRO), which provides parametric insurance to protect microcredit borrowers in Haiti against losses resulting from natural disasters.  Approximately 35% of the Trust Fund has been disbursed to date, and over 8,500 clients have benefitted from insurance payouts.

The focus of the Trust Fund is fostering broad-based economic growth.  Provision of the additional resources to the Trust Fund will contribute to a more sustainable micro-finance sector in Haiti though the support of MiCRO.  In particular, the Trust Fund will assist with catalysing the flow of private capital by removing one of the constraints to private investment, and will target vulnerabilities that affect the poor, or those at risk of becoming poor, resulting from events such as natural disasters.

CDB supporting youth and community transformation in Belize

The Caribbean Development Bank (CDB) is to provide a loan equivalent to USD5.2 million and a grant equivalent to USD105,000 to the Government of Belize for a  project aimed at securing the well-being and reducing the vulnerability of children and youth in poor communities in Belize City.

Under this project, there will be expanded access to social services and infrastructure and enhancement of the service providers to effectively respond to the challenges facing these communities.

Between 2000 and 2010, the rate of violent crime in Belize increased on average by about 8% per year, reaching a record high of 41.7% per 100,000 inhabitants; a total of 130 homicides.  In Belize City alone, the homicide rate reached 107 per 100,000 in 2010.

While the overall objective of the project is improved citizen and community security in Belize City, it aims specifically to reduce the vulnerability of children and youth to crime and gang membership in the Collet, Lake Independence, Pickstock and Port Loyola divisions of the city.

The main components of the project are: transformation programmes which include enhancement of basic literacy and numeracy skills, adaptive life skills and employability, as well as community support activities for children, youth and families; community infrastructure development, including construction of a new resource centre; and programme implementation support, including project management, and monitoring and evaluation.

The grant will be used to assist with financing an employability enhancement programme.

CDB to finance road improvement project in Guyana

Between 2007 and 2011, 42 fatal accidents resulted in 58 fatalities on the West Coast Demerara Road in Guyana.  Users of the road should be seeing increased efficiency and safety in road transportation at the end of a project which is to be financed by the Caribbean Development Bank (CDB).

CDB is to provide a loan equivalent to USD34.2 million to the Government of Guyana to improve the Vreed-en-Hoop to Hydronie section of the road.  The West Coast Demerara Road is an important road artery which supports the social and economic services within Region 3 and the country as a whole.

The Bank will also provide a grant equivalent to USD0.2 million to assist with financing the school road safety education programme and the highway development management training.

The project will consist of several components.  These include engineering services for project preparation and supervision; road works to improve 30.7 kilometres of highway; highway development and management training; a road safety awareness campaign; and a monitoring and evaluation system.

This project forms part of the Government’s ongoing programme to modernise Guyana’s road infrastructure, as well as the institutional framework supporting its management.