The Board of Directors of the Caribbean Development Bank (CDB) has approved US$10M from the Special Development Fund for the eighth cycle of the Basic Needs Trust Fund (BNTF). This decision was made at the 264th Meeting of the Board, held Thursday at the bank’s headquarters in Barbados,
Belize, Dominica, Grenada, Guyana, Jamaica, Montserrat, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines, and the Turks and Caicos Islands are the countries within the CDB membership which participate in the fund.
According to CDB, the governments of these countries will provide counterpart funding of US$546,000.
“Key emphasis of BNTF 8 will be improved access to quality education; human resource development; water and sanitation; basic community access and drainage enhancement in low-income, vulnerable communities.”
CDB said there has also been a progressive shift from a focus on infrastructure development managed by central government to community managed sub-projects.
“Increased investments have been made to improve basic infrastructure and services and increase the potential for economic activity through skills training, capacity building and institutional development support.”
The BNTF Programme began October 1979. It is a grant-funded poverty reduction programme managed by CDB which serves 10 countries. Its mission is to empower and equip communities with necessary resources, and improve their access to basic public services.
“Additionally, BNTF also directly targets youth-at-risk and promotes gender equality, environmental and disaster risk management, and maintenance and sustainability. Regionally, more than US$300M has been spent to date on projects which have benefitted more than 2.6 million people living in the poorest communities in these countries.”
CDB is a regional financial institution established 1970 for the purpose of contributing to the harmonious economic growth and development of the member countries in the Caribbean. There are 19 regional borrowing member countries, three regional non-borrowing member countries and five non-regional, non-borrowing member countries. Members outside of the Region are Canada, China, Colombia, Germany, Italy, Mexico, UK and Venezuela.
As of December 31, 2013, CDB had total assets of USD$2.57B.
Several schools have been built and the water sector improved in Guyana through the programme.
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