IDB Group approves 2019-2023 Country Strategy with Barbados

IDB Group approves 2019-2023 Country Strategy with Barbados

The Board of Executive Directors of the Inter-American Development Bank (IDB) approved a new country strategy with Barbados, which will have a financial plan for the period 2019–2023 of up to $300 million for sovereign-guaranteed loans.

The new country strategy sets forth development challenges identified jointly by the Government of Barbados and the IDB, as well as a coordinated response to these challenges. Strategic lines of action include the following: support activities to foster fiscal sustainability and a more efficient public sector; safeguard social outcomes, and promote higher productivity and competitiveness to enhance the country’s growth potential. Given their critical importance, ensuring energy independence, building climate resilience and promoting disaster risk management will be prioritized in the IDB Group’s projects. Additional cross-cutting issues of gender and institutional strengthening will also be included in all country strategy efforts. Urban management and health are dialogue areas included within the country strategy.

Juan Carlos De La Hoz Viñas, the IDB’s Representative in Barbados commented: “With this strategy, the IDB Group reaffirms its commitment to continue working closely in partnership with the Government and the people of Barbados. The new country strategy with Barbados is the product of extensive and comprehensive consultations with key sectors of Barbadian society. We at the IDB believe that this country strategy will effectively guide the Bank’s important partnership with Barbados during the next five years.”

Since Barbados became an IDB borrowing member country in 1969, the IDB has traditionally been the main multilateral source of development financing in Barbados.

Original source: IADB
Published on 15 April 2019