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Tuesday, 10 November 2015

EIB & Caribbean Development Bank enhance cooperation

The European Investment Bank (EIB) and the Caribbean Development Bank have signed a letter of intent to strengthen future co-operation. EIB Vice President Pim Van Ballekom said:"We are recognising the need to support investment to Climate Change issues because the Caribbean islands are quite vulnerable to this." The EIB shall open an office in Barbados in the coming months, which will foster working closely with the EU Delegation both in Barbados and the neighbouring islands. President of the CDB Warren Smith said: "The letter of intent we have just signed formalises a phase in our relationship that effectively started in December 2011 when the EIB agreed to provide a 50 million euro climate action line of credit to be used to finance public or private sector climate action projects, including energy efficiency, renewable energy, transportation, low carbon technologies, development, and innovation and adaptation." Vice President Ballekom also met with Barbados Prime Minister Freundel Stuart to discuss EIB engagement in Barbados and support for climate related investment in the Caribbean.

Source: eeas.europa.eu