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USD 850m Caribbean Joint Action Plan signed

Video guest: Josephine Mwangi

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Monday, 07 June 2010

USD 850m Caribbean Joint Action Plan signed

Caribbean Development Bank, European Investment Bank, FMO, IFC and PROPARCO to increase coordination and support of sustainable solutions for the region’s financial, tourism and infrastructure sectors.  Five leading international financial institutions active in the Caribbean reinforced their commitment to ensuring long-term economic growth across the region, resilience to the global financial crisis and effective deployment of assistance for reconstruction efforts in Haiti with agreement of the Caribbean Joint Action Plan. Institutions participating in the landmark agreement were the Caribbean Development Bank (USD 300m), the European Investment Bank (USD100m), the Netherlands Development Finance Company FMO (USD 100m), the International Finance Corporation - part of the World Bank Group (USD 150m), and PROPARCO - the private sector arm of the Agence Française de Développement Group (USD 200m). The signature ceremony took place on the sidelines of the Caribbean Development Bank’s annual meeting currently underway in Nassau, Bahamas. The Caribbean Joint Action Plan will enable more effective use of financial and technical assistance by encouraging a stronger focus on each participating institution’s experience and capabilities. Joint investment under the plan will concentrate on crucial economic sectors most impacted by the economic slowdown: finance, tourism and infrastructure. It is expected that this approach will further support economic growth in the region by mobilizing IFI investment to act as a catalyst for private sector engagement and facilitating national and sub-regional support and policy dialogue amongst both private and public stakeholders. The Caribbean Joint Action Plan demonstrates the collective support of the five signatory institutions to supporting Haiti following the recent devastating earthquake. This includes technical assistance and reinforced coordinated financial engagement that focuses on rebuilding the private sector and strengthening its role in Haiti’s economic development.

Source : European Union