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Government of Barbados announced at the Summit for a New Global Financing Pact

The Government of Barbados forms a coalition of multilateral banks and organizations to develop resilient infrastructure and to drive new social and nature capital investments, building on its Resilience and Sustainability Facility at the IMF.

The Government of Barbados announced at the Summit for a New Global Financing Pact in Paris an integrated package of innovative initiatives to accelerate its transition to net zero, boost resilience, enfranchise workers, and draw in private sector investment while prudently managing public debt levels. These initiatives build on the ongoing climate policy reforms, supported by the Resilience and Sustainability Facility with the International Monetary Fund, which are expected to play a catalytic role in mobilizing private and public sector financing for climate projects.

This package of initiatives reflects unprecedented cooperation and a new “system approach” between the Government, its Resilience and Sustainability Facility (RSF) at the International Monetary Fund (IMF) and Barbados’ long-standing financing partners; Inter-American Development Bank (IDB), World Bank Group (WBG), Development Bank of Latin America and the Caribbean (CAF), European Investment Bank (EIB), and Green Climate Fund (GCF). 

Barbados is highly vulnerable to the impacts of climate change, and it needs to invest heavily to protect its citizens from hurricanes, flooding and droughts, and to preserve its natural capital. It is committed to achieving sustainable public debt levels, meaning that the government has limited borrowing capacity for public investments. To meet these challenges, it has identified four complementary approaches together with its financing partners.

A New Blue Green Bank

In a first of its kind, the Government of Barbados has decided to use US$10 million from the fiscal space created by the RSF as capital for a new Blue Green Bank.

This capital will support five times that lending amount. It will pave the way for other partners, including GCF, CAF and IDB, to support the Blue Green Bank through technical support or capitalization, with GCF proposing to its Board in July to become a co-founding partner in the bank.

Once established, The Blue Green Bank will help finance over US$250 million of green investments in affordable homes, hurricane-resilient roofs, the electrification of public and private transport, and other Paris-aligned investments.

More Resilient Infrastructure Through New Low-Cost, Long-Term Loan Instruments from Development Finance Institutions

Low-cost and long-term financing instruments from the EIB, CAF, IDB, GCF and RSF will support Government investment in resilient water and waste treatment infrastructure, flood and coastal protection and support its efforts to transform state owned enterprises and enfranchise workers.

The EIB has made available US$18 million of grants from the European Union (EU) to support climate-resilient water, sanitation, and clean ocean projects across the Caribbean to back a US$165 million loan facility.

The GCF will offer up to US$1.5 million in grants per project for end-to-end project preparations, innovation, and transformational impact, and to prepare investment proposals for further GCF funding.

Better and More Affordable PPPs

Barbados’ multilateral financing partners will strengthen project preparation support to attract private investment in Private Public Partnerships (PPP) to build more resilient infrastructure. The IDB will support and help develop the Government’s capacity and expertise in PPPs.

The World Bank Group’s Multilateral Investment Guarantee Agency has made available investment guarantees to help reduce the cost of private sector financing.

The World Bank Group’s International Finance Corporation will support Barbados in developing the first large-scale onshore wind project in the country and enhance the resilience of the grid.

Developing New Non-Debt Investments in Nature and Social Capital

The Government of Barbados is working with its development partners to build on the success of the 2022 Blue Bond with IDB and The Nature Conservancy, which released approximately US$50 million of new financial resources for marine conservation. Particular focus is on a new generation of instruments to support investments in nature and social capital.

Together, these initiatives will help Barbados meet its resilience objectives and protect its citizens, whilst helping transform the economy and protect its pristine natural environment.

Quotes

  • Prime Minister Mia Mottley of Barbados commented, “Alongside new capital, innovative instruments, partnerships and new ways of working together are critical if we are to overcome the challenges posed by climate, pandemics and debt. These new, integrated, initiatives announced today are embodiment of what can come out of new cooperative ways of working together.”
  • Kristalina Georgieva, Managing Director of the International Monetary Fund, said, “We welcome Barbados’ initiatives to catalyze private climate finance, and the related push to bring together multiple partners in pursuit of a common goal. The Fund is fully committed to supporting our members’ efforts to meet their climate goals—including through the Resilience and Sustainability Facility – and we look forward to our continued partnership with Barbados as the government takes steps to green the economy.”
  • Ilan Goldfajn, President, Inter-American Development Bank Group, said, “The IDB has long been one of Barbados’ closest and most committed development partners. We are delighted to take advantage of this opportunity to collaborate with the IMF and other partners to build on our successful recent blue bond issuance, and promising experiences across the region with project preparation and structuring to help catalyze new and larger volumes of private financing for resilient climate smart investment. These and other innovative financing and support mechanisms will be crucial to help Barbados meet the challenges of a rapidly changing climate.”
  • Sergio Díaz-Granados, Executive President of CAF asserted that as a home-grown development bank owned by the countries Latin America and the Caribbean, CAF understands the myriad challenges faced by small islands, like Barbados, as a result of the effects of climate change.  “CAF is committed to doing its part in channelling increased resources and is very pleased to join forces with other development partners to mobilize dedicated financing that will help to strengthen the resilience of our member countries.” 
  • Werner Hoyer, President of the European Investment Bank, commented that, “We have no time to lose to support countries like Barbados that are already facing the devastating consequences of climate change. Following Prime Minister Mia Amor Mottley’s call to action, we are delivering swift and targeted support. We will start offering extended loan tenors to lower and middle-income countries, and are seeking to provide natural disaster risk clauses in our loans to ensure the most vulnerable communities can recover and rebuild following a crisis. As the EU Climate Bank, alongside our Team Europe partners, the EIB is constantly working to increase the impact of its climate lending and support for vulnerable countries like Barbados.”
  • Henry Gonzalez, Executive Director ad interim of the Green Climate Fund stated, “The Blue Green Bank will transform the financing landscape in Barbados and catalyse new finance for sustainable climate investments. GCF has provided technical and financial support in developing the concept, and our Board will consider making a substantial investment in the new Bank at its meeting next month.” (PR/GIS)
  • Makhtar Diop, IFC Managing Director, said, “Barbados is redoubling efforts to bolster its climate resilience and become a low-carbon leader. IFC will continue to work closely with the country and collaborate with other multilateral institutions to accelerate the flow of private capital in support of Barbados’ ambitions.”

Business

B’DS PUBLIC WORKERS CREDIT UNION PARTNERS WITH BAY VIEW HOSPITAL

In a bid to make premium healthcare more accessible, the Barbados Public Workers Cooperative Credit Union Limited (BPWCCUL) has partnered with Bayview Hospital to ease the financial burden of medical expenses for Barbadians.

Announcing the initiative during a signing ceremony at BPWCCUL’s headquarters on Thursday, Chief Marketing and Customer Experience Officer, Gail Best-Niles, highlighted the growing demand for financial assistance in healthcare.

“What we have found is that more than 50 per cent of our personal loans are being used for medical procedures. Unfortunately, many Barbadians do not have health insurance, and that’s something we intend to address with our members,” she stated.

Despite efforts to educate members on the benefits of health insurance, Best-Niles noted that a significant portion still remain uninsured, making healthcare costs a persistent challenge.

Through this new partnership, BPWCCUL members will receive exclusive discounts on various medical services at Bayview Hospital, including elective surgeries and maternity care.

“Whether it’s an elective surgery or maternity services, Public Workers members can now access world-class treatment at more affordable rates,” Best-Niles explained.

Recognising that even with discounts, medical expenses can still be overwhelming, BPWCCUL will also provide financing options for medical procedures, ensuring that members receive the care they need without undue financial strain.

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Heart & Stroke Foundation rehabilitation programme gets a boost from RUBIS

The recovery prognosis for Barbadians affected by stroke has been boosted by a RUBIS donation of BBD $20,500 to the Heart & Stroke Foundation of Barbados in support of its stroke rehabilitation programme.

The funds will help ensure that patients receive essential physiotherapy assessments before starting rehabilitation, to receive treatment tailored to their specific needs. RUBIS Brand Marketing Specialist Mellissa Broomes said the contribution falls under the Company’s Corporate Social Responsibility roadmap, which is focused on education and healthcare.

“At RUBIS, we are committed to making a meaningful impact in the communities we serve, and our support for the Heart & Stroke Foundation’s Stroke Rehabilitation Programme reflects our dedication to health and well-being. We are proud to contribute to this vital initiative, helping stroke patients regain strength, independence, and an improved quality of life. As the Foundation marks its 40th anniversary, our team looks forward to volunteering throughout the year and is happy to continue our strong relationship in support of its mission.”

Heart and Stroke Foundation CEO Mrs. Greta Yearwood expressed her thanks to RUBIS, noting that it strengthened a relationship dating back several years. She said the donation was timely and would go a long way towards achieving stroke rehabilitation goals.

“We offer services in rehabilitative therapy for both cardiac and stroke patients, but this donation will specifically assist with the physiotherapy for those patients suffering from stroke. Prior to joining the program, they will be able to see a physiotherapist who will be able to assess them and ensure they are receiving the specific needs for their conditions.  We love working with our partners. We also look forward to RUBIS coming on board to assist us as volunteers. This is our 40th anniversary, and there are many areas the RUBIS team can assist in, including working at our sites, attending events and even at our gym. 

The Heart & Stroke Foundation of Barbados (HSFB) is a non-profit organisation dedicated to promoting cardiovascular health and reducing the impact of heart disease and stroke in Barbados. The HSFB raises awareness about risk factors, prevention, and healthy lifestyle choices through education, advocacy, and community programs.

The foundation offers various initiatives, including heart and stroke rehabilitation programs, CPR and first aid training, health screenings, and public awareness campaigns to encourage heart-healthy habits. Additionally, HSFB provides support services for stroke survivors and their families, helping them regain independence and improve their quality of life.

Committed to building a healthier nation, the HSFB works closely with healthcare professionals, corporate partners, and volunteers to drive impactful change in cardiovascular care and prevention across Barbados. (PR)

Caption:

From left are Mellissa Broomes, RUBIS Brand Marketing Specialist, Greta Yearwood, CEO of Heart & Stroke Foundation of Barbados Inc., and Andrea Gooding, RUBIS Marketing Programs Manager

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Business

Business Hub & Business Expo On March 29

Clients of the Barbados Trust Fund Limited (BTFL) will get an opportunity to showcase their products and offer their services this weekend, and members of the public are encouraged to support them.

The BTFL will host a Business Hub this Saturday, March 29, at the Natural Heritage Department Grounds, Sturges, St. Thomas, beginning at 10:00 a.m.

Various business support organisations in the micro, small, and medium-sized enterprise sector and the Unified Trust Co-operative Society will participate in the hub.

Additionally, a team from the Co-operatives Department will be at the Harvest Market, Nature Garden and Business Expo at the Thomas Parish Church on Saturday, from 9:00 a.m. They will share useful information on the co-operative business model, including how the movement can benefit individuals and entrepreneurs.  

The Business Hub and Business Expo are part of the St. Thomas We Gatherin’ initiative.

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