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The Barbados-based Caribbean Development Bank (CDB) says it is providing US$40 million in funding for poverty reduction in eight Caribbean through the Basic Needs Trust Fund (BNTF).
It said the resources will support improved access to quality education; water and sanitation; basic community access and drainage; livelihoods enhancement and human resource development services in low-income and vulnerable communities under the ninth phase of BNTF (BNTF 9).
The countries that will benefit from the initiative are Belize, Dominica, Grenada, Guyana, Jamaica, St Lucia, St Vincent and the Grenadines, and Suriname.
“The participating countries share many common characteristics and face a number of challenges inherent to small, open economies. BNTF 9 will respond to the development needs of these countries, which face challenges associated with limited diversity in production and extreme vulnerability to natural hazards, which is now exacerbated by climate change and other external shocks,” said Daniel Best, director of projects at the CDB.
Initiatives under BNTF 9 will be implemented during the period March 2017 to December 2020.
The CDB said that the governments of the eight participating countries will provide total counterpart funding of US$6.4 million.
BNTF has implemented more than 2,750 sub-projects over the past 37 years, directly impacting the lives of more than three million beneficiaries in poor communities,” the CDB said, adding that the programme is its main vehicle for tackling poverty in the region, through the provision of basic infrastructure and skills training towards improving the livelihoods of beneficiaries in participating countries.
Credit: Jamaica Observer