The Barbados-based Caribbean Development Bank (CDB) has just announced that it has approved a country partnership strategy for Anguilla, over the next four years, amounting to over US$35 million.
Following is the main body of the statement about the CDB’s financial assistance to Anguilla:
“The partnership strategy approved by its board of directors on Monday, supports the government of the British Overseas Territory in confronting the pressing development challenges the island faces.
“CDB has proposed a resource envelope of approximately US$35.3 million for the implementation of the strategy, which aims to achieve four key outcomes: improved banking system stability; a better environment for business and investment; upgrades to transport infrastructure; and increased renewable energy capacity.
“This strategy will address the development constraints which stand between Anguilla and its long-term economic growth. Through this programme, CDB will support the Government of Anguilla in restoring the soundness and stability of the country’s financial services sector, and making its private sector more competitive,” said Dr. Justin Ram, CDB’s Director of Economics.
“The CBD said that the Anguillan economy, vulnerable to the global economic and financial crisis, experienced a slump in economic performance between 2008 and 2012.
“Since 2013, the economy has averaged 3.1 percent real economic growth in the midst of continuing improvement of fiscal performance. Although the growth outlook has improved, the Government of Anguilla faces severe challenges and risks to sustaining growth recovery and economic stability.”
“The Barbados-based financial institution said that these include obstacles to business development; lack of access to the island by air and sea; and climate change.
“CDB said through the country partnership strategy, it proposes to provide financial resources to support financial sector reforms; promote a more enabling environment for private sector development, particularly of small and medium enterprises that currently face problems in accessing finance.
“The strategy will also assist the government assess the viability of upgrading the Blowing Point Ferry Terminal through public-private partnership support; and promote the development of renewable energy options, including assisting in funding a one megawatt solar photovoltaic plant to increase renewable energy output in the country’s electricity mix.
“CDB said it has supported Anguilla’s development over the years in several areas, including transportation and communication; education; power and energy.
“Over the period 1970 to 2014, the Bank approved USD112.1 million in loans, contingency loans, equity and grants to Anguilla,” the bank added.
