JIS News

Finance and Planning Minister, Dr. the Hon. Peter Phillips, says the Inter-American Development Bank (IDB) remains a major source of funding for Caribbean countries.

Speaking at the opening of the second annual meeting of Central Bank Governors of the IDB Caribbean Country Department’s member states, at the Jamaica Pegasus Hotel, New Kingston, on Thursday (January 17), Dr. Phillips pointed out that over the last 50 years, the IDB has approved over US$8 billion in project funding for the region, much of which has been provided at “highly concessionary terms”.

He noted that in 2011, the institution provided in excess of US$900 million in loans and grant funding to the region, while pointing out that the Bank is Jamaica’s largest development partner, having provided the country with a portfolio of loan and grant-funded projects valued more than US$340 million.

The Minister said the IDB also remains the Caribbean’s largest development partner, noting that it continues to play a pivotal role in a range of areas impacting regional nations.

These, he pointed out, include: fiscal consolidation and debt reduction; energy efficiency and the development of renewable energy sources; infrastructural development; the building of resilience to natural disasters, so as to withstand the effects of climate change; and partnering in the necessary process of economic diversification, in order to build a competitive and dynamic regional private sector.