Montserrat Anticipates Benefits From New CDB-UKCIF Agreement
Montserrat is anticipating timely benefits from the signing of an agreement between the Caribbean Development Bank (CDB) and the United Kingdom Department for International Development (DFID).
The agreement will add GBP30 million to the United Kingdom Caribbean Infrastructure Partnership Fund (UKCIF).
The agreement was signed recently on the sidelines of CDB’s Board of Directors meeting.
The majority of the funds will be used to establish a reconstruction window, to respond to emergencies and natural disasters in Montserrat and the other CDB/UKCIF eligible territories.
A portion of the grant funding will be used for monitoring and evaluation.
UKCIF was established to drive inclusive economic growth and development across Montserrat and the other eligible Caribbean islands, through the provision of vital infrastructure. All projects must build resilience to climate change.
UKCIF provides grant financing to eight Caribbean islands eligible for Official Development Assistance, and UK Overseas Territory, Montserrat, and is administered by CDB.
The original amount of GBP30-million has been fully committed to projects, which will be undertaken in these territories.
Capital projects approved to date include development of the Little Bay port in Montserrat, the rehabilitation of the Sir George Walter Highway and the Friars Hill Road in Antigua and Barbuda, and the Essex Valley Agricultural Development Project, Jamaica.
Feasibility studies and design preparation are ongoing in Belize, Dominica, Grenada and St. Vincent & the Grenadines while procurement activities to hire consultants to undertake similar services are underway for St. Lucia, Grenada and Guyana.