World Bank, CIF Fund Climate Resilient Urban Improvements in the Caribbean
23 June 2011: The World Bank Board of Directors has approved two projects in the Caribbean, amounting to US$47.12 million, to improve the safety of their buildings from the impacts of climate change and increase their public institutions' capacity to assess natural risks. The funding is from the Climate Investment Funds (CIF) Pilot Program for Climate Resilience (PPCR), which is geared toward vulnerable countries and small island developing States (SIDS).
The PPCR was set up in 2008 as a collaborative effort among five multilateral development banks to help bridge the gap in financing and learning for climate change action. The projects in the Caribbean States of Grenada and Saint Vincent and the Grenadines will reduce the economic losses due to weak urban infrastructure. This funding was approved ahead of the CIF Partnership Forum 2011, scheduled to take place from 24-25 June 2011, in Cape Town, South Africa, to assess progress on similar investments and explore ways to scale-up the CIFs' and banks' impact on climate change readiness.
Grenada will receive a total of US$26.2 million, including a US$10 million zero-interest credit from the World Bank's International Development Association (IDA) repayable in 35 years with a ten-year grace period; an US$8 million grant from the Caribbean Regional Pilot Program for Climate Resilience (PPCR); and an US$8.2 million zero-interest PPCR loan repayable in 40 years with a 10-year grace period.
Saint Vincent and the Grenadines will receive a total of US$20.92 million, including a US$10.92 million zero-interest credit from IDA repayable in 35 years with a ten-year grace period; a US$7 million grant from PPCR; and a US$3 million zero-interest loan from PPCR repayable in 40 years with a 10-year grace period. [World Bank Press Release] [IISD RS Coverage of the CIF Partnership Forum 2011]