Barbados has secured more than US$144 million in fiscal savings through innovative debtfor- nature and debt-forclimate transactions, creating financial room for major investments in water security, sewage modernisation, coastal resilience and protection of the island’s marine ecosystems.
Donna Wellington, chief country and commercial officer at CIBC Caribbean, said the Barbados transactions demonstrated how financial innovation could simultaneously strengthen a country’s fiscal position and create room for sustainable development.
The bank has been involved in the climate and conservation financing, while across its Caribbean markets it has arranged or invested about US$820 million in sustainable finance initiatives.
It has also financed more than 213 megawatts of clean energy assets across the Caribbean and Central America, including renewable energy projects in Curaçao, Jamaica, the Cayman Islands and elsewhere.
Wellington said such investments were about more than simply financing individual projects.
The transactions were among a series of major Caribbean infrastructure and sustainable finance investments highlighted at the tenth Caribbean Infrastructure Forum (CARIF) in Miami last week, where regional financial leaders examined how the region can attract more private capital to fund its development needs.
“These projects demonstrate a simple but powerful truth: strategic infrastructure investment delivers returns that multiply. It attracts private capital, creates jobs, improves productivity, builds resilience, and strengthens national competitiveness,”said Wellington.
CIBC Caribbean has led or arranged more than US$1.5 billion in infrastructure transactions over the past decade, supporting ports, airports, hospitals and other critical infrastructure across its regional markets.
The investments come as Caribbean governments face growing demands for infrastructure capable of withstanding climate change while improving energy security, water supplies, transportation and public services.
The forum, now in its tenth year, brought together banking, development finance and advisory leaders to examine how governments and project developers can turn those needs into projects capable of attracting financing.
(PR/NS))
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