CDB providing Funding to Support Saint Kitts and Nevis for new development and economic diversification strategy

 




 

The Caribbean Development Bank (CDB) has approved a grant of USD132,000 to the Government of Saint Kitts and Nevis (GOSKN) for the formulation of a Medium-term Development Strategy and Investment Plan for 2025-2029. The plan will promote inclusive, resilient, and sustainable development in alignment with the Sustainable Development Goals (SDGs) and the country’s National Development Planning Framework.

The GOSKN is also providing USD25,000 towards the project, which is set to support implementation of initiatives for economic diversification, renewable energy transition, sustainable agriculture, education and social programmes, and other priority areas. The new strategy will focus on climate resilience, green energy transformation, human capital and economic and institutional development, social inclusion, with an emphasis on gender equality.

The project, which will be implemented by the Ministry of Economic Development and Investment (MEDI), supports the creation of a monitoring and evaluation framework inclusive of a digital tool to track progress. ​This framework will ensure comprehensive oversight over public investments, allowing for efficient resource allocation and effective programme implementation aligned with national targets. Additionally, it will seek to provide greater accountability, efficiency and sustained momentum during implementation of the development strategy.

Acting Vice President of Operations at the Bank, Therese Turner-Jones indicated that “The Bank remains committed to assisting the government of Saint Kitts and Nevis in crafting the requisite tools to achieve desired development outcomes. This initiative is intended to build institutional resilience and strengthen implementation capacity and good governance in the twin-island Federation.”

According to Ian Durant, CDB’s Director of Economics, “CDB is pleased to support this initiative as it advances a shared vision for economic and social development, infrastructure enhancement and environmental protection. The pandemic severely impacted the country’s economy, which contracted by 15.4 per cent in 2020, affecting livelihoods and disrupting progress toward SDGs targets.”

 Adding that while economic recovery is almost complete, the heavy reliance on tourism and its inherent vulnerabilities underscores the urgency of addressing the country’s long-standing structural challenges and constraints to widening the production base. “Our ongoing engagement and support are intended to improve macroeconomic and fiscal stability, increase productivity, competitiveness, economic diversification and governance, while also enhancing protection for the most vulnerable among other areas.” Durant emphasized.

 

Saint Kitts and Nevis has advanced significantly, achieving high-income status, and now ranks 51 on the Human Development Index. Despite this progress, development gaps persist, aggravated by the COVID-19 pandemic and climate change challenges. The government continues to prioritize economic growth and social advancement, particularly for the most vulnerable. Speaking about the CDB backed initiative, the country’s Prime Minister, the Hon Dr. Terrance Drew, intimated that the state has carefully aligned the National Development Framework with the sustainable development agenda while ensuring the incorporation of innovation, inclusivity and sustainability.

Information source: CDB

Caribbean Money Daily

Caribbeanmoney.blogspot.com

Follow us for breaking news

Email austanny@yahoo.com

Comments

Post a Comment

Popular posts from this blog

Kintyre makes US$300,000 investment in Sevens Ice

Image
  Tyrone Wilson Chairman, President and CEO Kintyre Holdings (JA) Limited (KHL) and Seven Kingston Limited, owners of the Seven Ultra Lounge and Restaurant, on January 14 announced a joint venture to launch Sevens Ice. Kintyre Holdings has made an investment in excess of US$300,000 in acquiring an associate stake in Seven and also establishing the start-up for the ice venture. "This initiative addresses Jamaica’s growing demand for high-quality ice, with operations set to begin in Q1 2025," Wilson stated. Additionally, the venture has acquired a cold storage facility to manage its start-up capacity and is exploring the importation of ice to bridge the gap between demand and supply, ensuring a consistent and reliable market presence. Distribution Expansion Wilson said that Sevens Ice has secured a distribution point in Kingston and is in the process of setting up another in St. Catherine to serve the western and central parts of the island. This expansion will ensure broade...
Read more

BCMG increases risk management oversight: Launches surveys-as-a -service

Image
Insurance brokers in Jamaica often send underwriters themselves to survey risks; however, they frequently do not have the technical knowledge required to produce the best results. BCMG Insurance Brokers Limited (BCMG) in response, introduced - in support of the wider brokerage industry - an updated surveys-as-a service product which has been embraced by the wider community as groundbreaking. Senior Risk Manager on the New Business Team of BCMG David Lazarus explains, “We saw where the technical details and in-depth knowledge of the intricacies of business operations were not always being taken into consideration. This was seen as an opportunity to expand into this space.” In 2020, Billy Craig Insurance Brokers and Maritime General Insurance Brokers, MGI, signed an agreement to merge their operations to form BCMG Insurance Brokers Limited. Following the union, the new company has been exploring options to expand the service capability of the brokerage and increase value for clients...
Read more

Wish List: University Hospital CEO seeks top-flight CFO for turnaround miracle

Image
  It's a puzzling end of year for the finance team at the University Hospital of the West Indies where, despite an ongoing plan to quadruple plant size and service centres for the teaching institution, its current state is one of insolvency, with CEO Fitzgerald Mitchell wishing for a new Chief Financial Officer with a touch of genius to help in turning things around. Medium term, the government is aiming to significantly update this, the Caribbean's premium medical hospital and teaching school. At last report, the price tag on the project was $4.9 billion. In the works are plans for a new 6-storey, 120,000 square feet medical facility, which will accommodate an additional 40 medical and surgical beds, improvements to outpatient or ambulatory surgery, lecture rooms, conference rooms, and upgrading of the cardiology hybrid interventional surgery room and the neonatal intensive care and administrative departments. However, the institution is currently struggling to become solvent ...
Read more