Posted: Thursday, June 8, 2023. 9:23 am CST.
By Zoila Palma Gonzalez: Vice President of the United States, Kamala Harris is co-hosting the U.S.-Caribbean Leaders meeting in The Bahamas.
VP Harris announced over $100 million in support to be provided to the Caribbean.
This includes $98 million in new funding from the United States Agency for International Development (USAID), to address climate, energy, food security, and humanitarian assistance in the Caribbean.
VP Harris highlighted that USAID intends to provide $20 million in funding to companies with financial and technical assistance and business development services through the Caribbean Climate Investment Program.
This programming will also support the establishment of the Blue-Green Investment Corporation in partnership with the Government of Barbados, the Green Climate Fund, and private sector investors.
With an estimated initial capitalization of $30 million by non-U.S. government partners, this public-private “green bank” is expected to unlock up to $210 million over three years to finance projects such as climate resilient housing, renewable energy, clean transportation, and water conservation firstly in Barbados, and later expanding to other Caribbean countries, including those in the Eastern and Southern Caribbean.
USAID is also providing nearly $15 million to support disaster risk reduction, emergency response capacity strengthening, and resilience building across the Caribbean.
USAID is providing $1.5 million to the Caribbean Community Climate Change Centre to increase the flow of international climate funding and help strengthen key data tools for decision-making for Caribbean Community (CARICOM) countries.
USAID is also providing $1 million to partner with the Caribbean Islands Higher Education Resilience Consortium and Northeastern University to help mitigate and adapt to the effects of climate change, including the risks associated with extreme weather events. This work will also pursue economic development opportunities associated with building a resilient blue and green economy.
VP Harris said that USAID intends to provide $10.5 million to Haiti to enhance resilience and productivity in the country’s agricultural and livestock sector.
Through market strengthening, research, and innovation, this funding will increase market system efficiency, private sector engagement, and the ability of households and communities to recover from shocks and stresses.
These programs will collectively contribute to increased resilience, sustainable agriculture, and improved food security in Haiti.
In addition, the U.S. plans to continue to partner with the people of the Caribbean to provide urgent humanitarian assistance, facilitate climate adaptation and resilience, support the transition to renewable energy, and mitigate food insecurity in the region.
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