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Tuesday September 7, 2010
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Caribbean to benefit from new IDB grant facility
Wednesday, September 24, 2008
WASHINGTON, CMC:
The Inter-American Development Bank (IDB) says it is prepared to assist Caribbean governments in improving water and sanitation services for their populations.
The IDB said that regional countries can now apply for grants under the Aquafund, a new source of financing approved by the bank’s board.
“The Aquafund is a fast-disbursing vehicle intended to help accelerate the development of projects in the water, sanitation and solid waste disposal sectors. It can be used to finance activities ranging from pre-feasibility studies to technical training and knowledge dissemination, depending on specific local needs,” the IDB said in a statement.
IDB president Luis Alberto Moreno said there were many innovative proposals for improving the services and that Aquafund was created to help make those proposals a reality by financing the early stages of project preparation, and also to help replicate successful experiences on a larger scale.
The fund is expected to disburse up to US$15 million in grants until the end of the year and “starting in 2009, Aquafund will also mobilise matching contributions from multiple donor countries, providing up to US$35 million in grants during the calendar year”.
Aquafund will also be able to receive contributions from private sources and the money can be used to support projects that subsequently receive both loans with either sovereign or non-sovereign guarantees, the IDB said.
“We expect Aquafund to be a catalyst for innovative approaches to these areas,” said Federico Basa–es, chief of the Water and Sanitation Division at the IDB.
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