Barbados gets $12.4M loan from CARICOM Development Fund

On December 17, the government of Barbados signed a significant financial agreement with the CARICOM Development Fund (CDF), securing a US$12.4 million loan and a US$300,000 grant. These agreements mark the first time that Barbados has received both loan and grant financing from the CDF.

The funds will support the country’s Country Assistance Program, with the loan specifically allocated to co-finance the “Reduce, Re-use, Recycle Climate Resilience Wastewater Systems Project” (3R CReWS Project). This project is already receiving substantial backing, with a US$39.39 million grant from the Green Climate Fund, aimed at improving wastewater management and supporting climate resilience efforts in Barbados.

The signing ceremony for the loan and grant agreement between the Barbados government and the CARICOM Development Fund (CDF) took place at the Parliament, with Prime Minister Mia Amor Mottley and CDF CEO Rodinald R. Soomer overseeing the formalization of the agreements. The funds will support the execution of the “Reduce, Re-use, Recycle Climate Resilience Wastewater Systems Project” (3R CReWS Project), which will be managed over a two-year period by the Barbados Water Authority (BWA). The BWA will be responsible for both the financial management and implementation of the project.