The Inter-American Development Bank (IDB) says it has approved a US$100 million loan that allows Barbados to continue modernizing its policies, laws and regulations as it strives to achieve sustainable development.
It said the operation is the third in a series of three policy-based loans designed to enhance how Barbados plans its land use, controls development, and manages its water resources, natural assets, resilience, and disaster risk.
The IDB said that in Barbados, sustainability is key because most development opportunities are related to tourism and natural assets which are largely located in coastal areas.
“The way land and environmental risks are managed in these areas is critical. Also, Barbados gets its drinking water from underground, so pollution risks must be controlled in the context of changing rainfall patterns. The country’s location and exposure to climate change also make disaster risk policies especially important in safeguarding lives, investments, and the economy.”
The Washington-based financial institution said that the operation is expected to benefit the country’s entire population of nearly 300,000 people. It said programmes for coastal zone management, resilience, and disaster management will have a larger effect on low- and middle-income households, which are more vulnerable to climate impacts.
The loan, which has been approved by the IDB’s Board of Executive Directors, will help advance ongoing regulatory reforms to improve land-use planning, control over development, water resource management and natural asset management.
The reforms also aim to enhance resilience and disaster management. Other measures include protocols for more systematic private sector involvement in disaster response which will strengthen a facet of post-disaster governance. “This affected households.
The bank said another reform includes policies and protocols for retrofitting low and middle-income homes to improve their resilience in the face of hurricanes and storm-force winds.
The IDB loan has a 20-year repayment term, a 5.5-year grace period and an interest rate based on the Secured Overnight Financing Rate (SOFR).
Source-CMC
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