The Inter-American Development Bank (IDB) has approved a US$30 million loan to help Barbados preserve and manage its coastline, a critical asset for the country’s economy, from damage caused by natural disasters and risks associated with climate change.
Barbados’ sandy beaches, reefs and coastal ecosystems, coupled with relatively calm waters and warm weather, create optimal conditions for a tourism industry that accounts for 39 per cent of the country’s Gross Domestic Product, 50 per cent of total export earnings and 44 per cent of employment.
The funds will help to preserve and manage the Barbados shorefront through three components – coastal risk assessment, monitoring and management; coastal infrastructure; and institutional sustainability for the integrated coastal risk management.
The first component will finance baseline studies of coastal and oceanographic processes including wave climate, shoreline changes, and water quality, circulation and sedimentation; the second module will control shoreline erosion, improve coastal infrastructure resilience, and boost public access to beaches; while the third will seek to ensure the programme’s long term sustainability.
The loan is for a 25-year term with a 5-year grace period. (CMC)
