Guyana to honor its obligations as a CDB member

DPI, Guyana, Friday, July 07, 2017

Cabinet granted its approval for Guyana to honor its obligations as a member of the Caribbean Development Bank (CDB) to replenish the Special Development Fund (SDF) Ninth Cycle.

Guyana is required to contribute the sum of US$6. 170 to the SDF Ninth Cycle over a five-year period to maintain its 2.77 percent shares in the bank.

During his weekly post-Cabinet press briefing, Minister of State, Joseph Harmon explained that payment of its contribution to the fund, will enable Guyana to access loans and grants to aid in the implementation of developmental projects.

The Special Development Fund is a partnership among CDB members where borrowing and non-borrowing members contribute to the fund financially.

The SDF provides loan funding as well as grant financing for sustainable development initiatives in developing states of the Region. It plays a critical role in the international effort to reduce poverty in order to achieve the Sustainable Development Goals.

Earlier in the year, the CDB announced US$40M in funding for poverty reduction in eight countries including Guyana in the Caribbean Region, through the Basic Needs Trust Fund (BNTF).

The resources will support improved access to quality education; water and sanitation, basic community access and drainage, livelihoods enhancement and human resource development services in low-income and vulnerable communities under the ninth phase of BNTF (BNTF 9).

 

By: Synieka Thorne