THE Board of Directors of the Caribbean Development Bank (CDB) has approved a US$194M country strategy for Guyana for the period 2017 to 2021, which is expected to drive social and economic development; support environmental sustainability; and promote good governance here.

The US$194M package includes Guyana’s allocation of US$65M from the United Kingdom Caribbean Infrastructure Partnership Fund (UKCIF) and resources from CDB’s Special Development Fund (Unified), the CDB said in a release. “We are pleased to be supporting the Government of Guyana in accelerating poverty reduction, and inclusive, sustainable economic growth. We look forward to working together with our country stakeholders to implement this results-focused programme of assistance,” said Dr. Justin Ram, Director of Economics, CDB.

The country strategy is designed to help Guyana achieve five key development outcomes: increased competitiveness and productivity; improved quality and access to education and training; strengthened social protection; reduced vulnerability to natural disasters and improved governance and development planning.
Each intervention delivered under the country strategy will include gender equality, regional cooperation and integration, as well as energy and citizen-security considerations. The programme of assistance responds to Guyana’s development priorities, and builds on the Government’s “Vision 2020”, which articulates a national goal of “sustainable socioeconomic development, good governance and human safety within a green economy.”

The approved strategy aligns with CDB’s strategic objectives of supporting inclusive and sustainable growth and development, and promoting good governance. It also takes into account the Bank’s cross-cutting themes of gender equality, regional cooperation and integration, and energy security. The Caribbean Development Bank is a regional financial institution established in 1970 for the purpose of contributing to the harmonious economic growth and development of its Borrowing Member Countries (BMCs).

In addition to the 19 BMCs, CDB’s membership includes four regional non-borrowing members – Brazil, Colombia, Mexico and Venezuela and five non-regional, non-borrowing members; i.e., Canada, China, Germany, Italy, and the United Kingdom. The CDB’s total assets as at December 31, 2015 are US$2.7 billion (bn). These include US$1.4B of Ordinary Capital Resources and US$1.3B of Special Funds. The Bank is rated Aa1 Stable with Moody’s and AA/A-1+ with Standard and Poor’s. Read more at caribank.org.