Tuesday 20 October, 2020

US$306 million in loans given to CDB member states in 2020

The Caribbean Development Bank (CDB) will lend US$340 million to member states this year.

This was revealed by Bahamian finance minister Kevin Peter Turnquest in his opening address at the 50 Annual Meeting of CDB Governors today.

Turnquest, who is the incoming chairman of the CDB board of governors, said US$306 million of the allocation has already been disbursed.

Turnquest thanked the bank for its efforts to keep to its mandate to assist vulnerable Caribbean countries as he noted the Bahamas benefited from US$1 million immediately after Hurricane Dorian ravaged Grand Bahama and the Abaco Islands in 2019.

“Now more than ever we need the bank to continue to meet the needs of the region and live up to its mandate,” Turnquest said as he highlighted that the coronavirus pandemic has increased economic hardships in the Caribbean.

Turnquest also thanked the bank’s administration for working with a number of international agencies to secure funding for development projects in member countries.

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