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The Caribbean Development Bank's (CDB) mandate is to systematically reduce poverty among its borrowing member countries through social and economic development. The CDB also promotes economic cooperation and regional integration.
Canada played an important role in creating the CDB in 1969. It has been a substantial contributor since that time and has a permanent seat on its Board of Directors. Canada was instrumental in facilitating Haiti's membership in CDB in 2007.
CIDA leads Canada's day-to-day relations with the CDB, in close consultation with Foreign Affairs and International Trade Canada and Finance Canada
Canada is a long-standing contributor to the CDB's Special Development Fund, which provides low-interest loans and grants to support the poorest and most vulnerable Caribbean countries. CIDA also provides significant support to CDB's Basic Needs Trust Fund, which gives grants to poor communities to improve access to basic public services, improve job capabilities, and reduce socio-economic vulnerability.
The CDB is a key multilateral partner in the implementation of Canada's Engagement in the Americas, a foreign policy priority for Canada focusing on democratic governance, prosperity, and security.
The CDB's objectives align closely with two of CIDA's priority themes: stimulating sustainable economic growth and securing the future of children and youth.
The Caribbean region is one of CIDA's countries of focus in CIDA's aid effectiveness action plan (PDF, 61 KB, 6 pages).
The CDB's focus on promoting broad-based economic growth, strengthening economic infrastructure and supporting private sector development makes it a key multilateral partner for CIDA in its efforts to help the region build economic foundations, grow businesses and invest in people.
Children and youth
The CDB's focus on improving the quality of, as well as access, to education and training aligns with CIDA's efforts to improve access to quality education and provide safe and secure futures for children and youth.
CIDA's Strategy for Working with the CDB
CIDA's work with the CDB focuses on three strategic objectives:
- Supporting the implementation of the CDB's 2010-2014 strategic plan. This includes:
- Adjusting existing policies, procedures and mechanisms to allow for faster and more flexible responses
- Ensuring that policies and mechanisms such as the Basic Needs Trust Fund and support to Poverty Reduction Plans, which affect the lives of the poor, are in place
- Encouraging the CDB to act as a leader in regional cooperation and integration. This includes:
- Working closely with CDB management and its Board of Executives to continue to strengthen institutional effectiveness. This includes:
- Improving performance management by strengthening evaluations and internal monitoring processes, reporting on results, and performing a gender equality institutional assessment to identify areas for future action
- Increasing support to countries to ensure loan conditions can be met, developing realistic timelines and conditions during the loan preparation process
- Enhancing CDB's role in donor coordination
- Ensuring compliance with CDB's environment and social safeguard operational policies
In 2010, with the support of CIDA and other donors, the CDB:
- Supported the construction of 316 rental housing units at eight different locations in Barbados, benefitting 1,200 people
- Rehabilitated and upgraded 240 roads in 12 communities across Guyana
- Provided five emergency relief grants and four immediate response loans to assist countries affected by natural disasters
In response to the 2010 earthquake in Haiti, with the support of CIDA and other donors, the CDB:
- Assisted the Government of Haiti in meeting its annual premium payment to the Caribbean Catastrophe Risk Insurance Facility, created to provide short-term liquidity after a catastrophic hurricane or earthquake
- Provided education subsidies for more than 45,000 children
- Provided more than 35,000 children with at least one hot meal a day through a school feeding program
- Created approximately 5,369 temporary jobs through an infrastructure community development project
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