The CARICOM Development Fund (CDF) and African Export-Import Bank (Afreximbank) have signed a €708,000 grant agreement to establish a Green, Resilience, and Sustainability Facility (GRSF). The signing took place during CARICOM’s 48th Regular Meeting of Heads of Government in Barbados.
The GRSF aims to provide blended and concessional financing to CARICOM member states, supporting infrastructure development, climate adaptation, and sustainable development initiatives. This facility will help address the region’s estimated US$20 billion resilience financing shortfall.
CDF Chief Executive Mr Rodinald Soomer highlighted the grant’s importance for Caribbean sustainability, whilst Afreximbank President Prof Benedict Oramah emphasised its role in supporting countries facing climate-related economic challenges. This agreement follows the strategic partnership established between both organisations in August 2023, when CDF became a shareholder in Afreximbank. The initiative complements CDF’s other partnerships, including their collaboration with USAID on the Caribbean Community Resilience Fund, demonstrating their commitment to mobilising investment for regional development and climate resilience.
Read the original article here: https://afreximbank.africa-newsroom.com/press/caricom-development-fund-and-afreximbank-sign-grant-agreement-to-establish-green-resilience-and-sustainability-facility?lang=en