(Staff Reporter, Guyana Chronicle- The Nation’s Paper)
THE CARICOM Development Fund (CDF) joined hands with the United States to unveil the CARICOM Resilience Fund in Barbados, on January 26, 2024. This new initiative, backed by a substantial $100 million, aims to bolster growth and resilience across the Caribbean region in the face of escalating climate change challenges.
The fund, a blend of finance mechanisms, with technical assistance from the U.S. Agency for International Development/Eastern and Southern Caribbean, will focus on supporting endeavours enhancing resilience. Investments will target key sectors including renewable energy, clean transport, the blue economy, sustainable agriculture, information and communications technology, and financial services.
Prime Minister, Mia Amor Mottley, speaking at the launch event held at the Hilton in Barbados, commended the CDF’s initiative and urged regional stakeholders to support the fund. U.S. Ambassador, Roger Nyhus, emphasised that the Resilience Fund represents a commitment to investing in innovative solutions to fortify Caribbean societies against climate change-induced economic shocks.
Rodinald Soomer, CEO of the CDF, described the Resilience Fund as a transformative vehicle offering attractive returns on investments while addressing the region’s need for accessible financing options to build resilience. He highlighted the fund’s ability to mobilise resources from various sectors, including the private sector, international financial institutions, pension funds, corporates, and philanthropic funds.
At the launch, it was announced that Sygnus Capital, a leading Caribbean investment firm, would manage the fund. With over $450 million in assets under management, Sygnus Capital brings regional expertise to drive project selection and investor engagement. The firm will collaborate with the Rocky Mountain Institute (RMI) Island Energy Program to identify and assess energy and climate projects in the Caribbean.
Berisford Grey, President & CEO of Sygnus Capital, expressed gratitude for being entrusted as the fund manager, emphasising their commitment to regional development and sustainability.
The CARICOM Resilience Fund, conceptualised since January 2023, underscores the partnership between the CDF and the United States Agency for International Development/Eastern and Southern Caribbean. This partnership reflects a shared commitment to fostering a prosperous, resilient, and sustainable future for the Caribbean region.
The CARICOM Development Fund, established in 2008, serves as a pivotal developmental mechanism within the CARICOM Single Market and Economy (CSME). Its mission is to provide effective, efficient, and sustainable solutions to address challenges faced by disadvantaged countries, regions, and sectors participating in the CSME, ultimately maximising benefits for its member states.
https://guyanachronicle.com/2024/01/31/caricom-us-launch-100m-resilience-fund-in-barbados/
