Sign in Subscribe
European Union

EU150 Million Investment to Improve Climate Resilience and Preserve Oceans in the Caribbean

Strategic Insights

— 1 min read

The European Investment Bank has announced a €150 million investment to improve climate resilience and preserve the oceans in the Caribbean as part of the Clean Oceans Initiative. The project, backed by the European Union, will also benefit from Technical Assistance and Investment Grants under the Caribbean Investment Facility. The water project contributes to the achievement of several Sustainable Development Goals and builds the Caribbean's resilience to pandemics like COVID-19.

Key Takeaways:

  • The EU150 million investment will improve climate resilience and preserve the oceans in the Caribbean through new investments in water supply security, wastewater treatment, solid waste, and storm-water management.
  • The project will help reduce technical losses, increase energy savings, and revenue, while also expanding water networks for customers relying on stand-pipes, improving access to water, and reducing the use of pit-latrines and septic tanks.
  • The investments will enable the construction of new and upgraded wastewater treatment plants, improved drainage and storm-water management, and better solid waste collection and treatment.
  • The program loan goes hand in hand with the approval of Technical Assistance and Investment Grants under the Caribbean Investment Facility (CIF) and will be covered by a comprehensive Guarantee under the NDICI Global Europe Instrument.
  • The project will contribute to the achievement of several UN Sustainable Development Goals, including poverty reduction, good health, climate action, and clean water and sanitation.
  • The EIB has been working in the Caribbean since 1978, granting almost €2 billion in financing for 221 operations.
  • The investment will support the Caribbean-EU Partnership for a Green Deal, including better water resources conservation, waste management, biodiversity, and disaster risk reduction.

Statistics:

  • €150 million investment to improve climate resilience and preserve the oceans in the Caribbean.
  • 221 operations in the Caribbean since 1978, granting almost €2 billion in financing.
  • €2 billion in financing for the next 7 years will support the Caribbean-EU Partnership for a Green Deal.
  • The investment will cover 50% of the total costs of the project.
  • 70% of the investment will be directed towards new water supply systems.
  • 30% of the investment will be directed towards sanitation network investments.
  • The program loan will be covered by a comprehensive Guarantee under the NDICI Global Europe Instrument.

Sources:

  • European Investment Bank press release.
  • The European Commission's website on the EU-Latin America and the Caribbean (LAC) region.
  • The European Commission's website on the Caribbean-EU Partnership for a Green Deal.
  • The United Nations' website on Sustainable Development Goals.

Read more