Caribbean Development Bank provides US$5,3M for SVG volcano recovery

The Caribbean Development Bank (CDB) has approved financing of US$5,3 million for St. Vincent and the Grenadines (SVG) to support response to the La Soufrière volcanic eruption, regional media reported.

CDB President, Dr. Gene Leon, who is in the country on an official visit, today announced that the Bank has approved an Immediate Response Loan of US$ 5 million as well as an Emergency Assistance Grant of US$300,000.

‘While we are supporting the recovery, CDB will also be bolstering the country’s development agenda by financing high priority projects for transformation,’ Leon said.

Prime Minister of St Vincent and the Grenadines, Hon. Dr. Ralph Gonsalves said, ¨From the time CDB became operational in 1970, it has had a tremendous impact on the development of St. Vincent and the Grenadines and as we face the current challenges, I am impressed with the pragmatic elements of the solutions the new team is providing and I appreciate their approach to partnership. ¨