Caribbean Development Bank Partners with Global Infrastructure Facility to Boost Private Investment in Infrastructure Projects
The Caribbean Development Bank (CDB) has allied with six international financial institutions (IFIs) and private sector interests to mobilize more excellent private investment in infrastructure projects and increase its access to technical expertise.
Joining the Global Infrastructure Facility
The region’s premier financial institution has joined the Global Infrastructure Facility (GIF) as a technical partner. GIF is an international initiative comprising governments, IFIs, and the private sector. It is designed to support infrastructure development in emerging markets and developing economies by encouraging private investment.
Partnership Objectives
As a technical partner, CDB is responsible for identifying and implementing projects in collaboration with its member countries. The bank looks forward to accessing GIF’s resources, anticipating that this new partnership will translate into improved financing and implementation capacities in nineteen Caribbean countries.
Benefits of the Partnership
The CDB said this partnership aims to increase sustainable, high-quality infrastructure projects attracting private investment. The bank is now at the table with other international financial institutions, including the African Development Bank, the Asian Development Bank, the European Bank for Reconstruction and Development, the European Investment Bank, the Inter-American Development Bank, the International Finance Corporation, the Islamic Development Bank, the Multilateral Investment Guarantee Agency, and the World Bank, as well as an increasing number of private investors.
Addressing Development Challenges
The CDB said that as the gap in development financing widens and demands on public financing increase, Caribbean governments and financial institutions require additional revenue streams and novel mechanisms to finance their development. GIF is one such resource. This new partnership will provide increased opportunities to advance the bank’s long-term objectives and address critical challenges related to private investment in infrastructure in the Caribbean.
Conclusion
The partnership between the CDB and the GIF is expected to have a significant impact on the region’s infrastructure development, attracting more private investment and increasing access to technical expertise.
Frequently Asked Questions
- What is the Global Infrastructure Facility (GIF)?
The GIF is an international initiative comprising governments, IFIs, and the private sector, designed to support infrastructure development in emerging markets and developing economies by encouraging private investment. - What is the role of the CDB as a technical partner in the GIF?
As a technical partner, the CDB is responsible for identifying and implementing projects in collaboration with its member countries, and accessing GIF’s resources to improve financing and implementation capacities in the Caribbean. - What are the benefits of the partnership between the CDB and the GIF?
The partnership aims to increase sustainable, high-quality infrastructure projects attracting private investment, and provides increased opportunities to advance the bank’s long-term objectives and address critical challenges related to private investment in infrastructure in the Caribbean.