During the first year, the development
institutions that partnered in the Joint Action Plan demonstrated continued
support to Haiti following last year’s devastating earthquake. This included
technical assistance and reinforced coordinated financial engagement that
focused on rebuilding the private sector and strengthening its role in
Haiti’s economic development.
In Haiti, CJAP partners have committed
to fourteen projects under the initiative so far, making significant investments
to improve Haiti’s power generating capacity, health service delivery
and primary education, as well as creating more than 5,000 new jobs and
preserving 5,000 existing jobs. IFC and FMO commitments to E-Power S.A.,
which will operate a 30MW power plant, will help aid the restoration and
enhancement of Port-au-Prince’s electricity supply. Partners have also
invested in the health and human capital of Haiti’s neediest by helping
45,000 poor children attend primary school (CDB’s Education for All grant)
and by co-financing construction of a new 114-bed surgical hospital where
Haitians can receive medical services free of charge (EIB’s grant to Medecins
sans Frontieres in Tabarre).
Additional collaborative investments
under the Joint Action Plan include an IFC-DEG joint financing of the expansion
of the Caucedo Port in the Dominican Republic and a joint IFC, EIB and
PROPARCO financing to the extension of the TransJamaican Highway
with a total cost of US$205.4 million..
"CJAP’s commitment of an estimated
$960 million in only its first year of operation is remarkable and testament
to the potential contribution that continued collaboration between the
member institutions of CJAP can bring to the development in the Region,”
said Dr. Warren Smith, CDB President. “The Region’s public and
private sectors both require considerable resources if they are to play
a role in growth and development of the Caribbean; and CJAP offers a unique
opportunity for its members to participate collaboratively in that process."
“The aim of CJAP is collectively to
boost private enterprise in one of the most unstable regions of Latin America
and contribute towards sustainable growth. This involves every institution
bringing forward its own geographical, product- and sector-specific knowledge,”
said Justus Vitinius, First Vice President Latin America of DEG.
“The particular aim of DEG is to finance small and medium-sized companies
in the region as well as projects that aid climate protection.”
“In only a year, the Caribbean Joint
Action Plan has demonstrated the clear value of enhanced cooperation between
development finance institutions to support projects essential for economic
growth across the Caribbean and our engagement in the region has surpassed
targets. Through the CJAP, the European Investment Bank has been
able to work with experienced counterparts to fund infrastructure projects
in the Dominican Republic and Jamaica, and enable a new start for the financial
sector in post-earthquake Haiti,” said Plutarchos Sakellaris, European
Investment Bank Vice President for Africa, Caribbean and Pacific.
“CJAP's unparalleled results in this
first year show just how committed the participating DFI partners are to
providing access to finance in the Caribbean region,” said Jurgen Rigterink,
Chief Investment Officer of FMO. "The action plan is certain
to make its mark in the region's long-term economic development, which
continues to be imperative to current and future generations there."
"This collaboration among international
financial institutions bodes well for the future development of the Caribbean,"
said Thierry Tanoh, IFC Vice President for Latin America and the
Caribbean, Africa and Western Europe. "IFC strongly supports development
of critical sectors such as infrastructure and financial markets in the
Caribbean, and the strength of this partnership has provided IFC with the
opportunity to provide more than double our original pledge to this important
“Increased collaboration between DFI’s
is critical for unlocking the development impact of our actions. We are
especially pleased to be part of this effort in the Caribbean, a region
whose specific problems have long been overlooked by the development finance
community. We also hope to foster, through this effort, a better cooperation
between the French departments and the various islands,” said Laurent
Demey, PROPARCO Deputy CEO.
Sharon Marshall, Ph.D., Tel: +1 2464311882 Email: email@example.com
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Richard Willis, Tel: +352 621 555758, Email: email@example.com
Adriana Gomez, Tel: +1 202 4585204, Email: firstname.lastname@example.org
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Notes to the editor:
The Caribbean Development Bank (CDB)
has been financing social and economic development in the Caribbean for
the past four decades, with cumulative approvals amounting to US$3.5 billion.
With the goal of systematically reducing poverty in the Caribbean, CDB
seeks to be a catalyst for development resources into the region.
DEG, member of KfW Bankengruppe, is
one of the largest European development finance institutions. For nearly
50 years, DEG has been financing and structuring the investments of private
companies in developing and emerging market countries. DEG invests in profitable
projects that contribute to sustainable development in all sectors of the
economy, from agribusiness to infrastructure and manufacturing to services.
The financial sector is a further focus in order to facilitate reliable
access to investment capital locally. DEG’s aim is to establish and expand
private enterprise structures in developing and emerging countries, and
thus create the basis for sustainable economic growth and a lasting improvement
in the living conditions of the local population.
European Investment Bank
For more than three decades, European
Investment Bank, the European Union’s financing institution has supported
economic development of the Caribbean region with loans and equity investment
worth over EUR 1.3 billion. EIB lending in the Caribbean for the period
2004-2010 represented EUR 361 m, including overseas territories, to infrastructure
projects, including water, energy, telecommunications and transports sectors,
financial services and support for small and medium-sized enterprises,
including microfinance, and industry. The Bank’s Caribbean presence was
reinforced in May 2007 by a Regional Office in Martinique.
IFC, a member of the World Bank Group,
is the largest global development institution focused on the private sector
in developing countries. We create opportunity for people to escape poverty
and improve their lives. We do so by providing financing to help businesses
employ more people and supply essential services, by mobilizing capital
from others, and by delivering advisory services to ensure sustainable
development. In a time of global economic uncertainty, our new investments
climbed to a record $18 billion in fiscal 2010. In the past years, IFC
has ramped up its investment and advisory operations in the Caribbean,
with the support of donors and consistent with the governments' priorities.
To help address the challenges in the region and consistent with IFC's
role and expertise, IFC has identified three key areas that are now at
the center of its strategy in the Caribbean: infrastructure development,
the financial sector and tourism. For more information, visit www.ifc.org
The Netherlands Development Finance
Company (FMO) is the international development bank of the Netherlands.
FMO invests risk capital in companies and financial institutions in developing
countries. With an investment portfolio of EUR 5.3 billion, FMO is one
of the largest bilateral private sector development banks worldwide. Thanks
in part to its relationship with the Dutch government, FMO is able to take
risks which commercial financiers are not - or not yet - prepared to take.
FMO's mission: to create flourishing enterprises, which can serve as engines
of sustainable growth in their countries.
PROPARCO, a financial development institute,
is owned by the French Development Agency (AFD) and private shareholders
in Northern and Southern Hemisphere countries. Its aim is to act as a catalyst
for private investment in emerging and developing countries, in growth
and sustainable development, as well as in order to meet Millennium Development
Goals. PROPARCO ranks among the world’s major bilateral development finance
institutions. It is active in four continents, and its scope ranges from
major emerging markets to the poorest countries, especially in Africa.
PROPARCO has high requirements in terms of social and environmental responsibility.