August 9, 2022 | By Colin O. Jarrett |
Barbados will promote environmental sustainability and economic development with a 100 million US$ guarantee approved by the Inter-American Development Bank, the (IDB).
The funds will allow the country to create a long-term instrument to finance measures related to sustainability and marine conservation. The 100 million US$ guarantee has a maximum duration of 20 years.
The government has set an aspirational target of 30% of Barbados to be dedicated to conservation as a Marine managed Area.
The IDB guarantee will help reduce borrowing costs for the country as it seeks to raise funds for conservation activities, which include the creation of a conservation trust fund, known as the Barbados Environmental Sustainability Fund.