World Bank Provides US$16.4 Million for Agricultural Livelihoods and Climate Resilience in Dominica
Media Release Courtesy The World Bank
WASHINGTON — The World Bank Board of Executive Directors approved US$16.4 million in additional financing for Dominica to support ongoing projects in the areas of agriculture and infrastructure for climate resilience and economic recovery from COVID-19 impacts.
“Agricultural livelihoods, food security, and resilience to climate-related shocks are key priorities for Dominica. This financing will support Dominica’s efforts in these areas, including providing local employment opportunities in the construction and agriculture sectors during this challenging COVID-19 period,” said Tahseen Sayed, World Bank Country Director for the Caribbean.
The additional financing approved includes US$12.8 million for the Disaster Vulnerability Reduction Project, which aims to reduce Dominica’s vulnerability to natural hazards and climate change impacts. The funding will be used to rehabilitate and upgrade an important section of the East Coast Road to resilient standards. Additional financing of US$3.6 million was also approved for the Dominica Emergency Agricultural Livelihoods and Climate Resilience Project, which aims to restore the livelihoods of farmers and fisherfolk affected by Hurricane Maria. Additional financing for this project replenishes funds that were redirected to support the country’s emergency response to COVID-19 using a Contingency Emergency Response Component (CERC).
Dominica receives interest-free financing from the International Development Association (IDA), with a maturity of 40 years, including a grace period of 10 years.
World Bank Group COVID-19 Response:
The World Bank Group, one of the largest sources of funding and knowledge for developing countries, is taking broad, fast action to help developing countries strengthen their pandemic response. We are increasing disease surveillance, improving public health interventions, and helping the private sector continue to operate and sustain jobs. Over the next 15 months, we will be deploying up to $160 billion in financial support to help countries protect the poor and vulnerable, support businesses, and bolster economic recovery, including $50 billion of new IDA resources in grants or highly concessional terms.
