THE FUNDING IS A CONCESSIONARY LOAN TO THE GOVERNMENT OF SAINT LUCIA FROM THE CIF UNDER THE DVRP.

The Climate Adaptation Financing Facility (CAFF) Business Recovery Programme was launched on Friday, Nov. 20, as the Government of Saint Lucia continues to roll out incentives from the Economic Recovery and Resilience Plan (ERRP).

Prime Minister Honourable Allen Chastanet earlier this year announced the (ERRP) in a move to stimulate the economy by focusing on six pillars which will support, promote and protect the economy.  The COVID-19 CAFF Business Recovery Program will provide a blended grant loan facility to support businesses via the Saint Lucia Development Bank with a focus on business continuity and recovery from the COVID-19 Pandemic and to assist with climate resilience improvement.

“We recognise that Saint Lucia as an island nation is vulnerable to climate change and disasters and we have seen the impact of COVID-19. What we have been able to achieve with months of negotiations with the World Bank, The Ministry of Economic Development and Ministry of Finance together with SLDB is remarkable,” said Saint Lucia Development Bank Managing Director Vincent Boland. “The funding was a concessionary loan to the Government of Saint Lucia from the Climate Investment Fund and the Pilot Program for Climate Resistance as part of the Disaster Vulnerability Risk Reduction Program (DVRP).”

According to the Saint Lucia Chamber of Commerce, Industry, and Agriculture Executive Director, Mr. Brian Louisy, the Micro, Small and Medium Enterprises (MSMEs) community is on frontline of this economic crisis on account of their pre-existing structural vulnerabilities, particularly their inability to access credit and liquidity. He welcomed the opportunity for the MSMEs community to access financial relief and support.

Present at the launch ceremony was the Minister for Economic Development, Hon. Guy Joseph, and Permanent Secretary of the Department of Finance, Ms. Esther Rigobert. Joining via the Zoom video-conferencing platform was World Bank Program Leader for Sustainable Development and Infrastructure in the Caribbean, Mr. Vickram Cuttree.

Prime Minister Chastanet thanked the World Bank for its flexibility in recognizing the need to repurpose funds amidst the COVID-19 crisis and asked the private sector to access this support not only to help with liquidity but to help build resilience for future shocks brought on by the ever present threat of climate change.

“The work does not end today, it starts today. Moving forward we will get local government and communities involved to get the word out about this relief so that no one is left behind. I hope that initiatives like these will continue to strengthen the relationship between government and the business community as collaboration is important to steer us out of this crisis,” Mr. Chastanet said.

More information about the loan/grant facility can be accessed through The Saint Lucia Development Bank via 758.456.7532 or https://www.sldb.lc.