CDB Approves USD11.3 million loan to Grenada for Redevelopment of Grenville Market Square Vendors, bus operators, butchers and farmers who operate out of the Grenville Market Square in Grenada are expected to benefit directly from a project for which the Board of Directors of the Caribbean Development Bank (CDB) has just approved financing.The Board approved a loan up to the equivalent of USD11.03 million to the Government of Grenada for the project, which is also expected to have a positive impact on economic activity and improve the quality of life in Grenville and the rural parishes of St. Andrew's, St. David's and St. Patrick's. It forms part of the Government's efforts to redevelop Grenville as the regional urban centre serving the northern and eastern coasts of Grenada, and will include the renovation of the existing market square, provision of a new abattoir which meets international public health standards and the Construction of bus terminal facilities.The project also provides for training of vendors and butchers, and public awareness and education programmes to promote the use of the facilities, particularly the abattoir, and to discourage the practice of backyard slaughtering.Additionally, the market is central to the cultural heritage of Grenville, and its use as a community space for cultural shows will be revived after completion of the project. Grenada's Ministry of Communications, Works and transport will be the implementing agency for the project. The Grenada Government will provide an amount of USD2.14 million in counterpart funding. This sum represents 16% of the project cost.Approval for the loan was among a package of loan and grant financing approved at a meeting of CDB's Board of Directors held at the Bank's Headquarters in Barbados, on December 14, 2006. Other financing approved at the December 14th meeting of the CDB Board of Directors was as follows:CDB Approves USD25 million Policy-based Loan for BelizeThe Board has approved a policy-based loan equivalent to USD25 million to the Government of Belize. The loan is intended to help the Government close the fiscal and external financing gaps over the short to medium term, while it continues to implement corrective measures. These measures include restructuring its debt, reforming its tax regime and strengthening its fiscal management capacity. The loan is part of a broader strategy to enable the Government to improve its ability to undertake critical investments in social and economic infrastructure in order to achieve its growth and poverty reduction objectives. CDB Financing Approved for Road-upgrading Project in BelizeA loan equivalent to USD12.6 million to the Government of Belize has been approved to assist the Government in upgrading the Placencia Road from a gravel road to a paved all-weather road. The improved road is expected to secure year-round access between mainland Belize and the Placencia Peninsula in the Stann Creek district, and induce additional investments in hotel and other Tourism enterprises on the peninsula. This in turn will generate employment opportunities and enhance the living conditions of the indigenous population and the foreign exchange-earning capacity of the country. The Government is promoting the Placencia Peninsula as a tourist destination, and has approved investments for Tourism accommodation and other facilities. There are already a number of facilities ranging from single family beach houses to motels and hotels, accounting for approximately 618 rooms, with approvals for Construction of 975 additional hotel rooms, villas and condominiums.In addition to Tourism development, the Placencia area supports agricultural crop production and prawn farms. The project includes the associated drainage works, signage, bus stops and safety features. The road is 33.4 kilometres in length from its junction with the Southern Highway to the Placencia Airstrip.The Government will provide USD3.2 million in counterpart financing, which represents 20% of the cost of the project. Barbados receives Financial Assistance from CDB for Coastal Erosion Control CDB has provided under its Natural Disaster Management Strategy an immediate response loan equivalent to USD500,000 to the Government of Barbados to address a dramatic increase in the rate of erosion on several of the island's beaches. During July 2006, beaches in Barbados began to be adversely affected by unusually intense seas swells, resulting in erosion particularly on the west and south coasts where the majority of hotels and other Tourism facilities are located. The loan will assist the Government in cleaning up the debris, shoring up damaged structures and building near-shore protective structures to shield the worst-affected beach - Worthing Beach - from further wave action and permit rehabilitation work to begin. In addition to the loan, CDB has approved the use of amount up to the equivalent of USD20,000 to assist in financing consultancy services to provide independent inspection and certification of works in connection with the project.Barbados' Coastal Zone Management Unit has been designated as the implementing agency for the project. CDB Country Strategy for Belize ApprovedA country strategy outlining CDB assistance to Belize over the period 2007 to 2009 has been approved by the Board of Directors. The major objective of the strategy is to enhance economic growth by supporting attempts to correct fiscal and external imbalances, financing investments that are critical for enhancing growth, and financing critical social development projects.CDB's assistance will also seek to promote good governance and to foster inclusive social development. CDB remains committed to working with Belize, and with other donors, in reducing poverty, increasing growth and accelerating the achievement of the millennium development goals.CDB to provide Grant for Feasibility Study of a Regional Health Insurance Mechanism CDB is to provide a Grant up to the equivalent of USD270,000 to the CARICOM Secretariat for a project which will provide regional governments with information to develop policies and strategies that can improve technical cooperation in health among them, and formulate programmes and projects to improve accessibility to health care services by CARICOM nationals. These funds are to be used to finance consultancy services to analyse the intra-regional movement of patients, assess the implication of the free movement of people on the demand for health services in the Region, assess the feasibility of a Regional Health Insurance Mechanism and its relationship with national health insurance schemes, and recommend options for meeting the health care needs of CARICOM nationals travelling to, or working in, other member states.The Bank believes that the low level of private insurance coverage, the uncertainty over the terms of private insurance and the absence of adequate arrangements to meet the cost of local care highlight the need for portable regional health insurance plans, or other specific plans that provide coverage for persons working in other member states. At the December Board of Directors meeting, the President notified the Board of his prior approval of a range of financing for a variety of projects:The use of funds equivalent to USD27,800 to assist in hosting a workshop entitled "Works Tender and Contract Management", which was held at CDB's Conference Centre from November 13-17, 2006. The workshop was aimed at strengthening the capacity of public sector entities responsible for procurement in physical infrastructure projects. A grant equivalent to USD17,000 to the University of the West Indies (UWI) to assist in the financing of the Caribbean Anthurium Industry Development Workshop, which was held at the Learning Resources Centre of the UWI campus at St. Augustine, Trinidad, earlier this year. The September 23-26 workshop focussed on developing a strategic plan for establishing a globally competitive and sustainable Caribbean anthurium industry, capable not only of meeting the demands of the Tourism and hospitality industry, but also of servicing the expanding demand for tropical ornamentals in North America. A grant equivalent to USD15,510 to the Secretariat of the Organisation of Eastern Caribbean States (OECS) to assist with the financing of a conference on "Youth Crime and Violence: Policy, Prevention and Intervention in the OECS". The conference was held in St. Lucia from October 10-12, 2006, and brought together participants from academia, practitioners and youth leaders to share data and adopt a common approach to addressing the problem. A grant equivalent to USD7,500 to the University of the West Indies (UWI) in support of the 31st Annual Conference of the Caribbean Studies Association, which was held in Trinidad and Tobago from May 29 to June 2. The Sir Arthur Lewis Institute for Social and Economic Studies at the St. Augustine Campus of the UWI was the local organising committee for the conference. The use of funds equivalent to USD7,000 to assist in financing an intensive training workshop on natural hazard impact assessment. Thirty persons from the private and public sectors in Jamaica participated in the training, which focussed on the methodology of the United Nations Economic Commission for Latin America and the Caribbean for assessing the economic and environmental impact of natural hazards.