Major Decisions of the Two Hundred And Twenty-Sixth Meeting of the Board of Directors of the Caribbean Development Bank Held in Caracas, Venezuela May 28, 2007 Caribbean Catastrophe Risk Insurance FacilityA grant of USD5 million was approved to the Caribbean Catastrophe Risk Insurance Facility established to allow Caribbean governments to economically purchase insurance coverage against hurricanes and earthquakes. The scheme is designed to ensure immediate payout on claims thereby relieving fiscal difficulties normally experienced in the immediate aftermath of the events. Republic of Haiti - Education for All ProjectIn Haiti, the newest member of CDB, approximately 35-40% of primary school-aged children are not in school. Less than 20% of those who enter the school system complete the five years of primary education. More than 20% of children suffer from chronic malnutrition. The school system itself is weak and underprovided with financial and technical resources. CDB has approved a grant of USD10 million to improve access to primary education by poor children and to improve the quality of the education sector. The grant will be used for student subsidies, school feeding, pre-service teacher training, school textbooks, multigrade learning projects, and improvements of literacy skills. Grenada Schools Rehabilitation and ReConstructionHurricanes Ivan and Emily (2004 and 2005) severely damaged the education sector in Grenada. In 2003, CDB assisted the Government of Grenada in its rehabilitation and reConstruction activities by approving a USD4 million loan for the rebuilding of one primary school and the rehabilitation of 13 others. CDB has now agreed to a further loan of USD7.5 million to finance the rehabilitation/reConstruction and expansion of one primary school and 3 secondary schools. Jamaica Road ImprovementCongestion on arterial roads into Kingston, Jamaica is a major problem. CDB will provide the Government of Jamaica with a USD14.8 million loan to reconstruct and widen a critical arterial road in order to improve capacity and provide dedicated bus transit lanes thereby increasing the efficiency of road transport, reducing vehicle operating costs, travel time, and the incidence of accidents. Modernization of Belize Customs and ExciseCDB has been supporting Belize's macroadjustment programme through a Policy Based Loan of USD25 million to ensure the success and sustainability of fundamental fiscal and structural reform measures. Additional support will now be provided through a new loan of USD2.5 million to modernize and strengthen the Customs and Excise Department as part of overall efforts to improve fiscal revenue capacity and tax administration. Financing for Caribbean Knowledge and Learning NetworkA Grant of up to USD431,000 to the Caribbean Knowledge and Learning Network Foundation Limited has been approved to assist the Grenada-based foundation in strengthening selected tertiary level institutions in the member countries of the Organisation of Eastern Caribbean States. The technical assistance intervention would build the capacity of these institutions to offer quality tertiary education by incorporating information and communications technology and other modern approaches in education into the teaching and learning process. Tertiary education plays a critical role in providing high quality training that is essential for enabling countries to acquire the knowledge, skills and competencies to fuel their social and economic development.