The Bahamas provides an exceptional setting for discussions focused on promoting sustainable development and growth within the region. The principles of environmental respect and community welfare are deeply ingrained in the heritage of these islands.
The native Lucayan people navigated this archipelago from their central island, Ba Ha Ma, to the furthest points of Bimini in the west and Inagua in the south, leading a communal lifestyle that revered the ocean. In this spirit, The Bahamas is committed to building a sustainable economy that safeguards ocean ecosystems while fostering prosperity and human dignity.
This narrative showcases The Bahamas’ resilience and commitment to reforms aimed at long-term sustainability and growth, including measures like fiscal consolidation that mitigate financing needs and comprehensive energy and resilience reforms.
Our focus on The Bahamas has facilitated crucial investments to tackle significant challenges. We are assisting The Bahamas in enhancing climate-resilient infrastructure through a $100 million credit line for water systems, improving the capacity and climate resilience of four airports with a $35 million project, and promoting solar energy adoption with a $9 million grant.
Additionally, we support the Preparedness, Recovery and Reconstruction Country Team (P2RCT), established post-Hurricane Dorian to enhance government responsiveness during disasters. This year, we participated in a pioneering debt-for-climate resilience operation, directing nearly $124 million towards marine conservation projects, while also ensuring that $10 million is made available to boost liquidity for SMEs nationwide.
Focusing on the broader Caribbean context, regional economies have demonstrated strong performance, outpacing overall Latin America and the Caribbean (LAC) growth. However, they face significant structural hurdles, including vulnerability to climate risks, violent crime undermining quality of life, insufficient investment hampering productivity, and a reliance on imported food that leaves the region vulnerable to price fluctuations.
Despite these challenges, there are numerous success stories within the region. Barbados is emerging as a global leader in climate action with its Roofs to Reefs Program, while Jamaica has exemplified fiscal discipline and advancements in sustainable agriculture and tourism. Trinidad and Tobago’s National Energy Policy showcases how governments can enhance renewable energy use while promoting energy efficiency.
In 2024, we announced $790 million in new projects and our pipeline for 2025 includes over $1.1 billion aimed at bolstering infrastructure resilience, skills training, and enhancing access to credit for small businesses. Notably, our collaboration with Barbados yielded $125 million in fiscal savings for resilience investments.
To tackle transnational challenges effectively, last year’s approval of the ONE Caribbean strategic framework is vital. This initiative addresses critical issues such as climate vulnerability, citizen security, slow growth, and food security. Within the first year, we have mobilized $20 million in internal resources and additional funding, leading to the development of six early grant initiatives aimed at tackling organized crime and strengthening cybersecurity capabilities across the region.
Looking ahead, our focus remains on achieving pivotal objectives: reducing poverty, combating climate change, and driving sustainable growth in the Caribbean and Latin America. Through the implementation of IDBImpact+ reforms, we aim to enhance our lending capacity to $19 billion by 2030, unlocking $50 billion over the next decade to facilitate impactful change.
As we convene for our Annual Meetings in Santiago, Chile, we present 11 reforms and initiatives designed to increase our impact. Caribbean nations are now well-positioned to address key challenges related to sustainable development and climate resilience. Our commitment to our partnerships within the region remains steadfast as we collectively face these challenges through a unified approach.
