Claudine Housen, Staff Reporter
Prime Minister Portia Simpson Miller in discussion with (from left) Prime Minister of St. Kitts and Nevis, Dr. Denzil Douglass, President of the Caribbean Development Bank (CDB) Dr. Compton Bourne and Minister of Finance, Dr. Omar Davies, shortly after her main address at the opening ceremony of the 36th Annual CDB Board of Governors, in Montego Bay last week. - PHOTO BY CLAUDINE HOUSEN/STAFF PHOTOGRAPHER
WESTERN BUREAU:
IN CONTINUING its drive to alleviate poverty in the region, president of the Caribbean Development Bank (CDB), Dr. Compton Bourne, has announced that the bank has procured US$258 million for its Special Development Fund (SDF).
Established in 1983, the SDF was created to provide for the administration of special funds exclusively for servicing high-priority development loans. It has a replenishment cycle of four years, with the exception of 1998 when it was extended by a year. Since its conception, it has received more than US$760
million in contributions.
During the negotiations for each cycle, contributors, borrowing and non-borrowing members of the CDB, and the bank agree on the priorities and issues to be addressed, and the country groups and sectors to be targeted in that period. Over the years, increasing emphasis has been placed on poverty reduction, primarily through projects directed at the poor and low-income groups. The SDF is now in its sixth cycle, which will cover the 2005-2008 period.
REDUCING POVERTY
"While we have made some progress into reducing poverty and building human resource capacity in the region, there is still a major challenge ahead of us. In that respect, (the board of governors) has endorsed the successful completion of the negotiations for the Special Develop-ment Fund," Dr. Bourne said. "The total resource committed by those countries for this sixth cycle is US$258 million ... This replenishment is larger than the fifth replenishment."
BASIC NEEDS TRUST FUND
Pleased with the conclusion of the proceedings, Dr. Bourne said that one particular feature of the SDF is the Basic Needs Trust Fund which is used to issue grants.
"The Basic Needs Trust Fund is used to provide many small grants for things such as rehabilitation of elementary schools, day care centres, health centres,
community roads and some skills training. They are all done in a way which is intended to ensure that people in particular communities have an improved means of livelihood," he said.
"In Jamaica we do work with the Jamaica Social Investment Fund."
