The Caribbean Development Bank (CDB) is establishing a Climate Change Project Preparation Fund to assist its Borrowing Member Countries (BMCs) in identifying and developing viable proposals to access climate finance, from the Bank and other international donor organisations.

Despite significant vulnerability and considerable needs, Caribbean countries have had limited success in securing funding for climate action initiatives. Among the obstacles are the extensive prerequisites and project preparation necessary to qualify for concessional finance from development partners and multilateral climate funds.
The Fund will be central to CDB’s push to increase the climate funding available to the Region by addressing the implementation challenges faced by BMCs. A key objective will be improvement of the technical quality of climate change-related proposals to ensure initiatives are ‘implementation-ready’ and to strengthen the regional pipeline of projects through which climate finance can flow to BMCs for high-impact investments.