Wednesday 14 November, 2018

Barbados to benefit from joint UN, Mexico fund

Barbados is among 14 CARICOM countries that will design multiple projects to mobilize resources from international sources, which will allow them to improve the resilience and adaptation of their agriculture, food systems and rural communities to climate change.

The projects will be possible thanks to a new fund created by the Food and Agriculture Organization of the United Nations (FAO) and the Mexican Agency for International Development Cooperation (AMEXCID).

José Graziano da Silva, Director General of FAO, and Luis Videgaray, Secretary of Foreign Affairs of Mexico, signed the agreement that creates the fund in Rome recently - a fund that will have an initial budget of USD 500,000 contributed in equal parts of USD 250,000.

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This capital will be used as a pre-investment resource that will mobilize millions of dollars for resilience and adaptation projects.

Mr Da Silva says, "We all know that the Caribbean is one of the region’s most vulnerable to climate change. We saw it in the last hurricane season, when the islands of Dominica and Barbuda were practically destroyed."

The countries that will develop the projects are: Antigua and Barbuda, Bahamas, Barbados, Belize, Dominica, Grenada, Guyana, Haiti, Jamaica, Saint Kitts and Nevis, Saint Vincent and the Grenadines, Saint Lucia, Suriname, and Trinidad and Tobago.

Ten of the projects will be presented to the Green Climate Fund, twelve to the Global Environment Facility and five to various European Union mechanisms. They will focus on vulnerable rural communities facing climate risks.

The fund between Mexico and FAO will also support CARICOM countries develop their institutional and technical capacities for planning, decision-making and project management, to enable them to better cope with natural disasters and extreme weather events.

The Secretary of Foreign Affairs of Mexico explained that the fund signed between FAO and Mexico is an agreement open to other countries.

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