The Blue Economy is an all-embracing, multi-sectoral engagement which promotes the sustainable use of coastal and marine resources to support economic development, improve livelihoods and strengthen resilience to climate change.
The World Bank’s Board of Executive Directors has approved IDA financing of US$56 million under a project dubbed Unleashing the Blue Economy of the Caribbean (UBEC).
Grenada and Saint Vincent and the Grenadines will each receive US$15 each, while Saint Lucia will receive financing to the tune of US$18 under the UBEC project.
The World Bank’s Problue Multi- Donor Trust Fund has also provided grant financing of US$1 to the OECS Commission, Grenada, Saint Vincent and the Grenadines and Saint Lucia.