St. Lucia (St. Lucia TIme) – 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.
The Government of Saint Lucia acknowledges that the sustainable management and protection of its extensive ocean space and associated marine and coastal resources, particularly in the face of increasing climate change, play a key role in economic growth, job creation and diversification.
“We shall build and support our economic recovery and resilience by strengthening the sustainability and competitiveness of two critical and interconnected sectors – tourism and fisheries and expanding our infrastructure for waste management,” said Hon. Philip J. Pierre, Prime Minister of Saint Lucia during his 2022-2023 Budget Address.