Latin America and the Caribbean

MCO Barbados


SDG Finance - Component 1

Harnessing Blue Economy Finance for SIDS Recovery and Sustainable Development

Sustainable Development Goals
Total funding allocated
SDG Finance - Component 1
US $ 1000000
Co-funding by UN agencies
SDG Finance - Component 1
US $ 120000
#BlueFinance
#ResilientEconomicRecovery
#ExogenousShocks
#NaturalHeritage

Brief Description

The Blue Economy Strategies are amongst the most promising approaches to support Small Island Developing States (SIDS) economic structuring transformation to build resiliency to exogenous shocks, including natural disasters, manmade or financial crises, global viral pandemics, while preserving their natural heritage. The Joint Programme (JP) will support three governments in the Eastern Caribbean: Barbados, Grenada and Saint Vincent and the Grenadines, in their efforts to develop financing strategies in the Blue Economy and creating an enabling framework for Sustainable Development Goal (SDG) investment.

Approach

Using the Blue Economy as an integral driver for resilient economic recovery and growth in the Eastern Caribbean, the Joint Programme’s emphasis will be on the development of an enabling and supporting environment for financing the Blue Economy, through different measures: the identification of policy and regulation gaps, a methodology to identify key Blue Economy opportunities, and the definition of specific financing mechanisms to achieve resilient growth. The three countries will benefit from upscaling the UN’s existing initiatives with the private sector, through the establishment of a public-private consortium which will leverage substantial resources from the private sector.

Quick facts

Total budget:
US $1,120,000

UN Agencies:

UNDP, FAO, UNEP


National Partners:

Ministry of Finance, Economic Affairs and Investment


Duration:
Jul 2020 - Jun 2022

Financial Information