The newly minted Afrexim Bank, an African-based financial institution, granted the loan. The Bank pledged USD 1.5 Billion in funding for CARICOM member states for development and climate-resilience projects. With the necessary Parliamentary approval, the loan has been confirmed.

“This USD 6 million allocation is specifically earmarked for the reconstruction of damaged infrastructure under an Education Rehabilitation Climate-Linked Facility, specifically the reconstruction of sixteen schools out of twenty-one schools that were damaged by Tropical Storm Bret,” a release from the Office of the Prime Minister disclosed. However, the names of the schools destined for the facelift have not yet been released.

The OPM says this move by the government will strengthen its global ties with very influential agencies. “This unique initiative underscores not only the government’s dedication to swift and effective action in the face of challenges but also signifies the desire to build transnational alliances, particularly with countries in the South.”

Saint Lucia was represented at an Africa Caribbean Trade and Investment Forum (ACTIF23) in Guyana, where Caribbean countries engaged in dialogue with their African counterparts. It was at this forum that Saint Lucia signed the loan agreement with the Bank for the provision of USD 6 million for the renovation of schools.