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First EIB Global Visit to the Caribbean to Announce New Initiatives

Vice President of the European Investment Bank, Ricardo Mourinho Félix
Vice President of the European Investment Bank, Ricardo Mourinho Félix

Vice President of the European Investment Bank, Ricardo Mourinho Félix, will lead a high-level delegation, alongside the Ambassador of the European Union to Barbados, the Eastern Caribbean States, the OECS and CARICOM/CARIFORUM, Małgorzata Wasilewska, during his first visit to the Caribbean as Vice President responsible for the region.

The European Investment Bank (EIB) delegation will begin a four-day visit to Bridgetown and Castries on Monday 10th October, to reaffirm the EU bank’s commitment to projects promoting sustainable development in the Caribbean. Ricardo Mourinho Félix will announce finance for a healthcare project in St Lucia and will hold meetings with key stakeholders in Barbados to cement the close working relationship between the EIB and the Caribbean.

Ahead of the visit, Ricardo Mourinho Félix, European Investment Bank Vice President said, “As the EU climate bank, the EIB is committed to providing high-impact investment in the Caribbean in the context of the wider EU Team Europe Initiative. The EIB can offer targeted funding to support the region facing the effects of climate change and I will announce more finance for projects in the Caribbean during my visit this week. As the Bank of the European Union and as part of Team Europe, we have launched EIB Global, a new branch devoted to international partnerships and development finance. Through these solid partnerships we support Caribbean countries to scale up their inclusive green transition, leading to a sustainable post-COVID recovery.”

European Union Ambassador to Barbados, the Eastern Caribbean States, the OECS and CARICOM/CARIFORUM to Małgorzata Wasilewska said: “I am very much looking forward to the first visit by EIB Vice President Ricardo Mourinho Felix to the Caribbean region. Through the activities of the European Investment Bank, the Caribbean people can benefit from financing initiatives of the European Union such as the Green Deal and the Global Gateway. These initiatives all help to counter the consequences of climate change, the impact of the Russian invasion in Ukraine and the effects of the pandemic”

First visit of the Vice President to the Caribbean and new EIB representative in Barbados

During the four-day visit to the Caribbean, the European Investment Bank is expected to announce new support for investment in the health care sector in St Lucia.

The EIB’s Vice President, Ricardo Mourinho Félix will meet Prime Minister of St Lucia, Philip Joseph Pierre on Monday 10th October and the Prime Minister of Barbados, Mia Motley on Wednesday 12th October.

Vice President, Ricardo Mourinho Félix, the EIB’s new representative in the country, Kristina Eisele and the delegation from the bank will attend the launch of the new Regional Partnerships between the CARIFORUM countries and European Commissioner for International Partnerships Jutta Urpilainen on 12 October.

Following the launch of EIB Global this year, the visit will enable a closer working relationship with the Caribbean authorities including the ministerial, banking and regional representatives the delegation will meet this week.

EIB Global — accelerating cooperation with the EU and partner countries across the world

EIB Global is the new development arm of the Bank launched in 2022. It builds on more than six decades of EIB operations outside the European Union and brings all the resources of the EIB to bear on operations outside the European Union. EIB Global will foster strong, focused partnerships with countries around the globe, including the Caribbean.

EIB Global will also ensure that regions, including the Caribbean, benefit from financing initiatives introduced by the European Union, such as the European Green Deal and the EU Global Gateway. These programmes will improve EU partnership with countries and provide long-term sustainable funding for connectivity projects, accelerate climate action and digitalisation, and strengthen healthcare systems, education and research.

EIB Global brings all the EIB’s activities beyond the European Union together into a single entity to amplify the impact of everything that the Bank does. EIB Global enables the Bank to use its expertise and resources to act on the ground exactly where it is needed, in close cooperation with Team Europe and all our partners, development finance institutions and civil society.

Fully in line with the Paris Agreement and the Sustainable Development Goals of the United Nations, the aim of EIB Global is to finance projects to adapt to climate change while mitigating its consequences, and to set up sustainable and innovative solutions for climate action.

Specific financial tools and facilities providing support and assistance will continue to be rolled out through EIB Global to shore up riskier projects around the world, particularly in the field of climate action, and ensure that the most vulnerable populations have access to water, electricity and healthcare.

The EIB in the Caribbean

The EIB provides economic support for projects in the Caribbean by facilitating long-term investment with favourable conditions and by providing the technical support needed to ensure that these projects deliver positive social, economic and environmental results. The EIB has been active in the Caribbean since 1978 and has provided more than €2 billion in financing for 223 operations across the region.

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