CARICOM requires significant grant funding and financing on very soft terms to create climate resilience, CARICOM Secretary-General, Irwin LaRocque said on Monday.
Speaking at the opening ceremony of the 29th Intersessional Meeting of CARICOM Heads of Government at the Marriott Port-au-Prince Hotel in Haiti, he said “without access to such financing, already high debt levels across the Region would be exacerbated.”
According to a release yesterday from the CARICOM Secretariat, he noted that most CARICOM countries are categorized as middle or high-income and are largely ineligible for concessional development financing and Official Development Assistance due to the use of GDP per capita as the principal criterion.
