Barbados: The establishment of 𝗕𝗹𝘂𝗲 𝗚𝗿𝗲𝗲𝗻 𝗕𝗮𝗻𝗸 (𝗕𝗚𝗜𝗖), which will be headquartered in Barbados, has been approved by the Green Climate Fund (GCF).
Prime Minister Mia Amor Mottley took to Twitter and said that the step will be a game changer for the country as it will be marked as the door to new opportunities.
The aim of BGIC is to become a major institution for financing climate action in the region. The tweet message of PM Mottley was, “Earlier today, the Board of the Green Climate Fund (GCF) officially approved the establishment of the Blue Green Bank, which will be headquartered in Barbados.”
The investment of US$15m in the capital has been approved by the Board of the Green Climate Fund, the world’s largest climate fund, for the establishment on July 12, 2023.
Reportedly, the capital base of the Blue Green Bank is expected to be more than BDS$ 80 m. On the other hand, the lending capacity of the Bank would be BDS$500m.
PM Mia Mottley said that climate change is a major global issue that is required to mitigate as soon as possible. The Government of Barbados is committed to protecting the citizens from hurricanes, flooding and droughts, she said.
She asserted that the Bank will be helpful in making the investment in green affordable homes, assisting with providing hurricane-resilient roofs, the electrification of transport, and other ‘Paris-aligned’ investments.
Prime Minister Mottley noted that the Bank will play crucial role in accelerating their transition to net zero. It will also boost resilience, enfranchising workers, draw in private-sector investment and prudently managing public finances and public debt levels.”
The foundation of the Bank will be based on the climate policy reforms of the Government of Barbados. She extended gratitude to the teams at the Green Climate Fund, Pegasus, their diligent accredited entity and officials in the Barbados Government such as Special Advisor to the Government on Climate Change Professor Avinash Persaud, Director of the Roofs to Reefs Programme Ricardo Marshall, and Juanita Thorington-Powlett.”