The Bahamas: IDB Loan to Enhance Coastal Risk Management
- Business & Finance
With a $35 million loan from the Inter-American Development Bank (IDB), The Bahamas will seek to build the country’s resilience to coastal risks through sustainable coastal protection, including natural infrastructure and integrated management of the coast.
The program will finance shoreline stabilization and coastal flooding control measures on Grand Bahama Island, Central Long Island, and New Providence Island, IDB said.
The project will also fund natural infrastructure for hazard resilience through the restoration of coastal natural habitats on Andros Island. The project will support institutional strengthening for Bahamas’ coastal risk management efforts.
According to IDB, $23.5 million is being targeted to increase resilience to coastal hazards through science-based shoreline stabilization and coastal flooding control measures coupled with sustainable rehabilitation of adjacent critical public infrastructure at three priority sites on East Grand Bahama Island, Central Long Island, and Nassau/Junkanoo Beach on New Providence Island, $3 million is being allocated to enhance the resilience of Andros Island communities to coastal hazards and climate-related impacts through implementation of pilot projects that demonstrate the effectiveness of natural habitat restoration for coastal protection in line with the island’s master plan.
An additional $3.5 million will fund the institutional strengthening of The Bahamas’ Ministry of Public Works and partners for coastal risk management and integrated planning activities.
The IDB’s loan is for a 24-year term, including a 6.5-year grace period, at a LIBOR-based interest rate.