January 24, 2025
The Caribbean Development Bank (CDB) has approved a grant of USD 132,000 to the Government of Saint Kitts and Nevis (GOSKN) for the formulation of a Medium-term Development Strategy and Investment Plan for 2025-2029. This plan aims to promote inclusive, resilient, and sustainable development in alignment with the Sustainable Development Goals (SDGs) and the country’s National Development Planning Framework.
The project, to be implemented by the Ministry of Economic Development and Investment (MEDI), includes the creation of a monitoring and evaluation framework with a digital tool to track progress. This framework will ensure comprehensive oversight of public investments, enabling efficient resource allocation and effective program implementation aligned with national targets. Additionally, it aims to provide greater accountability, efficiency, and sustained momentum during the implementation of the development strategy.
Therese Turner-Jones, Acting Vice President of Operations at the bank, stated, “The bank remains committed to assisting the government of Saint Kitts and Nevis in crafting the requisite tools to achieve desired development outcomes. This initiative is intended to build institutional resilience and strengthen implementation capacity and good governance in the twin-island Federation.”
The GOSKN is also contributing USD 25,000 towards the project, which will support initiatives for economic diversification, renewable energy transition, sustainable agriculture, education, social programs, and other priority areas. The new strategy will focus on climate resilience, green energy transformation, human capital and economic and institutional development, and social inclusion, with an emphasis on gender equality.
Ian Durant, CDB’s Director of Economics, commented, “CDB is pleased to support this initiative as it advances a shared vision for economic and social development, infrastructure enhancement, and environmental protection. The pandemic severely impacted the country’s economy, which contracted by 15.4 percent in 2020, affecting livelihoods and disrupting progress toward SDG targets.” He added that while economic recovery is nearly complete, the heavy reliance on tourism and its inherent vulnerabilities highlight the urgency of addressing the country’s long-standing structural challenges and constraints to broadening the production base. “Our ongoing engagement and support are intended to improve macroeconomic and fiscal stability, increase productivity, competitiveness, economic diversification, and governance, while also enhancing protection for the most vulnerable,” Durant emphasized.
Saint Kitts and Nevis has made significant progress, achieving high-income status and ranking 51st on the Human Development Index. Despite this progress, development gaps persist, exacerbated by the COVID-19 pandemic and climate change challenges. The government continues to prioritize economic growth and social advancement, particularly for the most vulnerable. Prime Minister Terrance Drew highlighted that the state has carefully aligned the National Development Framework with the sustainable development agenda, ensuring the incorporation of innovation, inclusivity, and sustainability.
Source: (Caribbean News Global)
Disclaimer:
Analyst Certification –The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation (s) or view (s) expressed by that research analyst in this research report.
Company Disclosure –The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.
