WASHINGTON, Sep. 28, CMC –  A grant amounting to US$6.3 million has been approved by the World Bank to help Eastern Caribbean countries preserve and strengthen the resilience of coastal and marine resources.

Th funds will also be used to implement regional policies to stimulate ‘blue growth’, where sustainable ocean-based industries help deliver jobs, reduce poverty and promote shared prosperity across the region.

According to the World Bank the money will “allow countries to better manage natural infrastructure, which is the first line of defence against storm surges and damage from rising frequency of extreme weather events, such as the recent hurricanes.”

The international lending agency says the Caribbean Regional Oceanscape project will be implemented through the Organisation of Eastern Caribbean States (OECS)

“This project will support the Eastern Caribbean policy-makers in identifying smart policies to harness the ocean and all its natural assets, and prepare for a successful transition to a blue economy and socially equitable ‘blue growth’”, said Tahseen Sayed, World Bank Country Director for the Caribbean.

“As the region is greatly affected by recent hurricanes, it is equally important to build the resilience of coastal communities and promote sustainable development of the ocean resources,” she added.

According to World Bank report  – “Toward A Blue Economy, A Promise for Sustainable Growth in the Caribbean”, the Caribbean Sea generated US$407 billion in value added in 2012, including mainland Caribbean coastal countries.

The Caribbean Sea covers an area of 2.75 million square kilometers and is a crucial resource for the 40 million people who live along its shores.

OECS countries play a key role in the regional ocean governance as they rely heavily on coastal ecosystems for their income, employment, health and well-being.  At the same time, poorly planned development poses threats to local communities as it erodes the coastal and marine natural protection and other important natural ocean assets.

“This project supports the implementation of the Eastern Caribbean Regional Ocean Policy, a comprehensive policy endorsed by all OECS Heads of State. This initiative sets forth the long-term vision to ensure the future health of the ocean space while sustainably deriving ocean wealth,” said Sylvia Michele, World Bank Environment Specialist.

The Caribbean Regional Oceanscape project supports Dominica, Grenada, St Kitts and Nevis, St Lucia, and St Vincent and the Grenadines to transition towards a ‘blue economy’ model, where sustainable ocean-based industries help deliver jobs, reduce poverty and promote shared prosperity across the region.

The bank says the project will include support for the implementation of regional policies, including mapping ocean assets; collaborating with private sector technology companies and education platforms to advance ocean education; and improving OECS ocean data coverage and access through collaborative public-private platforms.