The Basic Needs Trust Fund (BNTF) 9th program of the Caribbean Development Bank (CDB) was officially launched here in St. Vincent and the Grenadines on April 25, 2018.
In addressing the launching ceremony held at the National Insurance Services (NIS) conference room Monica La Bennett-Vice-President (Operations) of the Caribbean Development Bank (CDB), said that the Board of the CDB in March 2017 approved the 9th cycle of the BNTF.
La Bennett said that with the additional funding approved by Special Development Fund (SDF) contributors, National BNTF projects in St. Vincent and the Grenadines and eight other countries stand to benefit from a grant allocation of some US$40.8 million, of which St. Vincent and the Grenadines receives an initial amount of US$2.95 million.
St. Vincent and the Grenadines is further eligible to receive a portion of an unallocated incentive amount of US$5.2 million to be received at mid-term based on project performance.
The BNTF 9 program is scheduled for completion by December 31, 2020; the program was introduced here in SVG in 1979.