Unleashing the Blue Economy of the Caribbean (UBEC)

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The development objective of the Unleashing the Blue Economy of the Caribbean Project for Grenada, Saint Lucia, Saint Vincent, and the Grenadines is to strengthen the enabling environment for the blue economy, economic recovery, and resilience of selected coastal assets in participating countries and provide immediate and effective response to an eligible emergency. The project comprises of four components. The first component, strengthening governance, policies, and capacity building supports development of regional and national policies, strategies, and institutions necessary to support low-carbon and climate-resilient action, foster economic recovery and job creation, narrow the gender gap, and improve sustainable management of natural resources. It consists of following sub-components: (i) strengthening regional policies, institutions, and coordination; and (ii) strengthening national policies, institutions and capacity building. The second component, scale up access to finance and infrastructure investment consists of following sub-components: (i-a) regional micro, small, and medium-sized enterprise (MSME) matching grants program, and (i-b) expansion of the regional climate-risk insurance for fisheries; and (ii) direct investments in resilient coastal infrastructure. The third component, contingent emergency response component (CERC) is designed to help participating countries rapidly respond to a future eligible crisis or emergency, defined as an event that has caused, or is likely to imminently cause, a major adverse economic and or social impact associated with natural or human-made crises or disasters. The fourth component, project management, monitoring and evaluation (M and E), and communication will support effective and efficient Series of Projects (SOP) implementation, M and E, regional collaboration, and communications.