From left: Special Envoy Mr. E. Benito Wheatley, UN RCO Chief of Staff Mr Kenroy Roach, UN Resident Coordinator Mr Didier Trebucq, Premier Dr the Hon Natalio D. Wheatley (R7), Permanent Secretary Mrs Carolyn E. Stoutt-Igwe and Acting Permanent Secretary Mr Joseph Smith-Abbott. Photo: VI Gov’t

The [British] Virgin Islands was ravaged by Hurricane Irma in September 2017. Photo: VINO/File

The participants of the recent ‘Policy Dialogue discussed the high vulnerability of Anguilla, VI and Montserrat as Caribbean SIDS to external shocks such as hurricanes and affirmed that their vulnerability should be a major factor considered by international donors, development partners, international organisations and development banks when determining their eligibility for development finance. Photo: VINO/File

The Governments of Anguilla, VI and Montserrat that do not qualify for such financing were the focus of a recent ‘Policy Dialogue on Improving Access to Development Finance in Eastern Caribbean Overseas Territories’ hosted by the BVI Government and co-Chaired with the UN Resident Coordinator’s Office for Barbados and the Eastern Caribbean (RCO) ahead of the upcoming Fourth International Conference on Small Island Developing States (SIDS4) in Antigua and Barbuda from May 27-30, 2024.

Challenges discussed

Nearly 80 participants from 14 UN agencies, the Caribbean Development Bank (CDB), Organisation of Eastern Caribbean States (OECS), United Kingdom (UK) Government, Aruba Government, and Governments of Anguilla, VI, and Montserrat discussed the challenges experienced by the Eastern Caribbean Overseas Territories’ due to their lack of access to development finance such as concessional financing, grants, and climate finance.

According to a press release from the Government of the Virgin Islands on May 20, 2024, the participants acknowledged how this constraint is affecting the ability of the respective governments to build sustainable and climate resilient societies. The Government of Aruba also described how Dutch islands such as Aruba, Curacao and Sint Maarten are similarly affected by very limited access to development finance.

‘High vulnerability’ of VI, Anguilla & Montserrat

Additionally, the participants discussed the high vulnerability of Anguilla, VI and Montserrat as Caribbean SIDS to external shocks such as hurricanes and affirmed that their vulnerability should be a major factor considered by international donors, development partners, international organisations and development banks when determining their eligibility for development finance.

Other sources of funding discussed to help support sustainable development and climate change included green finance (i.e., green bonds and blue bonds), private climate finance, adaptation finance, and blended finance.

Roadmap

The VI Government and UN Resident Coordinator’s Office for Barbados and the Eastern Caribbean on behalf of the UN system, and other participants, committed to the preparation of a roadmap for Eastern Caribbean Overseas Territories’ greater access to development finance based on their vulnerability. They also committed to strengthening advocacy at regional and international levels for such access.

Speaking on the success of the Policy Dialogue, VI Representative to the UN system in Latin America and the Caribbean, Special Envoy Mr E. Benito Wheatley, said, “This was a very important step in the collaborative efforts by the BVI, UN and other development partners to unlock the development finance needed by Eastern Caribbean Overseas Territories and other SIDS for their sustainable development and climate resilience. There is much more work to be done to address this issue if we are to successfully adapt to climate change, achieve the SDGs by 2030, and leave no one behind. The BVI will continue to advocate on behalf of the Associate Members of the UN regional commissions.”

The UN agencies represented at the Policy Dialogue included UNDP, ECLAC, UNICEF, UN Environment, World Food Programme, FAO, UNCDF, UNOPS, UNODC, UNIDO, UNFPA, ITU, IMF, and UN RCO for Barbados and the Eastern Caribbean.