Unleashing the Blue Economy of the Caribbean
Our member states are connected by bountiful, blue waters and sandy shores. The OECS marine ecosystems (coral reefs, mangroves, sea grasses, sandy beaches, and rocky shores) provide a wide array of goods and services (seafood, tourism, coastal protection, and climate resilience from reefs and mangroves, and greenhouse gas sequestration). The OECS Commission and the World Bank launched the Unleashing the Blue Economy of the Caribbean (UBEC) Project to utilize the opportunities for sustainable development that the region’s marine ecosystems and coasts hold.
Objectives
The UBEC Project is designed to help harmonize regulations and boost cooperation among participating Member States to address transboundary issues such as fisheries, tourism and marine waste management. The Project will contribute to the positioning of OECS as a model blue economy generating international support and sustainable investment by the project’s end. The overall UBEC Project is funded by the World Bank and is being implemented within two major components which will promote the strengthening of the blue economy in the region:
The overall UBEC Project is funded by the World Bank and is being implemented within two major components which will promote strengthening of the blue economy in the region:
- Strengthening Governance, Policies, and Capacity Building (US$1.6 million)
- Scale Up Access to Finance and Infrastructure Investment (US$6.5 million)
The OECS Commission’s Economic Affairs and Regional Integration and the Environment Sustainability Divisions are implementing the UBEC subcomponents for participating member states Grenada, Saint Lucia and St. Vincent and the Grenadines namely:
- strengthening regional policies, institutions and coordination
- Regional MSME matching grants programme (financing business development services and matching grants to increase productivity, job creation and upgrade capabilities within blue economy value chains)
Components
The OECS Commission and the World Bank launched the UBEC Project to utilize the opportunities for sustainable development that the region’s marine ecosystems and coasts hold.
This is a financing mechanism to support MSMEs and communities in the blue economy value chains (such as tourism, fisheries, and waste management) in Saint Lucia, Grenada, and Saint Vincent and the Grenadines. It was designed to support the strengthening of the enabling environment for the blue economy of the Caribbean. The goals of the OECS-led MGP are simple. We want to improve the quality of life of OECS citizens.
Our targeted outcomes are to:
- Increase employment and job opportunities
- Increase productivity
- Promote innovation
- Build resilience
- Stimulate economic recovery
Partners
The OECS Commission and the World Bank launched the UBEC Project to utilize the opportunities for sustainable development that the region’s marine ecosystems and coasts hold.
Contacts
Matching Grants Programme Unit mgp.unit@oecs.int
Kyle Garnes
Project Manager – UBEC
Kyle.garnes@oecs.int
Eslie Marie
Grants Advisor – UBEC
eslie.marie@oecs.int
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