Today, the Prime Minister, Mark Carney, met with the Prime Minister of Barbados, Mia Mottley.
Prime Minister Carney and Prime Minister Mottley emphasised the strong partnership between Canada and Barbados. With 60 years of diplomatic ties, a dynamic trade relationship, and shared values of inclusivity and sustainability, Barbados is a key partner to Canada and a leader in the region.
Building on this foundation, the leaders agreed to deepen ties across development, climate, and security, and to renew the Canada-CARICOM Strategic Partnership.
To that end, the leaders discussed a series of new measures.
First, Canada will deploy approximately $97 million through the GAIA Climate Loan Fund, a landmark blended finance platform co-created by FinDev Canada and Mitsubishi UFJ Financial Group (MUFG), with support from the Green Climate Fund. This platform reduces the burden of public dollars by adding private and philanthropic financing to fund development projects. The leaders welcomed this week’s announcement from the Caribbean Development Bank that its Board of Directors has approved the advancement of a Portfolio Guarantee valued at approximately $277 million. Working alongside the Government of Canada, this will expand financing for Caribbean development, as announced at the G7 Summit in Kananaskis.
Second, Canada has contributed $170 million to the Clean Energy and Small Island Developing States (SIDS) Resilience Facility. The facility, managed by the World Bank, supports projects to reduce emissions, support clean energy, and better prepare for natural disasters.
The leaders discussed regional security, including the situation in Haiti. They underscored international support and continued coordination with partners to ensure security and stability in the region. To that end, Canada will provide $9 million for projects to bolster regional efforts to combat transnational crime, enhance maritime security, and reinforce policing capacity in the region.
Prime Minister Carney and Prime Minister Mottley identified sectors and ways to deepen commercial ties. Prime Minister Carney expressed Canada’s support for Barbados’ transition to renewable energy. Canada’s world-class expertise on battery energy storage and grid integration could accelerate this mission.
Prime Minister Carney and Prime Minister Mottley agreed to remain in close contact.