Region Gets $150M Line of Credit from India

NEW YORK - India is providing a $150 million line of credit to finance renewable energy and climate change-related projects in the Caribbean community (CARICOM), according to a statement issued by the St. Kitts and Nevis government.

The statement followed last month’s historic summit between India and the 15-member CARICOM) grouping that was aimed at deepening the political cooperation among the various stakeholders.

CARICOM leaders as well as foreign ministers, who attended the 74th session of the United Nations General Assembly (UNGA) here met with India’s Prime Minister Narendra Modi in the first ever CARICOM-India summit. According to the statement, New Delhi is also making available a $14 million grant for “quick impact” community development projects within CARICOM.

“Coming out of the meeting, a joint task force will be created to map the way forward in deepening relations between CARICOM and India on bilateral and regional matters,” the statement added.

Meanwhile, a statement issued by the Office of the Prime Minister in Trinidad and Tobago, said CARICOM leaders and Modi, focused on several areas of priority which were identified for deeper cooperation between both sides, including funding for resilience against climate change, human resource development, strengthening technical capacity, health and education.