Saint Lucia: The Ministry of Finance, on Thursday, launched the UBEC initiative – Unleashing the Blue Economy of The Caribbean. The initiative aims to rejuvenate Saint Lucia’s economic landscape by bolstering marine and coastal resilience, which is crucial for tourism, fisheries, and waste management sectors.
The Deputy Prime Minister and Tourism Minister of Saint Lucia, Dr Ernest Hilaire actively participated in the launch ceremony and expressed his gratitude for the injection of a USD1,000,000.00 grant component to blue economy MSME’s to improve their businesses.
The official launch took place at the Finance Administrative Center on April 11th, 2024, in Saint Lucia.
While sharing the development on his official Facebook account, Minister Hilaire underscored his Ministry’s commitment to harness the full potential of the island’s maritime sector.
It is to be noted that the project is being funded by the World Bank and it will strengthen the enabling environment for economic recovery, blue economy, and resilience of selected coastal assets in Saint Lucia, Grenada and St Vincent and the Grenadines.
In the first two months of 2024, Saint Lucia attracted over 75,000 Stayover visitors, solidifying its position as a premier tourist destination. The country has received numerous awards over the years, including recognition as the world leading honeymoon destination and the best Romantic Caribbean destination.
In addition to this, Dr Ernest Hilaire shared some of the projects slated for implementation under UBEC to further enhance the tourism industry. The projects are as follows:
- Design and establishment of an Underwater Dive Sculpture Park
- Re-development of the Marigot Bay Waterfront
- Comprehensive demand study for tourism transportation sector
- Revision of the National Tourism Policy and further advancement to the tourism Certification Program
Also, a waste management aspect of the project involves revising solid waste policies and conducting studies for a new landfill, aiming to improve waste management practices in Saint Lucia.
The UBEC initiative not only aims to fortify the foundations of the blue economy but also to foster cross-sectoral collaboration by strengthening linkages between relevant industries and sectors.
In Saint Lucia, Ubec stands as the flagship program under the Crisis Response window, offering essential support to the Ministry of Agriculture, fisheries, Food Security and Rural Development in addressing the imminent challenge of food insecurity.
