Port of Spain, Trinidad and Tobago – June 5th, 2024 – The United States Agency for International Development Regional Office to the Eastern and Southern Caribbean (USAID/ESC) and ANSA Merchant Bank Limited (AMBL) are pleased to announce the signing of a Memorandum of Understanding (MOU) under the banner, “Promoting Private Sector-Led Sustainability and Resilience of the Environment.”  

The purpose of the MOU is to combine the efforts of both entities to achieve mutual goals of economic development and climate financing challenges of the Caribbean region, with a particular focus on nature. Together, USAID and AMBL hope to intensify private sector engagement to achieve better, measurable outcomes.

This first-of-its-kind public-private partnership between USAID/ESC and a financial institution, will focus on the following common strategic goals and objectives:

• To foster sustainable economic growth and development, especially among micro-, small-, and medium-sized businesses
• To create and enable business environments for sustainable green and blue economic growth, especially within climate-vulnerable sectors such as agriculture, tourism and energy
• To increase the flow of capital towards natural climate solutions, nature-based solutions, just energy transition, and equitable climate resilience
• To improve the resilience of Caribbean communities, organizations, and businesses to overcome or recover from economic, technological and political shocks as well as natural disasters
• To foster partnerships and collaborations towards broader sustainable development outcomes

Addressing the expectations of the USAID partnership with AMBL, U.S. Ambassador to Trinidad and Tobago Candace A. Bond said, “The Memorandum of Understanding between the United States Government, through USAID, and ANSA Merchant Bank Limited advances PACC 2030’s focus on food security and enhancing the local capacity for climate adaptation and resilience, and deepens collaboration with our Caribbean partners.  Financial institutions play a critical role in redirecting capital and demonstrating the opportunities, risks, and financial benefits of investing in blue and green economic growth.”

USAID/ESC Regional Representative, Mervyn Farroe, underscored the importance of banks in catalyzing action to avoid, mitigate, and manage nature loss by aligning their operations, policies, and financial flows to scale-up nature and climate solutions. He emphasized that private sector engagement is key to achieving the targets of the Global Biodiversity Framework.

Ian R. De Souza, Managing Director, ANSA Merchant Bank Limited, remarked, “In the Caribbean, we and our clients are confronted daily with the evidence that sustainable development and natural capital are inseparable. With the anticipated escalation of climate change impacts across the region, and the inherent fragility of our economies and societies, neglecting the protection and restoration of Nature will have devastating consequences. The objectives outlined in our Memorandum of Understanding with USAID align seamlessly with our commitment to natural capital and responsible business practices within ANSA Merchant Bank’s Environmental, Social, and Governance (ESG) framework.”

Through this partnership, both organizations will continue to work closely and diligently to progress the sustainability agenda in the Caribbean region.

About ANSA Merchant Bank Limited:

ANSA Merchant Bank Limited is publicly-listed on the Trinidad and Tobago Stock Exchange. For over 40 years, the bank has provided financing, investment, and wealth management solutions to individuals, businesses and sovereigns, both locally and across the Caribbean region.

Under the auspices of the Capitals Coalition, ANSA Merchant Bank and its subsidiaries, ANSA Merchant Bank (Barbados) Limited and ANSA Bank Limited, and in conjunction with The Cropper Foundation, established the Caribbean Natural Capital Hub in July 2022. This voluntary multi-stakeholder platform aims to mainstream the application of Natural Capital principles and practice through enhancing the understanding, capacity and inclusion of Natural Capital approaches to the conduct of the bank’s business.

About USAID

On behalf of the American people, USAID serves as the principal U.S. government agency responsible for administering civilian foreign aid and development assistance worldwide. As a catalytic actor driving development, operating in over 100 countries, USAID advances U.S. national security and economic prosperity by supporting sustainable development, promoting democracy and governance, fostering economic growth, addressing global health challenges, and providing humanitarian assistance. Through partnerships with governments, civil society organizations, the private sector, and local communities, USAID empowers individuals and communities, strengthens institutions, and builds resilient societies, contributing to a more stable, prosperous, and peaceful world.