What is the UBEC Project

A Transformational Initiative for Grenada’s Blue Economy

INTRODUCTION

The Unleashing the Blue Economy of the Caribbean (UBEC) Project is a transformational initiative designed to build resilience and drive sustainable growth across Grenada’s coastal and marine sectors. Funded by the World Bank’s International Development Association (IDA), UBEC supports Caribbean member states, including Grenada, in strengthening the enabling environment for the Blue Economy while providing immediate and effective responses to eligible emergencies.

PROJECT DURATION & FINANCING

Grenada Implementation Period

2023-2028

Grenada Financing Portfolio

USD 25M

Phase One Total Financing

USD 56M

4 Members

Grenada, Saint Lucia, SVG, OECS

Project Development Objective

UBEC focuses on:

*Strengthening the enabling environment for the Blue Economy

*Supporting economic recovery and resilient coastal assets

*Providing rapid, effective responses to eligible emergencies, such as COVID-19, which triggered Phase One Component 3 interventions targeting food security in Agriculture and Fisheries

Project Components

UBEC Grenada’s activities are organized into three main components:

Strengthening Governance, Policies, and Capacity

Enhancing national policies, regulatory frameworks, and institutional capacity to plan and manage Blue Economy initiatives

Scaling Up Access to Finance and Infrastructure

Supporting MSMEs and other stakeholders with financing, grants, and infrastructure investments to grow sustainable Blue Economy businesses

Contingent Emergency Response – Food Security

Providing rapid response to emergencies that impact food security or coastal livelihoods, as demonstrated during the COVID-19 pandemic

Phase One Focus

Phase One was launched in 2022 as economies began emerging from COVID-19 and targets three shared Blue Economy sectors across the participating countries:

Fisheries

Tourism

Solid Waste Management

These interventions combine funding, technical support, and capacity-building to help businesses and communities recover and thrive sustainably.

Why UBEC Matters for Grenada

=> Economic Opportunity: Expands jobs, business growth, and investment in coastal and marine sectors
=> Environmental Sustainability: Protects marine ecosystems while fostering Blue Economy growth
=> Resilience: Supports communities and industries to adapt and recover from shocks
=> Alignment with National Plans: Reinforces Grenada’s Blue Growth Vision and National Sustainable Development Plan

Discover how UBEC Grenada supports your sector

View Phase One Sectors