CARIFORUM and EU discussing projects for funding

BRIDGETOWN, Barbados, Oct 28, CMC – The Steering Committees of the CARICOM Single Market Economy (CSME) and CARIFORUM-EU Economic Partnership Agreement (EPA) Standby Facilities are considering proposals for eight projects for funding.

The two-day meeting, which begins here on Tuesday, is being held at the Barbados-based Caribbean Development Bank (CDB). The Steering Committees comprise representatives of European Commission, The Guyana-based Caribbean Community (CARICOM) Secretariat and senior public servants.

“Deepening integration among Caribbean countries and the integration of the region into the global economy is critical to accelerating the pace of economic growth in the Caribbean. 

“As such, the EU, through the 10th EDF (European Development Fund), is partnering with Caribbean countries to address competitiveness at the enterprise level along with the reforms needed to the legislative, regulatory and institutional framework which influence the cost of doing business in the region, and the ease with which Caribbean countries can engage in economic activity with each other and with the rest of world,” said Head of the EU Delegation to Barbados and the Eastern Caribbean, Mikael Barfod.

CDB Vice President of Operations, Nigel Romano, said that “the requests for funding are sent to CDB and the Bank assists States to elaborate these requests into sound project proposals.  These proposals are then reviewed and approved by the respective Steering Committee”.

Both the EPA Steering Committee and the CSME Steering Committee will each consider four proposals totaling more than Euro 1.2 million (One Euro =US$1.29 cents).

The CSME and EPA are key agreements and tools for promoting trade among Caribbean countries and between the Caribbean and the EU and, by extension, supporting the achievement of the region’s development goals.

The Standby Facilities will directly contribute to building capacities, at the national level, to implement the CSME to its fullest extent and to position Caribbean countries, particularly the private sector, to take advantage of the opportunities created by the EPA.

The CARIFORUM countries including the 15-member CARICOM grouping signed the EPA with Europe in 2008.