(CARICOM Secretariat, Turkeyen, Greater Georgetown, Guyana) The Board of Directors of the CARICOM Development Fund (CDF) has set 24 August 2009 as the date for the commencement of full operations of the CDF.

The date was set after the 5th Regular Board Meeting approved the regulations and procedures which will govern the operations of the CDF. Among the governance rules and procedures approved were the Appraisal and Disbursement Procedures & Guidelines and the Procurement Procedures. Both of these define the rules related to the CDF’s consideration of requests for grant or loan funding and related procurement activities.

In determining the targets and ratios that will condition disbursement, the Board took into consideration the current level of CDF capital fund which now stands at US$77.7 million. It also considered the sustainability of the capital fund, the need to turn around project requests within three months, and issues of equity which will ensure that all eligible Member States have a reasonable expectation of accessing CDF resources. The CDF Board was also mindful of the global financial crisis and the increased challenge of raising donor funding in this environment.

To be eligible for consideration of grant or loan funding Member States must be fully paid up in accordance with the Agreement.

The governance rules and procedures will be posted on the CSME website on 21 August 2009.

The CARICOM Development Fund, which was established under Article 158 of the Revised Treaty of Chaguaramas Establishing the Community includ