Montserrat Can Benefit from CARICOM Development Fund, Says Minister of Trade

CHRIST CHURCH, Barbados – Current chair of the CARICOM Council for Trade and Economic Development (COTED) and Honourable Ministry of Agriculture Claude Hogan, says Montserrat stands to benefit from the CARICOM Development Fund once it accedes to it.

Launch of the Caricom Development Fund (CDF) 2nd Cycle: L-R: CDF Chair Alvin Halaire (TT); CEO Rodinald Soomer (Slu); Min. Darcy Boyce (Bdos); Min. Claude Hogan

Minister Hogan was speaking at the Fifth Meeting of Contributors and Development Partners of the CARICOM Development Fund (CDF) held at ACCRA Beach Hotel & Spa in Barbados on Tuesday September 22, 2015. Under the theme “CDF’s Transition to the 2nd Funding Cycle – Targeted, Innovative and Dynamic” the chair announced that Montserrat was poised to join the fund in this new cycle.

“We have declared Montserrat as a Region of CARICOM, having special and differential needs as a full member of both the OECS and CARICOM and the Premier of Montserrat at the last Heads of Government declared Montserrat’s intention to accede to membership of the CDF.

“For the future, Montserrat needs to draw on both material and human capital to progress physical rebuilding and population growth relying on growth in several economic clusters using public-private partnership approaches, as far as possible, in our quest to make the private sector the engine of growth and the efficient provider of services. These clusters are: Port Development; Town Development; Housing; Hospital; New High School; Geothermal; Fibre-optic; Mining: Quarry, Tug and Barge; Finance and Professional Services; Tourism Services,” explained the COTED chairman.

Muhammed Unal of Turkey (US$4.8 million dollar development partner/sponsor of the Caribbean Development Fund (CDF), which channels support to disadvantaged regions and sectors of CARICOM) with COTED Chair Min. Claude Hogan  at CDF 2nd Cycle launch

Minister Hogan explained that the CDF is to receive from the European Union, USA, Turkey, Japan, China, and Trinidad and Tobago in the new cycle.

In his address, he noted that the CDF is a regional financial institution specifically dedicated to addressing the adverse social and economic dislocation arising from the operations of the CSME; pre-existing structural disadvantages as well as facilitate businesses in the disadvantaged countries, regions and sectors to take full advantage of new opportunities within the CSME and externally.

“The ultimate aim is to improve the lives of the people and to assist in reducing the level of disparities in the region. Unlike the other financing agencies in the region, this is their sole responsibility – an ambitious long term goal.”

The COTED Chair also shared the findings of the independent evaluation of the first cycle of the CDF.

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