CARICOM to Benefit from €350 Million Under European Development Fund

The European Union (EU) has more than doubled its support to CARICOM countries under the 11^th European Development Fund (EDF), announcing €350 million in new support for the programming period, which runs from 2014 to 2020.

The provision is an increase of €185 million over the €165 million provided under 10^th EDF from 2008 to 2014.

Charge d’Affaires, Delegation of the EU to Jamaica, Jesús Orus Baguena, made the announcement during a press conference held recently at the Jamaica Promotions Corporation (JAMPRO) offices in New Kingston.

Of the total amount, €110 million are being earmarked for regional integration and the implementation of the Economic Partnership Agreement (EPA), which governs CARICOM’s trade with the EU.

“This support should enable the private sector to take better advantage of the enhanced access granted under the agreement,” Mr. Baguena said.

He noted that the EU is currently implementing the EPA-I programme and has just started another $7.3 billion EPA-II project.

“The EU also supports tax reform, the improvement of public finance management and, more generally, good governance, with all these programmes contributing directly or indirectly towards improving the business environment,” he said.

Mr. Baguena further informed that in Jamaica only, the EU has provided financial and technical support of more than $25 billion, for private sector development, including support to the banana and sugar industries.

He noted that the EPA aims at ultimately ensuring a stable, predictable and transparent business environment, thereby helping the Forum of Caribbean States (CARIFORUM) to attract more foreign investment, and making further progress with regional integration.

He further added that the EPA will improve the access of firms to competitive intermediary goods and services, which in turn will increase their own competitiveness.

“The EPA’s rationale is to help create an environment where trade spurs growth and development. Ultimately, the success of Jamaica will depend on its capacity to adapt to the changing global economic environment and to create an internationally competitive economy,” Mr. Baguena stated.

He pledged that the EU will continue to assist the country in achieving these objectives for the benefit of all Jamaicans.

Created in 1957 by the Treaty of Rome, and first launched in 1959, the European Development Fund is the main instrument for providing Community development aid in the African, Caribbean and Pacific (ACP) countries and the overseas countries and territories.