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Jamaica is to contribute some US$19.69 million to the newly established CARICOM Development Fund (CDF), Permanent Secretary in the Ministry of Information, Culture, Youth and Sports, Faith Innerarity, has disclosed.
The Fund, which was launched at the 29th Annual CARICOM Heads of Government Summit in July, aims to address low levels of development, sectoral and enterprise dislocation, and other issues related to the operation of the Caribbean Single Market and Economy (CSME). Its creation forms part of the revised Treaty of Chaguaramas, establishing the Caribbean Community (CARICOM), as well as the Caribbean Single Market.
Speaking at the post-Cabinet media briefing at Jamaica House, on October 1, Mrs. Innerarity said it is proposed that US$250 million be raised for the Fund.
She explained that the Fund’s role takes into account that “all the countries within the region are not at the same level of development, and that the Single Market could result in some marginalisation for certain countries.”
“The Fund will also address issues related to social and economic disorders, following natural disasters… Currently, the Fund has US$60 million, and Jamaica has, so far, contributed US$8.16 million, and the balance of US$11.53 million is to be paid by the second quarter of 2009,” the Permanent Secretary said.
Mrs. Innerarity informed that CARICOM member states would contribute a total of US$120 million, with the remaining US$130 million being raised through participation by the private sector and other regional and international institutions, including international development partners. The contribution of member states, she outlined, would be determined by their size, per capita income, volume of trade, and other minor indices.