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| Trinidad's Finance Minister Karen Nunez Tesheria, who chaired the meeting, said "we anticipate that all things being equal that there will be a signing off on that fund agreement when the Heads of Government meet,". (Photo: newsday.co.tt) | |
ST JOHN'S, Antigua, July 2, 2008 - The Caribbean Community (CARICOM) will tomorrow launch the much talked about CARICOM Development Fund (CDF) to provide financial and technical assistance to disadvantaged member states and sectors, as the region moves towards the CARICOM Single Market and Economy (CSME).
The start up coincides with the 29th CARICOM Heads of Government Summit which officially began in Antigua last evening.
Meeting ahead of the opening, CARICOM finance and trade ministers attending a special joint meeting of the Council for Trade and Economic Development (COTED) and the Council for Finance and Planning (COFAP) agreed on a US$60 million start up figure for the CDF.
Trinidad's Finance Minister Karen Nunez Tesheria, who chaired the meeting, said the decision taken by the ministers should soon be approved.
"We anticipate that all things being equal that there will be a signing off on that fund agreement when the Heads of Government meet," she said.
"We have a good position to at least start with the proposed US$60 million."
The CDF will be established and governed as a separate legal entity, but will be
housed in the Barbados-based Caribbean Development Bank to minimise its overhead costs.
Barbados' Prime Minister David Thompson said arrangements are being made for the establishment of the fund there.
In addition to contributions from member states, the fund will be capitalised through financial assistance from the region's development partners, the regional private sector, and other sources.
"There are other countries from outside the region that have expressed an interest. There are some countries that rather than do bilateral lending would like to put those resources into a development fund," Thompson said.
Meanwhile, the Barbados leader said that his country will host a special session on the CSME shortly to deal with its implementation.
He however suggested that the current CARICOM schedule is "a little too ambitious" and said a review would be requested.
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