Thursday, February 29, 2024

US$90m target for CDF cycle

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Negotiations for the second funding cycle of the Barbados-based CARICOM Development Fund (CDF), which had a start-up of around US$100 million from member states in 2008, begin in earnest next week and could reportedly set a target of about US$90 million.

The CDF was set up under the Revised Treaty Of Chaguaramas to provide technical assistance to disadvantaged countries, regions and sectors in the Caribbean Community to enhance their prospects for successful competition within CARICOM and to redress any negative impact of the establishment of the CARICOM Single Market and Economy (CSME).

CDF chief executive officer Ambassador Lorne McDonnough told the fourth meeting of contributors and development partners yesterday at The Courtyard Marriott, Hastings, the replenishment negotiations would be facilitated by the working group mandated by the Council for Finance and Planning (COFAP).

“Its success will depend on full constructive participation reinforced by the recognition that the CDF has got off to a good start,” he said, “but the work of the CDF in addressing economic and social disparities has just begun.” (AB)

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