BRIDGETOWN – The Government of Antigua and Barbuda now has access to US$4.02 million dollars (ECS10.86 million) from the CARICOM Development Fund (CDF) for two development projects.
This follows the approval by the board of the Barbados-based organization of the CDF Country Assistance Programme (CAP), for Antigua and Barbuda at its 23rd Regular Meeting on July 16, 2014.
Speaking at the signing ceremony, CDF’s chief executive officer, Ambassador Lorne T. McDonnough said, “The CDF had worked diligently with officials in Antigua & Barbuda, against many setbacks, to make the programme possible.”
He added, “Antigua and Barbuda became eligible for CDF resources with the final payment of its assessed contribution on May 19, 2014 and the relevant Loan and Grant Agreements were signed just seven months after the country became compliant.”
Ambassador McDonnough also noted that the signing of the CAP for Antigua and Barbuda marked the last of eight country interventions the CDF was mandated in 2008 to undertake in CDF Member States during its first funding cycle. Together, this CAP represented the provision of US$46.15million (EC$124.60 million) in CDF assistance to beneficiary CARICOM member states since the first was approved in 2011.
He explained that the application of the US$1.79million (EC$4.84million) loan to the refurbishment of the onshore facilities of the Lower St John’s Cruise Ship Terminal Area was expected to increase investment, employment, exports and household incomes across the productive sectors of the Antigua and Barbuda economy as the area becomes more attractive to tourists thus facilitating higher onshore expenditure.
“The CDF is also providing a Grant of US$2.23 million (EC$6.02) million to complete the building housing the Learning Resource Centre. It is expected that with an improved student experience, there would be an increased student intake and output of qualified persons to support the economy,” Ambassador McDonnough noted.
Looking at the way forward, he stressed that “There must be recognition of the advances made and the real potential to provide enhanced support to CDF member states. This requires a mutually reinforcing partnership in which member states not only recognize and fully appreciate the CDF’s potential but advocate on its behalf. Additionally, member states needed to act on agreements negotiated and effect decisions made at the level of the Conference of Heads so that institutions like the CDF can function and deliver the planned benefits to the people of our region.”
The CEO explained that a decision made at the 21st Intercessional Meeting of the Conference of Heads held in Dominica in 2010, which would allow member states to obtain grants in excess of assessed contributions, still awaits signature and ratification of all member states to be effected. (PR)