EC$17 million expected to help combat global crisis

Dominica is set to receive EC$17 million dollars (EURO 5.2 million) from the European Commission to cushion the effect of the global economic crisis.

This is according to a press release from the European Commission (EC).

The release informed that this financial assistance comes as part of the commission’s vulnerability assistance scheme, which was adopted last year to aid African Caribbean and Pacific (ACP) countries battle the crisis.

A total of 13 ACP countries were opted for $230 million in assistance under the program. Grenada has also received EURO 5.29 million.

“The funds which are non-reimbursed are to be used by Dominican authorities at their discretion and convenience,” the release stated.

“The vulnerability instrument is based on the forecast of fiscal losses and other vulnerability criteria thereby helping to ease the impact rather that acting after the damage is done, whilst assisting the worst affected countries to reduce the social costs of the crisis. It provides rapid targeted grants and is meant to complement to the loan-based assistance of other development institutions, with whose support it was developed,” the release informed.

According to the release, this financial assistance is proof that the EC is delivering on its promises and is supporting its partners in critical times of need.

The Dominica vulnerability disbursement is in addition to ongoing EC interventions in the country that include a Business Gateway Project, the Waitukubuli National Trail Programme, The Carib Territory Water System project among others, the release said.

“There are also two EU funded financial sector budget support projects ongoing which are the Private Sector Growth and Development Programme (EURO 11.8 million) AND THE Rural Sector Development Programme (EURO 6.32 million,” the release also stated.

Yesterday, the Banana Industry Trust commissioned three inland reception distribution centers in Fond Cole, Portsmouth and Marigot. These centers which cost a total EC $8.2 million were funded by the EC.

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4 Comments

  1. jahlive, redemption soon come
    July 9, 2010

    With every grant, any financial assistance we (Dominica) receive, the … Minister is smiling… With so much money going round, who’s really checking when a million or tow goes missing?

    The minister of Finance? oh I forgot, he’s in charge of the whole shin dig.

    Dominica is on its way to being another Jamaica, corruption and crime will rule.

    Poor US! We really are entering the next level, or haven’t you Dumbinicans notices that yet?

    Welcome to the next level, Together We MUST—– SUFFER!!!

  2. They Call Me Melissa
    July 8, 2010

    They need to use a few mill of that money to entice educated, talented, accomplished Dominicans to return to the island. The problem of a dwindling tax base due to presistent and growing emigration will continue to undermine whatever investments are made to help the economy grow. Recruit people who left to go to college, those who are working elsewhere in professions in which the country needs qualified individuals, etc. Curtail this habit of people leaving, giving their best-earning years to other societies, then returning to “retire”.

  3. DosEquis
    July 8, 2010

    What is our first black President doing to assist the Caribbean.

    The Real Obama please stand up…we need some real American assistance…not just drug enforcement and immigration blockade

  4. Dominican
    July 8, 2010

    Well although there are many projects going on and the future of our country depends on most of these things, I hope that some of this can go towards education and providing the opportunity for a college and university education.
    However, we shall Thank GOD that we get the assistance we need in our little country. I know that the best uses will be made out of this money.

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