CARICOM Development Fund (CDF) signs US$ 1 million contribution agreement with India

His Excellency Mahender Singh Kanyal, High Commissioner of India to Barbados (Designate) signs the Contribution Agreement with Chief Executive Officer of the CDF, Mr. Rodinald Soomer

The Government of India and the CARICOM Development Fund (CDF) have signed a Contribution Agreement  which provides for a grant allocation of US$ 1 million to the CDF’s capital fund.

The agreement was signed earlier this month in Paramaribo, Suriname.

India becomes the latest International Development Partner to have established formal ties with the CDF during its Second contribution and subvention cycle, which runs from 2015 to 2020, and this comes on the heels of the recent celebration of the 10th Anniversary of the establishment of the CDF, which became operational in November 2008.

These resources will support implementation of the CDF’s mandate to provide financial and technical assistance to disadvantaged countries, regions and sectors within CARICOM, in accordance with Article 158 of the Revised Treaty of Chaguaramas establishing the Caribbean Community, including the CARICOM Single Market and Economy (CSME). The funds will be allocated towards programmes in CDF Member Countries in one or more of four (4) thematic areas, namely: Renewable Energy and Energy Efficiency; Sector-specific physical infrastructure to facilitate private sector trade and investment and resilience-building; Concessional financing for SMEs; and Human Resource Development.

The current Member Countries of the CDF are:- Antigua and Barbuda, Barbados, Belize, Dominica, Grenada, Guyana, Jamaica, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines, Suriname and Trinidad and Tobago.

The Board and Management of the CDF wish to express their appreciation and highest regards to the Government and People of India for their support in furthering the development and resilience of the Caribbean Community which has historical ties to India and is home to a large Indian diaspora community.

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1 Comment

  1. Karl Orndem
    January 30, 2019

    i guess 1 drop in the bucket is better than no drops at all. thanks India. but i guess this money will mostly go to consultants.

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