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Barbados could receive up to $100 million in EU grant funding

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Wednesday, 12 March 2014

Barbados could receive up to $100 million in EU grant funding

The European Union says it is willing to provide BDS$100 million (One BDS dollar = US$0.50 cents) to Barbados in grant funding.
A statement issued following talks between Barbados and EU delegations, noted that the funds would become available once certain macro-economic and public finance criteria were fully met.
It said that BDS$65 million could become available to Barbados this year.
The European Union last year released BBD$28 million for the Barbados Human Resource Development Programme, while another BBD$15 million was provided through the Barbados Renewable Energy Programme, all in the form of non-reimbursable grants.
The EU delegation was led by Ambassador Mikael Barfod, while Finance and Economic Affairs Minister Chris Sinckler led the Barbados team.
"The EU would like you to know that it could assist Barbados in leaving the present crisis behind," Barfod told Sinckler.
The Barbados government has begun laying off employees as part of a programme to revive the ailing economy and has also indicated that it would not be rushing to fill vacancies within the public service.
The government’s policy has come in for criticism from the trade unions and even one senior minister, Dr. David Estwick, the agriculture minister, saying the government was using the “wrong medicine” to deal with the economic problems facing the island.

Source: Caribbean360.com