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Thursday, 27 October 2016

Guyana receives EU funds for sugar development

Guyana is to receive more than Euro 24.4 million (One Euro=US$1.29 cents) from the European Union. The funds are being made available in relation to the Action Programme adopted by Guyana in the context of the Accompanying Measures Programme (AMP) for Sugar established by the European Union. The EU had suspended disbursements to Guyana following the Prorogation of Parliament by former President Donald Ramotar. Finance Minister Winston Jordan and the Director General for International Cooperation and Development of the European Commission, Stefano Manservisi, signed the agreement. A government statement here said that the signing took place in the margins of the meeting of Ministers of Foreign Affairs of the Community of Latin American and Caribbean States and European Union (CELAC-EU) now taking place in the Dominican Republic. “Following the finding by the World Trade Organization (WTO) Dispute Settlement Body in 2004 that the EU Sugar Regime was inconsistent with WTO rules, the EU had established an Euro 1.2 billion fund to assist the ACP sugar exporting countries to reform their sugar sector in order to improve their competitiveness or to diversify out of sugar,” the statement noted. It said in releasing these resources the European Commission has indicated that Guyana “has made remarkable progress and commendable efforts in terms of budget transparency and accountability”. Manservisi said the European Union is committed to continue assisting Guyana in its transformation.

Source: http://antiguaobserver.com/