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Thursday, 09 February 2017

Sugar: Jamaica receives funds European Union

Jamaica has received Euro 6.5 million (One Euro=US$1.29 cents) from the European Union. Finance Minister Audley Shaw said that the disbursement “aims to assist the Government in reducing poverty and improving the living standards of the rural population in sugar dependent areas affected by the EU sugar reform”. He told the ceremony that EU Hand-Over instrument “is yet another channel of external development assistance through strengthened bilateral relations between Jamaica and the EU”. He said that the European Union Accompanying Measures for Sugar Protocol Countries, AMS 2013, was signed on March 25, 2014 and that the fixed tranche was disbursed in the sum of approximately Euro7.07 million on October 23, 2014. He said the first variable tranche, which was officially handed over on Thursday, was disbursed in November 2016 in the sum of Euro6.5 million. “The second tranche is expected to be disbursed in March 2018 in the sum of Euro15 million,” Shaw said, noting that the disbursement of this first variable trance of Euro6.5 million “further aids the government’s mission to reduce the economic and social disparities of our rural areas by creating sustainable productivity increases to hundreds of people moving out of poverty”. He said the specific objectives include a creation of a commercially viable sugar cane Industry by strengthened sector management, improved field and factory productivity; the development of the Sugar Dependent Areas to strengthen and support the improvement of living conditions in the Sugar Dependent Areas (SDAs) based on sustainable economic and social development.

Source: antiguaobserver.com