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Barbados and the EU review EDF portfolio


Thursday, 14 January 2010

Barbados and the EU review EDF portfolio

The Government of Barbados and officials of the Delegation of the European Commission to Barbados and the Eastern Caribbean undertook a Mid-Term Review of the 10th European Development Fund Country Strategy agreed in December 2008. The Review was conducted within the context of the present downturn in the global economy, which has left small open economies such as Barbados even more vulnerable to severe economic challenges. The objectives of the Mid-Term Review were to reflect on developments in the country brought on by internal, regional or international events and therefore present the possibility, if necessary, for a realignment of priorities. Under the 10th EDF, Barbados has been allocated 8.33M euro for Human Resource&Skills Development, to enhance competitive sectors and ensure a better correlation between training and the labour market, whilst encompassing ways of including youth at risk. The financing mechanism envisaged is sector budget support, providing Barbados satisfies the eligibility requirements. If these requirements are not met, project-based support will be utilised. The Mid-term Review also served to enhance policy coherence and joint programming with the EU member states, mainstream aid effectiveness and to review governance issues in light of the commitments undertaken by the Government under the 10th EDF Country Strategy.

Source: Barbados Advocate