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EC$17 million expected to help combat global crisis

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Wednesday, 14 July 2010

EC$17 million expected to help combat global crisis

Dominica is set to receive EC$17 million dollars (EURO 5.2 million) from the European Commission to cushion the effect of the global economic crisis.This is according to a press release from the European Commission (EC). The release informed that this financial assistance comes as part of the commission’s vulnerability assistance scheme, which was adopted last year to aid African Caribbean and Pacific (ACP) countries battle the crisis. A total of 13 ACP countries were opted for $230 million in assistance under the program. Grenada has also received EURO 5.29 million. “The funds which are non-reimbursed are to be used by Dominican authorities at their discretion and convenience,” the release stated. “The vulnerability instrument is based on the forecast of fiscal losses and other vulnerability criteria thereby helping to ease the impact rather that acting after the damage is done, whilst assisting the worst affected countries to reduce the social costs of the crisis. It provides rapid targeted grants and is meant to complement to the loan-based assistance of other development institutions, with whose support it was developed,” the release informed. The Dominica vulnerability disbursement is in addition to ongoing EC interventions in the country that include a Business Gateway Project, the Waitukubuli National Trail Programme, The Carib Territory Water System project among others, the release said. “There are also two EU funded financial sector budget support projects ongoing which are the Private Sector Growth and Development Programme (EURO 11.8 million) AND THE Rural Sector Development Programme (EURO 6.32 million,” the release also stated. Yesterday, the Banana Industry Trust commissioned three inland reception distribution centers in Fond Cole, Portsmouth and Marigot. These centers which cost a total EC $8.2 million were funded by the EC.

Source: dominicanewsonline.com