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Jamaica is Number One for IDB and EU

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Monday, 17 January 2011

Jamaica is Number One for IDB and EU

The Inter-American Development Bank (IDB) is easily Jamaica's biggest supporter among the international financial institutions. During 2010, the IDB provided us with a total of US$630m, making the IDB's Jamaica programme the largest loan programme in the history of the bank as a percentage of GDP and on a per capita basis.The programme consists of policy-based lending and investment loans for development projects in a wide range of sectors. The bank has also provided grants for technical assistance which provides support for the achievement of economic growth, the maintenance of macroeconomic stability, improving public sector efficiency, poverty reduction and cushioning the impact of adjustment on the poor.Jamaica was the largest recipient of European Union (EU) development funds in Latin America and the Caribbean in 2009. Disbursements to the country totalled 75.7 million or approximately J$9.0 billion. This means that in 2009 the EU contributed an average of 27.81 or J$3,300 for every Jamaican citizen. The upshot is that we received from the EU more than several countries whose populations are larger and whose GDP per capita is lower than ours, for example, Haiti and Bolivia.The disbursement of EU resources to Jamaica in 2010 amounted to 79 million or J$9.2 billion, an increase over the previous year largely attributable to the implementation of budget support programmes, the debt-reduction programme, support to the police force and justice reform.These are considerable and unprecedented achievements for the IDB and the EU and we commend the work of Mr Gerrard Johnson, the IDB representative in Jamaica; Ambassador Richard Bernal, executive director for the Caribbean at the IDB; and Ambassador Marco Alemanni, head of the EU Delegation in Jamaica.

Source: Jamaica Observer