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CARICOM to Benefit from €350 Million Under EDF

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Tuesday, 19 August 2014

CARICOM to Benefit from €350 Million Under EDF

The European Union (EU) has more than doubled its support to CARICOM countries under the 11th European Development Fund (EDF), announcing €350 million in new support for the programming period, which runs from 2014 to 2020.

The provision is an increase of €185 million over the €165 million provided under 10th EDF from 2008 to 2014.

Charge d’Affaires, Delegation of the EU to Jamaica, Jesús Orus Baguena, made the announcement during a press conference held recently at the Jamaica Promotions Corporation (JAMPRO) offices in New Kingston.

Of the total amount, €110 million are being earmarked for regional integration and the implementation of the Economic Partnership Agreement (EPA), which governs CARICOM’s trade with the EU.

“This support should enable the private sector to take better advantage of the enhanced access granted under the agreement,” Mr. Baguena said.

He noted that the EU is currently implementing the EPA-I programme and has just started another $7.3 billion EPA-II project.

“The EU also supports tax reform, the improvement of public finance management and, more generally, good governance, with all these programmes contributing directly or indirectly towards improving the business environment,” he said.

Source: jis.gov.jm