Caribbean Community Development Fund: A Key to Regional Integration
Prime Minister Dr. Ralph Gonsalves Urges OECS Countries to Contribute
KINGSTOWN, St. Vincent, CMC—Prime Minister Dr. Ralph Gonsalves is urging members of the Organisation of Eastern Caribbean States (OECS) to contribute to the Caribbean Community (CARICOM) Development Fund (CDF), saying that his administration has always supported the regional integration movement.
The CDF’s Role in Regional Integration
The CDF provided at least half of the US$60 million needed to construct the 93-room Holiday Inn Express and Suites, which was handed over to the government over the weekend. Gonsalves told the ceremony that Vincentians and others have been impatient about the 15-member regional integration movement, acknowledging “we have made significant strides.”
Funding Challenges
Gonsalves said that while the treaty established CARICOM and the CDF, the funding took some time to become operational. He emphasized the importance of the CDF in providing financial or technical assistance to disadvantaged countries, regions, and sectors in the bloc.
CARICOM Development Fund: A Key to Addressing Disparities
In this capacity, the CDF is central to addressing the disparities among CARICOM’s member states, which may result from the implementation of the CARICOM Single Market and Economy (CSME), which allows for the free movement of goods, services, labor, and finances across the region.
Replenishment of the CDF
Gonsalves said the CARICOM Development Fund was recently replenished and that the Parliament allocates money annually for Kingstown’s contribution to the Barbados-based CDF. He urged all OECS countries to contribute to the fund, suggesting that they stand to benefit most from it.
The East Caribbean Group of Companies
Gonsalves mentioned the East Caribbean Group of Companies (ECGC), whose chief executive officer is present, benefits from chapter seven, the protection of their flour inside the OECS market. He emphasized that if they don’t have these compensatory mechanisms, CARICOM will not be held together, because they will be unequally yoked.
Conclusion
The Caribbean Community Development Fund plays a crucial role in regional integration, providing financial and technical assistance to disadvantaged countries, regions, and sectors. The fund is essential in addressing the disparities among CARICOM member states and promoting economic growth and development in the region.
FAQs
Q: What is the CARICOM Development Fund?
A: The CARICOM Development Fund is an institution of the CARICOM whose mandate is to provide financial or technical assistance to disadvantaged countries, regions, and sectors in the bloc.
Q: Why is the CDF important for regional integration?
A: The CDF is essential in addressing the disparities among CARICOM member states, which may result from the implementation of the CARICOM Single Market and Economy (CSME).
Q: How does the CDF benefit OECS countries?
A: The CDF benefits OECS countries by providing financial and technical assistance to help them overcome development challenges and promote economic growth and development in the region.
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