CDF signs US$1 million contribution agreement with India

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Mahender Singh Kanyal, High Commissioner of India to Barbados (Designate) signs the Contribution Agreement with Chief Executive Officer of the CDF, Rodinald Soomer

PARAMARIBO, Suriname — The government of India and the CARICOM Development Fund (CDF) signed a Contribution Agreement on Saturday, January 19, 2019, in Paramaribo, Suriname, which provides for a grant allocation of US$1 million to the CDF’s capital fund.

India becomes the latest international development partner to have established formal ties with the CDF during its second contribution and subvention cycle, which runs from 2015 to 2020, and this comes on the heels of the recent celebration of the tenth anniversary of the establishment of the CDF, which became operational in November 2008.

These resources will support implementation of the CDF’s mandate to provide financial and technical assistance to disadvantaged countries, regions and sectors within CARICOM, in accordance with Article 158 of the Revised Treaty of Chaguaramas establishing the Caribbean Community, including the CARICOM Single Market and Economy (CSME).

The funds will be allocated towards programmes in CDF member countries in one or more of four thematic areas, namely: renewable energy and energy efficiency; sector-specific physical infrastructure to facilitate private sector trade and investment and resilience-building; concessional financing for SMEs; and human resource development.

The current member countries of the CDF are: Antigua and Barbuda, Barbados, Belize, Dominica, Grenada, Guyana, Jamaica, St Kitts and Nevis, St Lucia, St Vincent and the Grenadines, Suriname and Trinidad and Tobago.

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