Region to get new funding from the European Union
CARICOM Secretary-General Ambassador Irwin LaRocque and European Union HR for Foreign Affairs and Security Policy Federica Mogherini sign a €346 million new regional funding programme for the Caribbean region until 2020.
This amount represents more than a doubling of the funds that were available in previous years (€165 million euros).
The signing took place on the occasion of the 2nd Summit of the European Union and the Community of Latin American and Caribbean States (EU-CELAC), and the EU-CARIFORUM High Level Event, 11-12 June in Brussels.
The funds announced today for the Caribbean are part of an overall package of the European Union of almost €700 million in support of Latin America and the Caribbean, presented in the context of the EUCELAC Heads of State and Government Summit (10-11 June) and the EU-CELAC Business Summit.
The funding for the Caribbean region will address the challenges in three main areas already identified as priorities in the 2012 Joint Caribbean-EU Partnership strategy:
Regional Economic Cooperation and Integration – €102 million.
Main objectives: to strengthen Caribbean Regional cooperation and integration, inclusive and sustainable private sector development and implementation of the EU-CARIFORUM Economic Partnership Agreement.
Climate Change, Environment, Disaster Management and Sustainable Energy – €61.5 million.
Main objectives: to improve regional resilience to impacts of climate change and natural disasters, to support regional capacity for the sustainable use of natural resources, to promote energy efficiency and renewable energies.
Crime and Security – €44 million. Main objectives: crime prevention, risk reduction and
enhancement of restorative justice, enhance citizen and border security, including well managed migration and mobility, and compliance with international norms on financial crimes, terrorism financing and corruption.
An indicative €135 million will be allocated to the Caribbean Investment Facility (CIF). The projects implemented under this blending facility can cut across the three focal sectors. The CIF will be used to blend grant resources with additional funding, notably from European and regional finance institutions and the private sector and so facilitate mobilizing much needed key infrastructure investment.
European Development Fund and Regional Indicative Programmes
The European Development Fund (EDF) is the main instrument for EU aid for development cooperation with the African, Caribbean, and Pacific countries (ACP) and is funded with contributions from the EU Member States.
Regional Indicative Programmes represent an important step in the programming of EU aid under the EDF, complementing the National Indicative Programmes concluded with national governments of ACP states. Preparations are done in close cooperation with the regional organisations so as to ensure that IP/15/5163 the programmes support their priorities where the EU has a value added.