Jamaica Signs and Ratifies Amendment to CARICOM Development Fund (CDF) Agreement

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Mr. Rodinald Soomer, CEO CARICOM Development Fund with Senator The Hon. Kamina Johnson-Smith, Minister of Foreign Affairs and Foreign Trade of Jamaica.

CDF, Bridgetown, Barbados, 21 Feb. 2017:   Senator The Hon. Kamina Johnson Smith, Minister of Foreign Affairs and Foreign Trade of Jamaica, signed and ratified on behalf of Jamaica the Amendment to Annex III of the Agreement Relating to the Operation of the CARICOM Development Fund (CDF) on the occasion of the Twenty-Eighth Inter-Sessional Meeting of the Conference of Heads of Government of the Caribbean Community in Georgetown Guyana (February 16-17, 2017).

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Senator The Hon. Kamina Johnson-Smith, Minister of Foreign Affairs and Foreign Trade of Jamaica, signing the Amendment to the CDF Agreement, while CARICOM Secretary-General Ambassador Irwin LaRocque looks on

The signature of this Amendment brings the CDF a step closer towards being able to extend grant resources to OECS Member States and Belize over and above their contributions to the CDF.  These countries have to date been recipients of grants valued at US$6.74 Million  from the CDF, of which the recently commissioned Argyle International Airport in St Vincent and the Grenadines received a grant of US$1.63 Million for the purchase of equipment for pavement works, in addition to US$6.58 Million in approved concessional loans.

The Amendment to the CDF Agreement, which takes effect when all Member States deposit instruments of ratification with the CARICOM Secretariat, will enhance the ability of the CDF to extend concessionary development financing to its Least Developed Country (LDC) members from resources that the CDF is able to acquire from external development partners.

The CDF was established to provide technical and financial assistance to the disadvantaged countries, regions and sectors of CARICOM Member States to enhance their prospects for successful participation in the CARICOM Single Market and Economy (CSME) while seeking to redress to the extent possible any economic or social dislocation that may arise from implementation of the CSME.