CARICOM Development Fund Celebrates 10th Anniversary

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The CARICOM Development Fund (CDF) will be staging a number of activities in Barbados during the month of November 2018, in recognition of the tenth anniversary of its establishment as a Treaty-based CARICOM institution. The CDF was set up to support the successful implementation of the CSME.

The CDF became a reality on 4 July, 2008, with the signing by the Heads of Government of the Caribbean Community (CARICOM) of ‘the ‘Agreement Relating to the Operation of the CARICOM Development Fund’ (‘the CDF Agreement’) in Antigua and Barbuda. This marked the fulfilment of a major undertaking by CARICOM Member States to establish a Development Fund, in accordance with Article 158 of the Revised Treaty of Chaguaramas, ‘for the purpose of providing financial or technical assistance to disadvantaged countries, regions and sectors’ within CARICOM. A few months later, in November 2008, the CDF effectively became operational with the appointment of its first Chief Executive Officer, Ambassador Lorne McDonnough.

Ten years, and US$62M in loan and grant commitments later, the CDF has established a credible track record of successful accomplishment of its mandate to help, in particular the CSME-ready disadvantaged countries of CARICOM to gear themselves to derive optimal benefit from their membership of the CSME. The CDF’s 10-year story, explaining the rationale behind its establishment, recounting the experience of the Fund’s early years of operation, and providing a synopsis of its country programmes and strategic outlook, has been included in the October to December 2018 issue of the OECS Business Focus magazine as a Special Feature.

CDF’s celebratory activities for the month of November include: a church service at the St. Mary’s Anglican Church on Sunday, 4 November, 2018, followed by Brunch at the ACCRA Beach Hotel; a Knowledge Day for 5th and 6th Formers of various Secondary Schools to be held at the CDF’s Offices at Sky Mall on Wednesday, 7 November, 2018, and a Cocktail Reception at George Washington House at the Garrison Historic Area on Saturday, 10th November 2018. This will be followed by the CDF hosting its 7th Annual Meeting of Contributors and Development Partners at the Hilton Barbados Resort on Tuesday, 13 November, 2018.

As we look towards the next 10 years, the CDF stands ready to deepen its engagement with all relevant organs of the Community, the specialist agencies of CARICOM, other regional development agencies and international development partners, in the continued service of advancing the sustainable growth and development of its member countries for the ultimate collective benefit of the people of the Caribbean region.


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