EC Delegation in Barbados disburses 32.6 million EUROS in aid for 2003
|
EC Delegation in Barbados disburses 32.6 million EUROS in aid for 2003 |
|
The European Commission last year (2003) disbursed a total of 32.61 million in grant funds individually to Barbados and Eastern Caribbean countries, as well as regional projects funded through CARIFORUM (see table below).
Of the amount 23.42 million came from STABEX/SFA for the banana industry in the four windward islands - St. Vincent, Dominica, St. Lucia and Grenada - while 9.2 million were payments made through the European Development Fund.
The Barbados Delegation also manages an important slice of the Caribbean Regional Indicative Program (CRIP), some 170 million of projects, out of which 6.6 million of the 9.2 million EDF total was disbursed in 2003. They concern projects with respect to rum, tourism, export promotion, and the environment, that are implemented by Barbados-based regional organisations.
Under the 9th EDF there is a total of 51.9 million not yet committed. They represent funds earmarked under the 5-year National Indicative Programs (NIP) for each country but not yet committed. This amount represents in a way our future commitment task. Significant funds not yet committed concern in particular Barbados and Saint Lucia. In these two cases, we are in the process of finalising two major and complex health programs that should be approved in the course of 2004.
Newly approved projects in 2003 totalled 38.6 million, with Antigua, St Kitts and St Vincent committing their main 9th EDF NIP. The total amount of contractual commitments (contracts signed, work programs approved etc.) was 28.7 million. These latter funds will translate into payments in 2004.
Our total active portfolio (the value of all active projects) represents 419.2 million, which points to continued sustained disbursement in the years to come.
1 Meno item: 1 Euro = BDS $2.41= EC $3.20 = US $1.21 2 The sign is for euros it is not a pound sign as was mistaken in another press release
The beneficiary countries could be classified under two different groupings: the traditional banana producers, Dominica, St Lucia, St Vincent, and, to a lesser extent, Grenada. They receive funds not only from the NIP, but, when applicable, the CRIP, as well as from the Special Framework of Assistance (SFA) put in place in 1999 for 10 years to assist them in the transition to a more liberalised banana trade regime. Before this they benefited significantly from Stabex funds, for similar reasons. The other group of countries, benefit principally from the NIP and, when applicable, CRIP resources.
It is for these reasons that the three main traditional banana-producing countries, namely St Lucia, Dominica and St Vincent, received grant payments in 2003 respectively of 10.3 million (St Lucia), 7.6 million (Dominica) and 5.4 million (St Vincent). These grant payments correspond to 7.3 % of current government revenues in St Lucia, 12.7 % in Dominica and 3.7 % in St Vincent - (the current government revenue is based on the fiscal year 1 July 2002 to 30 June 2003, while EU payments are based on the calendar year).
In the case of St Lucia, funds were mainly disbursed for agricultural sector development, poverty alleviation and enterprise development. In the case of Dominica, an EC direct budgetary support was linked to the IMF Stand-By Agreement and later to its Poverty Reduction and Growth Fund.
The EC Delegation for the Eastern Caribbean has recently been deconcentrated, that is competence for contractual and financial management has been transferred from Brussels to Bridgetown. Based on performance of other Delegations that were deconcentrated in 2002 and 2003, it is expected that, other things being equal, payments in 2004 and 2005 could increase.
The EC Delegation in Barbados is responsible for managing assistance to Barbados, St. Vincent and the Grenadines, St. Kitts and Nevis, Antigua and Barbuda, Dominica, Grenada and St. Lucia, along with three overseas Territories of Anguilla, British Virgin Islands and Monserrat, in addition to regional programmes managed by Barbados-based regional organisations.
For more Info, please contact Wayne Lewis Press and Information Officer at 1-(246) 427-4362 ext 240 or wayne.lewis@cec.eu.int.
|
|
© 2004 Government Information Service. All rights reserved. Read our privacy guidelines. |
