Turkey gives US$2M more to Caricom development fund

The Caricom Development Fund (CDF) has received a second contribution of US$2 million from the Government of Turkey in less than a year.

A release from the CDF said that the funds which will contribute to the capital fund, will be allocated in consultation with the Turkish authorities to projects submitted by eligible Caricom member states.   CDF’s CEO, Ambassador Lorne McDonnough thanked the Turkish government for its contribution, noting that it confirmed Turkey’s confidence in the work being done by the CDF.

“Both contributions are the result of discussions over the last three years between the CDF and the Government of Turkey and represent a tangible expression of Turkey’s desire to strengthen its ties with Caricom member states.

“An important part of our mandate is to ameliorate the disparities among Caricom member states and any dislocations which may result from the implementation of the Caricom Single Market and Economy (CSME) and this second donation from the Turkish government will go a long way in assisting with our mission,” McDonnough explained.

To date the CDF has approved over EC$112.86 million (US$41.8 million) in assistance to member states through its Country Assistance Programmes (CAPs), with the Board approving CAPs for Grenada, Dominica and Guyana in 2013 as well as supplementary funding for St Vincent and the Grenadines, as additional support for the development of that country’s new Argyle International Airport,” the release said.

The CDF was established to assist member states in maximising the benefits arising from participation in the CSME, by reducing intra-regional disparities through effective partnerships and the provision of financial and technical assistance support.

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