CARICOM Dev Fund representative in Belize

The CARICOM Development Fund is a mechanism established in 2008 under the revised Treaty of Chaguaramas to provide technical assistance and financing in respect of the CSME. For the past two days, representatives from the C.D.F. are in Belize consulting with stakeholders to find out the areas in which Belize is being affected by the CSME implementation. The delegation will also meet with Prime Minister Barrow and officials of the Central Bank. News Five was at the press conference late this afternoon where C.E.O. of the C.D.F., Lorne McDonnough, says that not only government, but the private sector will be able to access the funds.

Lorne McDonnough, C.E.O., C.D.F.
“The C.D.F. is to finance projects and loans in respect of the issues of expanding export of goods and services intra-regionally and extra-regionally. So we have a reactive and a proactive response rehabilitating or expanding production of domestic goods and services in areas negatively affected by the CSME operation. There are a few projects aimed at restructuring the economies of disadvantaged countries by diversifying the range of goods produced and also the services produced. And there’s gonna be two projects that create positive benefits for the recipient but for other industries and sectors and to increase efficiencies and promote regional integration through the consolidation of multi-country economic and social infrastructural development.”

According to McDonnough, Belize’s Dr. Carla Barnett will sit as vice-Chair on the Board of the C.D.F.