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CARICOM HEADS DISCUSS REGIONAL DEVELOPMENT FUND FOR OECS MEMBER STATES
February 01, 2006

A Regional Development Fund (RDF), viewed as essential to the proper functioning of the Caribbean Community (Caricom) Single Market & Economy (CSME), should be operational within six months.

That was the decision taken on Tuesday at a meeting of Regional finance ministers, chaired by St. Kitts/Nevis Prime Minister Dr. Denzil Douglas , Jamaica.

Ministers received the technical report from the team that had been headed by the President of the Caribbean Development Bank, Compton Bourne.

OECS countries including St. Kitts and Nevis, have called for the establishment of the RDF to assist them to overcome any economic difficulties their participation in the CSME may have on their individual economies.

Last month, Trinidad & Tobago and Barbados pledged US$12 million towards the fund and Jamaica had also made an undisclosed pledge during the meeting yesterday.

Initial estimates had suggested that the fund be established with a pool of more than US$200 million.


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