February 17, 2006

US$250 million for Regional Fund

The proposed Develop-ment Fund for the region moved closer to realization when the Heads of Government agreed last week that the fund should start with US$250 million.

At a press conference on Monday, February 13, Prime Minister Dr.Ralph Gonsalves disclosed that at the 17th Inter-sessional Meeting of CARICOM Heads of Government it was the consensus that all member states should contribute to a sum of US$120 and the rest of the monies would be sourced from other avenues.{{more}}

Trinidad and Tobago has pledged US$20 million, which will be taken from its Petroleum Fund. This will be done as a one-off disbursement.

Dr.Gonsalves said the experts will devise a weighted formula, which would be used in determining how much money each island state would contribute to the fund.

The Heads of Government agreed that some of those resources should be used to assist in establishing the proposed Regional Development Agency.