Financial Support for CARTAC

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NO. 29/08-BDOctober 30, 2008 CDB TO CONTINUE FINANCIAL SUPPORT FOR CARTAC The Caribbean Regional Technical Assistance Centre (CARTAC) is to receive a USD600,000 grant from the Caribbean Development Bank (CDB) to support its operations. CARTAC was established in 2001, in response to the challenges posed by globalisation and trade liberalisation, and the need to strengthen macro-economic stability in the Region. The main focus of its operations was intended to be capacity building, and improving hands-on management expertise in the 20 participating Caribbean countries. In the past, CDB has supported the activities of CARTAC in several ways, including seconding a CDB country economist to the centre during the first phase of its operations, and financing the assignment of an economist during phase two. Now the Bank will contribute USD600,000 for the third phase of the CARTAC Programme for the period 2008-2010. In justifying its continued support of CARTAC, CDB noted "its success in meeting the technical assistance and training needs of beneficiary countries, in responding quickly in meeting those needs, and in filling the gaps not met by the operations of other development partners in the Region."

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