News Release No 34/12 - BD - CDB to manage EU funds for EPA implementation
No 34/12 May 21, 2012 CARICOM member states which comprise the borrowing member countries of the Caribbean Development Bank (CDB), the Dominican Republic and Suriname will be the beneficiaries of funding from the European Union (EU). CDB's Board of Directors has approved the Management of the Bank entering into a contribution agreement with the European Union (EU) for a ‚Ç¨3.5 million Economic Partnership Agreement (EPA) Standby Facility. The implementation period of the Facility will be thirty-six months. However, the two parties may agree to an extension. These funds are to be used by the beneficiary countries for national EPA implementation units; for administrative, technical and other support for national focal points and for technical assistance assignments to advise on or to assist in taking advantage of opportunities under EPA. Other directly relevant activities to be undertaken by CDB under the terms of the agreement include public education/awareness campaigns and interventions aimed at improving the results generated from grants awarded under the EPA Facility. The Caribbean Forum of African, Caribbean and Pacific States (CARIFORUM) signed the EPA with the European Union in 2008. The EPA is a single negotiated agreement which governs how the two regions will cooperate on a wide range of trade-related issues.