CARICOM to commit US$65 million to CDFTuesday, May 19, 2015
AMBASSADOR Lorne McDonnough, CEO of the CARICOM Development Fund (CDF), has confirmed that CARICOM member states will provide US$65,840,931 in new funding for the CDF in its Second Funding Cycle, which commences on July 1, 2015.
Speaking following the 26th Regular Meeting of the Board of the CDF, he noted that this amount will be supplemented by US$10.2 million of carry-over funds, which will bring to the table US$76 million for the Second Funding Cycle, according to a recent news release. The amount compares to the US$100-million trust fund for the Caribbean Court of Justice (CCJ).
McDonnough, who led the CDF team that negotiated with the Member States Technical Working Group (TWG), made recommendations on the 'Replenishment of the CDF for the Second Funding Cycle', which were accepted by the CARICOM Conference of Heads in February.
Trinidad and Tobago, the largest contributor, confirmed its commitment to provide US$40 million to the CDF.
At that meeting McDonnough thanked CDF member states for their support and noted that both the Governments of Haiti and Montserrat have expressed their desire to become members of the CDF in the Second Funding Cycle. At the time of accession their contribution will enhance the level of new funding available.
The Council for Trade and Economic Development (COTED) Ministerial Meeting took the opportunity to thank McDonnough for his "pioneering work" as the first CEO of the CDF and wished him well in his future endeavours. Ambassador McDonnough will demit office on June 30, 2015.