Jamaica contributes to CARICOM Fund
Published:Monday | October 6, 2008 | 1:40 PM
Jamaica is to contribute about US$19.6 million to the newly established CARICOM Development Fund.
Permanent Secretary in the Information, Culture, Youth and Sports Ministry, Faith Innerarity made the disclosure recently.
The Fund, which was launched at the 29th CARICOM Heads of Government Summit in July, aims to address low levels of development, sectoral and enterprise dislocation, and other issues related to the operation of the Caribbean Single Market and Economy (CSME).
Its creation forms part of the revised Treaty of Chaguaramas, establishing CARICOM, as well as the Caribbean Single Market.
It has been proposed that US$250 million be raised for the Fund.
Mrs. Innerarity explained that the Fund\'s role takes into account that all the countries within the region are not at the same level of development.
Currently, the Fund has US$60 million dollars and Jamaica has so far, contributed $8.16 million.
The balance is to be paid by the second quarter of 2009.