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St Lucia and the EU review EDF Portfolio
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| Published on Thursday, October 8, 2009 | Email To Friend Print Version
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BRIDGETOWN, Barbados -- The Government of St Lucia and officials of the Delegation of the European Commission to Barbados and the Eastern Caribbean on 21 September undertook a Mid-Term Review of the 10th European Development Fund (EDF) Country Strategy agreed in December 2008.
The Review was conducted within the context of the present downturn in the global economy, which has left small open economies such as St Lucia even more vulnerable to the severe economic challenges.
The objectives of the Mid-Term Review were to reflect on developments in the country brought on by internal, regional or international events and therefore present the possibility, if necessary, for a realignment of priorities.
Under the 10th EDF, St Lucia has been allocated 8.1 million euro (EC$33 million), to contribute to private sector development, in an effort to enhance St Lucia's international competitiveness as well as to accelerate the pace of economic diversification. The financing mechanism envisaged is sector budget support, providing St Lucia satisfies the eligibility requirements. If these requirements are not met, project-based support will be utilized.
The Mid-term Review also serves to enhance policy coherence and joint programming with the EU member states, mainstream aid effectiveness and to review governance issues in light of the commitments undertaken by the Government under the 10th EDF Country Strategy.
In order to facilitate this Mid-Term Review the two co-operation partners undertook a Country Portfolio Review (CPR), of the most important programmes and projects. These include the new National Hospital, the Social Development Fund and preparation of the 10th EDF Private Sector Development Programme. Both the MTR and the CPR was opened to participation from the relevant ministries, agencies, and project implementation units, as well as representatives of civil society.
A wider range of civil society was also consulted in a meeting with the Non-State Actors panel, which was set up in order to allow better involvement of civil society in EU-St Lucia cooperation.
The EU is St Lucia's most significant grant aid donor. In addition to the projects mentioned above, the project portfolio features agricultural and economic diversification initiatives and banana commercialisation activities. Significant support from the EU is also directed for social and community development, including measures to assist in re-tooling and re-positioning of displaced banana farmers in other sectors of the economy. A considerable amount of financial support is also provided for social programmes and social safety net initiatives. These funds are being used to expedite the ongoing restructuring of the banana sector, to help it become more viable in an increasingly competitive international market as well as to favour diversification and provide a social safety net for uncompetitive farmers. | | | | Reads : 422 | | | |
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