The Caribbean Development Bank (CDB) is to administer funds equivalent to €3.45 million to help enhance the capacity of countries in the Region to further implementation of the CARICOM Single Market and Economy (CSME).  The beneficiaries will be CARICOM member states which comprise CDB’s borrowing member countries and Suriname.

Among the findings of a study commissioned by the CARICOM Heads of Government in 2009 was the fact that there is inadequate capacity, institutions, administrative practices and procedures, and technical facilities and services, to facilitate the effective operations and sustain implementation of the CSME.

CDB’s Board of Directors has approved the Management of the Bank entering into a contribution agreement with the European Union (EU) for a CSME Standby Facility.   The objective of the Facility is to support CSME implementation at the national level.  Under the terms of this agreement, the EU will disburse the funds to CDB, based on verifiable demand.  It is expected that each CARICOM member state will receive at least one grant under the Facility.

These funds are to be used for customised projects aimed at such things as building the administrative capacity of national administrations/agencies involved in CSME implementation, recruitment of short-term consultants and public education.

The implementation period of the Facility will be thirty-six months.  However, the two parties may agree to an extension.