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EU announces new funding for the Caribbean

Yesterday, EU High Representative/Vice-President of the Commission Federica Mogherini signed a €346 million new regional funding programme with the Caribbean region until 2020.

This represents more than a doubling of the funds that were available in previous years (€165 million euros).

The programme, designed together with the Caribbean representative organisation CARIFORUM, establishes jointly agreed priorities for bi-regional cooperation. The signing took place on the occasion of the EU-CELAC (Community of Latin American and Caribbean States) Summit and the EU-CARIFORUM High Level Event in Brussels.

Vice-President Mogherini said: "The EU and the Caribbean have strong historic, economic and cultural ties, based on common values. With this new funding, we want to further strengthen our common efforts towards more inclusive and sustainable development and prosperity and will continue to stand by the side of the Caribbean people to continue to develop our excellent, mutually beneficial partnership based on respect and common values."

Commissioner for International Cooperation and Development, Neven Mimica said: "With the signing of the regional programme we can now mobilise resources for the implementation of our jointly defined priorities. This also illustrates not only the EU's continued commitment but also continued engagement in the region."  

Background

The funds announced today for the Caribbean are part of an overall package of the European Union of almost €700 million in support of Latin America and the Caribbean, presented in the context of the EU-CELAC Heads of State and Government Summit (10-11 June) and the EU-CELAC Business Summit, held yesterday (links below for more information).

The funding for the Caribbean region will address the challenges in three main areas already identified as priorities in the 2012 Joint Caribbean-EU Partnership strategy:

  1. Regional Economic Cooperation and Integration - €102 million. Main objectives: to strengthen Caribbean Regional cooperation and integration, inclusive and sustainable private sector development and implementation of the EU-CARIFORUM Economic Partnership Agreement.
  2. Climate Change, Environment, Disaster Management and Sustainable Energy - €61.5 million. Main objectives: to improve regional resilience to impacts of climate change and natural disasters, to support regional capacity for the sustainable use of natural resources, to promote energy efficiency and renewable energies.
  3. Crime and Security - €44 million. Main objectives: crime prevention, risk reduction and enhancement of restorative justice, enhance citizen and border security, including well managed migration and mobility, and compliance with international norms on financial crimes, terrorism financing and corruption.

An indicative €135 million will be allocated to the Caribbean Investment Facility (CIF). The projects implemented under this blending facility can cut across the three focal sectors. The CIF will be used to blend grant resources with additional funding, notably from European and regional finance institutions and the private sector and so facilitate mobilizing much needed key infrastructure investment.

 European Development Fund and Regional Indicative Programmes

The European Development Fund (EDF) is the main instrument for EU aid for development cooperation with the African, Caribbean, and Pacific countries (ACP) and is funded with contributions from the EU Member States.

Regional Indicative Programmes represent an important step in the programming of EU aid under the EDF, complementing the National Indicative Programmes concluded with national governments of ACP states. Preparations are done in close cooperation with the regional organisations so as to ensure that the programmes support their priorities where the EU has a value added.

 For more information:

Website of the EU-CELAC Summit:

http://www.consilium.europa.eu/en/meetings/international-summit/2015/06/10-11/

Website of the EU-CELAC Business Summit:

http://eucelac-bizsummit2015.eu/

EU-CELAC relations brochure:

http://www.consilium.europa.eu/en/meetings/international-summit/2015/06/EU-CELAC-brochure_pdf/

EEAS website on relations with the Caribbean:

http://www.eeas.europa.eu/caribbean/index_en.htm

Press release: "EU increases investment and business cooperation with Latin America and the Caribbean" http://europa.eu/rapid/press-release_IP-15-5149_en.htm

Factsheet: EU-CELAC Business Summit: new programmes to increase cooperation between the two regions http://europa.eu/rapid/press-release_MEMO-15-5152_en.htm

Press release: "EU boosts support for sustainable development in Latin America and the Caribbean." http://europa.eu/rapid/press-release_IP-15-5159_en.htm 

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