Head of the European Delegation to Barbados, Ambassador Valeriano Diaz, signs the Financing Agreement on behalf of the European Commission, witnessed by Minister of State in the Ministry of Finance, Investment, Telecommunications and Energy, Senator Darcy Boyce. Also pictured are from left, Director of Finance and Economic Affairs, Grantley Smith and Chief Project Analyst, Cheryl Morris-Skeete (standing).
International business sector to get EU funding
7/26/2009
BARBADOS’ International Business Sector is to benefit from BDS$26.3 million in financial support to go towards its enhancement, in an effort to ensure that the sector realises its full potential.
This was revealed yesterday by Senator the Honourable Darcy Boyce, Minister of State in the Ministry of Finance, Investment, Telecommunications and Energy, as he spoke on the occasion of the signing ceremony between the European Commission (EC) and the Government of Barbados, as it relates to the “Annual Action Programme 2008 on
Accompanying Measures for Sugar in Favour of Barbados”.
The money, which is being provided through the Accompanying Measures for Sugar Protocol Countries (AMPS), is being disbursed by way of Budget Support rather than direct Project Financing as has occurred in previous programmes.
Senator Boyce indicated that AMPS is a mechanism that arose out of the 2006-2014 Barbados Adaptation Strategy which was established to support Sugar Protocol Countries as a result of a 36.0 per cent decline in sugar export revenues.
The mechanism provides grant funding to the tune of Euros 37.4 million, or BDS$90.0 million, for budget support for the period 2007 – 2010.
He stated that in order to qualify, the preparation of a Multi-Annual Action Plan, which consists of a number of projects for the said period – that is, 2007 – 2010 – is required. One such project devised was that of the support to the International Business and Financial Services Sector.
In this regard, the Cabinet of Barbados therefore approved an Annual Action Plan in the area of International Business and Financial Services for the year 2008 in December of that year.
The Senator stated, however, that Government is still in the process of putting conditions in place in order to benefit fully from this programme.
Ambassador Valeriano Diaz, Head of Delegation of the EC Delegation in Barbados and the Eastern Caribbean, in his address stated that the ceremony demonstrates the EC’s commitment to further its support to the Government of Barbados’ growth agenda and the development of the Government’s strategy in the field of International Business Development.
He added that the Government of Barbados should be recognised for its unwavering guard of an international reputation as a jurisdiction of quality and integrity in the realm of international business and financial services.
“The expansion of this sector is naturally central to the country’s economic diversification strategy and the EC is committed to continue supporting its expansion.”
In addition to the financing referred to earlier, Ambassador Diaz indicated that the EC will be contributing BDS$1.2 million in technical assistance towards the establishment of an International Institute of Financial Risk & Regulation.
This Institute will share the physical premises of the Management School of the Cave Hill Campus of the University of West Indies and will have the principal purpose of becoming an internationally accredited centre providing world-class training of regulators, relevant government officials, private risk managers and general managers in financial service companies in the areas of anti-money laundering, financial regulation, corporate governance and risk management and to offer courses that lead to internationally recognised certification in these specific and related areas. (RH)
