By Radha Motielall
Barbados Prime Minister Mia Mottley emphasizes the pivotal role of finance in integrating the Caribbean Community (Caricom), likening it to ‘oxygen’ for the region.
Recognizing potential disparities in implementing the Caricom Single Market and Economy (CSME), Caricom Heads established the Caricom Development Fund (CDF) to serve as a compensatory mechanism for disadvantaged countries.
With two funding cycles already completed, discussions are underway for the third cycle.
However, Mottley acknowledges that while the fund is being replenished, it may not be sufficient to meet all needs.
To address this challenge, Caricom Heads have agreed to establish a working group on finance for the CDF.
Vice President Dr. Bharrat Jagdeo will chair the group, working alongside Prime Minister Mottley.
Over the next four months, the group will make recommendations aimed at unlocking additional funding to capitalize the CDF.
In addition to the CDF, Caricom Heads have committed to supporting the blue/green investment bank initiated by Barbados.
This initiative, backed by the Green Climate Fund and other partners, aims to promote investments in resilience and adaptation efforts within the region.
Prime Minister Mottley believes that this dual approach, coupled with the efforts of the special finance group, will lead to a win-win situation for all Caricom member states.
It underscores a collective commitment to fostering equitable growth and development across the region.
Through these initiatives, Caricom aims to leverage financial resources effectively, promoting sustainable economic development and prosperity for all its citizens.