HE Donald Ramotar, President of the Cooperative Republic of Guyana,
Hon. Ashni Singh-Minister of Finance,
Hon Carolyn Rodrigues-Berkett–Minister of Foreign Affairs,
Hon. Robeson Benn, Minister of Public Works,
Ladies and Gentlemen of the Press.
I am particularly glad Mr President and Minister Singh, that you have been able to find some time during your busy schedule to meet here in Trindad and Tobago to sign the Agreement for the CARICOM Development Fund’s (CDF’s) Country Assistance Programme (CAP) with Guyana. This occasion had been scheduled to occur much earlier given the efforts made by Guyana in becoming compliant with the CDF Agreement. Nevertheless, I am pleased to be here with you to sign this Agreement on the margins of this the Thirty-Fourth Regular Session of the Conference of Heads of Government, at a time when the operational plan and growth strategy for the Community is being discussed.
Mr President, Dr. Singh, this Agreement between the Government of Guyana and the CARICOM Development Fund, totaling US$7,32 million or (EC$19,76) million, is tangible evidence of Community mechanisms at work. This event is a milestone in the process of deepening our integration in CARICOM, as it is the fifth of the scheduled eight country interventions in CARICOM which, the CDF is programmed to undertake during the first funding cycle. I believe we are in striking distance of achieving our mandate set by our Board in 2008. The mandate is to support all beneficiaries during the first subscription cycle. Along with Guyana we had hoped to sign the sixth agreement with Dominica but scheduling difficulties made this impossible. I am hoping we can do this within the next two weeks. The seventh agreement (Grenada) will be addressed by our Board next week. The six CAPs account for a total of US$ 35.5 million dollars of assistance being provided to Member States since Board approved the first CAP in February 2011.
This US$7,32 million intervention is significant. It crystallises the promises in the Revised Treaty which were re-affirmed in 2006 at the launch of the Single Market in Jamaica. The Community undertook to provide technical and financial assistance to Guyana as a then HIPC country to minimise CSME related dislocations, expand its capacity and improve its participation in the CSME. Further, the programme of activities which is supported was determined by Guyanese and is to be implemented by Guyanese. The CDF, through its monitoring of the programme and in collaboration with all stakeholders is committed to ensuring the intervention makes a tangible difference in the lives of Guyanese. This programme is expected to provide 9500 farming households with easier access to farmlands thereby contributing to an increase and sustaining agricultural production all year.
The facility provided by the CDF, consists of a mixture of loan and grant resources which together, are aimed at supporting the development of agricultural farming businesses, mainly small and medium sized, as well as increasing the capacity of the Government to support exports. These objectives are consistent with the mandates of the CDF to:
- Attract investment and new industries to the disadvantaged countries regions and sectors;
- ameliorate or arrest adverse economic and social impact arising from the operation of the CSME;
- improve efficiency and competitiveness of industry; and
- achieve structural diversification and infrastructural development.
The concessionary loan of US$ 4,66 million is provided at a nominal rate of 3 per cent per annum, for fifteen years, with a grace period of two years for specified purposes while the grant is for US$ 2,66 million. The application of the loan is expected to increase investment, employment, exports and household incomes across the productive sectors of the Guyanese economy through the activities of the medium, small and micro sized enterprises projected to benefit from it. Mr President, it should be noted that the conditions of this loan are not onerous and given the recent endorsement by the Caribbean Development Bank of Guyana’s implementation rate, I am assured the anticipated positive outcomes of increased production and exports will be quickly realized. CDF is also pleased to note this programme supports other access road construction in the area being financed by the IADB and the CDB and dovetails with other projects which seek to consolidate farm output for sorting and bulk shipping.
Your Excellency, Hon.Minister, I must use this opportunity to record the CDF’s appreciation to all its subscribers and contributors and in concluding my remarks, assure you that the CDF is committed to supporting the Government of Guyana’s programmes for reducing disadvantage and will work closely with your designated officials in ensuring that in implementing these programmes they receive all the support necessary for successful outcomes.
