The First Special Meeting of the Caribbean Community (CARICOM) Council for Finance and Planning (COFAP) took place on 12 December, 2005, at the Jamaica Pegasus Hotel, Kingston, Jamaica with the Minister of Finance of Jamaica, Dr the Honourable Omar Davies presiding.
The primary purpose of this Meeting was to determine the financing, structure and operation of the Development Fund – a critical instrument to facilitate the successful implementation of the CARICOM Single Market and Economy (CSME). The Fund is provided for in the Revised Treaty of Chaguaramas establishing the Caribbean Community including the CARICOM Single Market and Economy.
The Ministers agreed that in addition to Member States contributions, the regional private sector, international financial institutions and foreign governments would be approached to contribute to the Development Fund.
The Ministers also agreed that the Fund will be managed by the Caribbean Development Bank.
The Ministers established a team of senior finance officials led by the Caribbean Development Bank (CDB) to make recommendations to the COFAP regarding the structure, funding and access to the Fund. This committee would be guided by the Letter and Spirit of the Revised Treaty to ensure that the majority of the annual Fund allocations be directed to the Less Developed Countries. This team will report to the Second Special Meeting of COFAP on 24 January in Jamaica. The Special Meeting will take its recommendations to The Conference.
The Meeting welcomed the contributions of two Member States towards the Fund to enable it to have resources as of 1 January 2006.
