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| Barbados To Receive EUR10m From EU |
by Phillip Morton, Investors Offshore.com
Monday, July 27, 2009
Barbados has signed a EUR10.13m financing agreement with the European Union
to assist with the modernisation of the country's International Business and
Financial Services sector.
Minister of State in the Ministry of Finance, Investment and Telecommunications,
Senator Darcy Boyce, signed the accord on behalf of the Barbados government,
while Head of the European Delegation, Valeriano Diaz, initialled on behalf
of the EU.
The first tranche of EUR4.75m will be made available subject to compliance
with EU General Conditions, while the second tranche will be disbursed against
specific performance indicators such as quarterly or annual reports. The money
is part of the EU's annual development assistance, following the reform of the
European Union's sugar regime.
In his remarks, Boyce said: "The resources of the Accompanying Measures
for Sugar Protocol Countries Initiative 2007-2010 is provided by way of Budget
Support rather than direct Project Financing as occurred in previous programmes.
In order to qualify, it therefore requires the preparation of a Multi-Annual
Action Plan, which consists of a number of projects for the said period, that
is, 2007 - 2010. One such project is the support to the International Business
and Financial Services Sector."
Ambassador Diaz in commending the Government of Barbados, said it "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". He added: "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."
“The EC will be contributing EUR427,000 in technical assistance towards
the establishment of an international Institute of Financial Risk and Regulation.
This institute will share the physical premises of the Cave Hill School of Business
of the University of the West Indies, and will have the principle purpose of
becoming an internationally accredited centre, developing world-class training for
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. It will also
seek to offer courses that lead to internationally recognised certification
in these specific and related areas."
Through support to the International Business and Financial Services Sector,
the programme will contribute significantly to addressing priorities in respect
of competitiveness, employment creation and the maintenance of real wages, noted
the Barbados government's statement.
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