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| Jamaican Diplomat Appointed CEO of CARICOM Development Fund |
by Amanda Banks, Tax-News.com, London
Monday, November 17, 2008
Lorne T McDonnough, a Jamaican diplomat, has been appointed the first Chief Executive
Officer of the recently launched CARICOM Community Development Fund (CDF).
McDonnough assumed the position at the CDF headquarters in Bridgetown, Barbados
on November 1, making him responsible for the overall administration, co-ordination
of activities and programmes of the fund.
The CDF was created in accordance of the Revised Treaty of Chaguaramas to assist
disadvantaged member states, regions and sectors to mitigate dislocating or
other adverse effects of the CARICOM Single Market and Economy (CSME) and to
promote equitable development.
CARICOM member states have committed to provide the CDF with start-up financing
of USD120m for its first four years of operation, with plans for additional
counterpart funding from targeted prospective donor countries, institutions
and the private sector for at least a similar amount. The fund is managed by
a Board of Directors drawn from CARICOM.
Ambassador McDonnough was previously the senior official responsible for Jamaica’s
trade negotiations. The new CEO has also had a distinguished career in the Jamaican
Foreign Service, serving in a number of capacities
over the past twenty-three years. He was Jamaica’s High Commissioner to
Trinidad and Tobago and the Eastern Caribbean, as well as Ambassador to Suriname,
and Consul General to the Netherland Antilles, and Permanent Representative
to the Association of Caribbean States (ACS).
Prior to his service as Jamaica’s envoy in the Eastern Caribbean, Ambassador
McDonnough was the Executive Secretary of the Economic and Social Commission
in the Secretariat of the Organization of American States (OAS) and later the
first Director of the OAS Tourism Unit.
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