ST.JOHN'S Antigua, September 14, 2011 -- PM Spencer and his CARICOM colleagues along with China's Vice Premier Wang Qishan during the Opening Ceremony of the forum in Trinidad and Tobago Prime Minister of Antigua and Barbuda the Hon. W. Baldwin Spencer said today that he is pleased that the People’s Republic of China has decided to increase its development support to the region to US 1 billion dollars. This he said will go a long way to assist member states in their development thrust initiatives.
On Monday, during the Opening Ceremony of the China-Caribbean Economic and Trade Cooperation Forum in Trinidad and Tobago, China’s Vice Premier Wang Qishan announced that his country will provide one billion US dollars in loans of a preferential nature to Caribbean countries in support of local economic development.
“China encourages exchanges and cooperation between the commercial banks of the two sides. The China Development Bank will put aside one billion US dollars to be used as special commercial loans for infrastructural development,” said Vice Premier Wang.
According to Prime Minister Spencer, “The Peoples Republic of China must be commended for reaching out to the Caribbean region at a time when countries are struggling to address the impact of the global financial crisis.”
Prime Minister Spencer also expressed the region’s appreciation to the People’s Republic of China following its announcement of a 1 million US dollar contribution to the CARICOM Development Fund. This he said is an indication of China’s commitment to supporting the regional integration process.
The CARICOM Development Fund is an initiative established under Article 158 of the Revised Treaty of Chaguaramas which established the Caribbean Community (CARICOM) and the Caribbean Single Market and Economy.
The US$250 million dollar Fund is designed to provide technical and financial assistance to those countries, regions and sectors so designated by the Community as Disadvantaged countries, Regions and Sectors.
During his address on Monday Vice Premier Wang Qishan said that in the next three years the Chinese government will execute a number of policy measures to deepen cooperation with Caribbean countries.
These include:
1.Enhanced financial and investment cooperation;
2.Capacity building cooperation;
3.Cooperation in environmental protection and new energies;
4.Intensify cultural, educational and health cooperation;
5.Closer trade and tourism cooperation; and
6.Boost cooperation in agriculture and fisheries.
The 3rd China – Caribbean Economic and Trade Cooperation Forum concluded in Trinidad and Tobago today.
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