BRADES, Montserrat (June 3, 2013) – Montserrat is poised to receive funding for more development programmes on the 11th European Development Fund 2014 – 2020.
It was announced today that the European Union Foreign Affairs Council approved the level of funding for the 11th EDF for the period 2014-2020 of which €364 Million is for the Overseas Countries and Territories. This was hard fought and is an increase of €58.8 Million over the original proposal and in the face of considerable scepticism by Member States who do not have associated territories.
The United Kingdom is the third largest contributor to the Fund with €22.7 Billion for the period.
There will be a change of focus for the EDF in this spending period, with resources targeted where they are most needed to aid poverty reduction and in sectors where it can add the most value. All countries will be able to access the regional funds, and there will also be a shock-absorbing scheme to deal with exogenous shocks. The full details on how this will be worked out will be settled in the next few months, say officials from the Foreign and Commonwealth Office.
An extra €500 million will also be made available for the European Investment Bank’s investment facility, making a total of €2.5 Billion for risk capital and loans.
Under the now active 10th EDF Programme, Montserrat is receiving EC$ 55.2 million to aid in economic growth and development. A large portion of these funds have been earmarked for the new port project at Carr’s Bay.
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