Home Regional embassy USAID AND CARICOM DEVELOPMENT FUND SIGN MEMORANDUM OF UNDERSTANDING TO STRENGTHEN COOPERATION

USAID AND CARICOM DEVELOPMENT FUND SIGN MEMORANDUM OF UNDERSTANDING TO STRENGTHEN COOPERATION

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Regional Representative, USAID / ESC, Clinton White (left) and CEO, CDF, Rodinald Soomer show signed copies of the MoU which provides a broad framework for cooperation between the two entities.

June 21, 2021—The United States Agency for International Development / Eastern and Southern Caribbean Mission (USAID / ESC) and the CARICOM Development Fund (CDF) signed a memorandum of understanding on Monday, June 21. The signing of the MoU took place at the CDF offices in Barbados. The MOU provides a general framework for cooperation between the two organizations and the strengthening of institutional links between them. The MoU also serves as the basis for USAID and CDF to collaborate in the provision of services to selected CARICOM member states as the Caribbean seeks to forge closer economic integration within the framework of the market and CARICOM’s Unique Economics (CSME).

Reaffirming USAID’s commitment, USAID / ESC Regional Representative Clinton White said, “In a region with huge funding needs, a large youth population, and some of the most expensive energy in the world. , among other development challenges, USAID is pleased to work with CDF to resolve these issues and build a better Caribbean for all. “

CDF supports its member states through a framework known as the CARICOM Cohesion Policy and Country Assistance Programs (CAPs). Under the MOU, activities will align with the CAPs and will focus on three main themes:

  1. Improve energy efficiency and renewable energy capacity among CARICOM member states
  2. Improve access to finance for sector and community infrastructure projects and medium-sized enterprises
  3. Promotion of youth entrepreneurship in the CARICOM region

Commenting on the signing of the MoU, CDF CEO Rodinald Soomer said: “This partnership with USAID will bring great added value to CDF support programs to disadvantaged countries, regions and sectors in CARICOM, enabling them to take better advantage of the growth and development opportunities in the CSME, by helping to improve the competitiveness of micro, small and medium-sized enterprises and by strengthening the sustainable energy capacity and resilient infrastructure of the region in the face of climate change.

The United States and the Caribbean form a community with many common values ​​and interests. Together we can make communities more vibrant and expand economic opportunities in the Caribbean – we are neighbors, partners, friends.


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