European Union flags flutter outside the EU Commission headquarters in Brussels, Belgium, in this file picture taken October 28, 2015. (Reuters)
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The European Union is providing Euros 18.4 million to Montserrat aimed at transitioning the British Overseas Territory towards sustainable economic development.
EUA statement issued by the Delegation of the European Union to Barbados, the Eastern Caribbean States, the OECS, and CARICOM/CARIFORUM, noted that the objective of the Budget Support Programme is to assist the government with the implementation of the updated Medium Term Economic Policy (MTEP) 2017-20121.
It said the MTEP is pivotal to the development and the implementation of a new Economic Growth Strategy (EGS) currently being drafted, which will define in greater detail a more multi-sector approach in addressing Montserrat’s economic development challenges for the next ten or more years.
“The contribution from the European Union is expected to include support to key sectors identified in the MTEP, which are renewable energy and infrastructure development which are crucial to addressing accessibility constraints on the island.
“Moreover, the programme is expected to support the enhancement of Montserrat’s tourism, improve the business environment and encourage more inclusive private-sector development,” the statement added. (CMC)