Island in line for EU funds
THE EUROPEANS HAVE SHOWN that they are no fair-weather friends to Barbados by putting more than €8 million (BDS$18 million) of grant money into the local Treasury last year.
But if the island meets a number of conditions set out by the European Union (EU) the island could get three times that amount or $54 million this year in budgetary support.
The revelation was made by Mikael Barfod, Ambassador and head of the EU to Barbados and the Eastern Caribbean, as he spoke to members of the Rotary Club of Barbados at Hilton Barbados yesterday.
Barfod told the Rotarians: “A large chunk of the aid to Barbados and the OECS is provided as budget support. After assuring ourselves that the macroeconomic situation is stable, the aid is provided in tranches, where each time we ensure that detailed criteria [are] fulfilled in terms of agreed policies, performance targets such as the number of people trained and other concrete milestones achieved.” (GE)
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