The Board of Directors of the Caricom Development Fund (CDF) will start full operations tomorrow.
According to a Caricom press release the date was set after the Fifth Regular Board Meeting approved the regulations and procedures which will govern the CDF operations. Among the governance rules and procedures approved were the Appraisal and Disbursement Procedures and Guidelines and the Procurement Procedures. Both of these define the rules related to the CDF’s consideration of requests for grant or loan funding and related procurement activities, the release said.
In determining the targets and ratios that will condition disbursement, the board considered the current level of the CDF capital fund which now stands at US$77.7M. It also considered the sustainability of the capital fund, the need to turn around project requests within three months and issues of equity which will ensure that all eligible member states have a reasonable expectation of accessing CDF resources. The board also considered the global financial crisis and the increased challenge of raising donor funding in this environment.
To be eligible for consideration of grant or loan funding member states must be fully paid up in accordance with the agreement. The governance rules and procedures will be posted on the CSME website on Friday.
