| Belize to receive $BZ 32.5 Million Under 10th European Development Fund |
SC Admin |
07/27/2007
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Associations , Economy, Trade & Investment
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Funds to improve social infrastructure in rural areas
Belmopan - 26 July, 2007 -- The
Ministry of National Development announces that official confirmation
has been received from the European Commission Delegation in Jamaica
that a grant of Euro 11.8 million, or BZ $ 32.5 million has been
allocated to Belize under Envelope ‘A’ of the 10th European Development
Fund.
This BZ $ 32.5 million allocation represents a 20% increase from the
original allocation indicated earlier by the European Commission. The
increase in allocation is provided by the European Commission as an
incentive to Belize and was calculated on the basis of Belize’s
performance in governance, and credibility and extent of Belize’s
commitment to governance reform.
Earlier this year the Ministry of National Development submitted
Belize’s recent achievements in improved governance and Government’s
plans for governance reform to the Commission, and based on this
assessment Belize was granted 20% of the maximum 30% incentive.
The focus sector of the 10th European Development Fund is integrated
rural development which is consistent with the overall EC programme in
Belize. The Ministry indicates that this grant will target the
improvement of social infrastructure in rural areas, improvement of the
efficiency and competitiveness of rural industries and the
diversification of rural enterprises. All of these interventions are
consistent with Government’s recently approved National Poverty
Elimination Strategy and Action Plan 2007-2011.
The Ministry also announces that the European Commission has approved
an additional sum of Euro 600,000 or BZ $ 1.6 million under Envelope
‘B’. Funding under Envelope ‘B” is targeted to be used for unforeseen
needs such as emergency assistance, contributions to internally agreed
debt relief initiative and support to mitigate the adverse effects of
instability in export earnings. Joint programming for the use of both
Envelopes ‘A’ and ‘B’, Envelope ‘B’ is expected to begin in early 2008.
For further information please contact the Ministry of National Development at 822-2527/1495 or at econdev@btl.net.
Source: belize.gov.bz
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