The Caribbean Development Bank (CDB or "the Bank") and the European Union (EU) have a contract to manage the Caribbean Community (CARICOM) Single Market and Economy (CSME) Standby Facility for Capacity Building and the CARIFORUM-EU Economic Partnership Agreement (EPA).The Facility, which is being implemented by CDB, is funded by the 11th European Development Fund (EDF).
15 nations have access to more than EUR350,000 in assistance and expertise to develop local initiatives to boost trade, the economy, and the quality of life for their population thanks to this cooperation. The fund encourages each nation to improve its capacity to sell more of its goods and services in the European and Caribbean markets. With funding and support from the Standby Facility, over the course of four years, initiatives being carried out by government agencies, business support organizations, and ministries involved in trade and integration will cooperate with CDB to advance the CSME and the EPA (the EU's trade and development agreement with regional governments). The CARICOM Regional Organization (CROSQ) is overseeing the Strengthening of Regional Quality Infrastructure in Dominica project, which is one of the seven approved projects being implemented that will have an impact on the Organization of Eastern Caribbean States (OECS). This project is worth USD874, 932 and aims to boost manufacturing, lower production costs, and increase business competitiveness.
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