Barbados has signed a EUR10.13m financing agreement with the European Union to assist with the modernisation of the country's International Business and Financial Services sector.
Minister of State in the Ministry of Finance, Investment and Telecommunications, Senator Darcy Boyce, signed the accord on behalf of the Barbados government, while Head of the European Delegation, Valeriano Diaz, initialled on behalf of the EU.
The first tranche of EUR4.75m will be made available subject to compliance with EU General Conditions, while the second tranche will be disbursed against specific performance indicators such as quarterly or annual reports. The money is part of the EU's annual development assistance, following the reform of the European Union's sugar regime.
In his remarks, Boyce said: "The resources of the Accompanying Measures for Sugar Protocol Countries Initiative 2007-2010 is provided by way of Budget Support rather than direct Project Financing as occurred in previous programmes. In order to qualify, it therefore requires the preparation of a Multi-Annual Action Plan, which consists of a number of projects for the said period, that is, 2007 - 2010. One such project is the support to the International Business and Financial Services Sector."
Ambassador Diaz in commending the Government of Barbados, said it "should be recognised for its unwavering guard of an international reputation as a jurisdiction of quality and integrity in the realm of international business and financial services". He added: "The expansion of this sector is naturally central to the country's economic diversification strategy and the EC is committed to continue supporting its expansion."
“The EC will be contributing EUR427,000 in technical assistance towards the establishment of an international Institute of Financial Risk and Regulation. This institute will share the physical premises of the Cave Hill School of Business of the University of the West Indies, and will have the principle purpose of becoming an internationally accredited centre, developing world-class training for regulators, relevant Government officials, private risk managers and general managers in financial service companies in the areas of anti-money laundering, financial regulation, corporate governance and risk management. It will also seek to offer courses that lead to internationally recognised certification in these specific and related areas."
Through support to the International Business and Financial Services Sector, the programme will contribute significantly to addressing priorities in respect of competitiveness, employment creation and the maintenance of real wages, noted the Barbados government's statement.
.
Network Tweets Archive
| Resources | Partners
| Site Map | Links
| Newsletter
Archive | Contact
| RSS Feeds
About | Syndication |
Advertising & Marketing |
Recruitment |
Terms & Conditions |
Privacy
Copyright © 2012 - All Rights Reserved - Tax-News.com
All content provided by BSI Media
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment