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Jamaican Diplomat Appointed CEO of CARICOM Development Fund

by Amanda Banks, Tax-News.com, London

17 November 2008


Lorne T McDonnough, a Jamaican diplomat, has been appointed the first Chief Executive Officer of the recently launched CARICOM Community Development Fund (CDF).

McDonnough assumed the position at the CDF headquarters in Bridgetown, Barbados on November 1, making him responsible for the overall administration, co-ordination of activities and programmes of the fund.

The CDF was created in accordance of the Revised Treaty of Chaguaramas to assist disadvantaged member states, regions and sectors to mitigate dislocating or other adverse effects of the CARICOM Single Market and Economy (CSME) and to promote equitable development.

CARICOM member states have committed to provide the CDF with start-up financing of USD120m for its first four years of operation, with plans for additional counterpart funding from targeted prospective donor countries, institutions and the private sector for at least a similar amount. The fund is managed by a Board of Directors drawn from CARICOM.

Ambassador McDonnough was previously the senior official responsible for Jamaica’s trade negotiations. The new CEO has also had a distinguished career in the Jamaican Foreign Service, serving in a number of capacities over the past twenty-three years. He was Jamaica’s High Commissioner to Trinidad and Tobago and the Eastern Caribbean, as well as Ambassador to Suriname, and Consul General to the Netherland Antilles, and Permanent Representative to the Association of Caribbean States (ACS).

Prior to his service as Jamaica’s envoy in the Eastern Caribbean, Ambassador McDonnough was the Executive Secretary of the Economic and Social Commission in the Secretariat of the Organization of American States (OAS) and later the first Director of the OAS Tourism Unit.


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