CARICOM to set up Caribbean Investment Fund

Member countries of the Caribbean Community (CARICOM) have agreed to set up a Caribbean Investment Fund to help stabilize struggling economies in the region.

In a Communiqué issued at the conclusion of the conference of the CARICOM heads of government, the principals agreed to identify various sectors of the economy, including tourism, agriculture and construction as areas, which offered prospects for early resuscitation of economic growth – such as the economic crisis in Europe.

High on the conference agenda were the growth and development of CARICOM member state economies, and the implications for the region of global economic circumstances.

The principals also gave attention to developments in the financial markets, particularly those which have implications for major markets for CARICOM goods and services.

CARICOM leaders identified major factors that were integral to the difficulties being experienced and considered possible ways of addressing the high levels of unemployment which were also a threat to social stability.

It was determined that there was a need to re-examine policy approaches to growth and development and further agreed to review fiscal policy with a view to achieving a balance between taxation and expenditure to more adequately support economic growth and development.

There were requests that the Caribbean Development Bank structure its lending procedures and processes to assist in the thrust for growth and development in an effort to buttress CARICOM member states against external shocks.