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3/6/06

Virgin Islands News: EU-Africa's transportation pact by Ronald Sanders

For the full report go to: Virgin Islands News

EU-Africa's transportation pact by Ronald Sanders

One of the major problems facing the countries of the Caribbean Community and Common Market - CARICOM - as they try to operate a single market, launched on Jan. 30, is sea and air transportation. The West Indian Commission, in its seminal report to CARICOM governments on the way forward for Caribbean development 14 years ago, said: "West Indian integration would wither on the vine and die without adequate sea and air transportation services." ow, the European Union (EU) and Africa may have pointed the way forward. On Feb. 9, the two regions signed a memorandum of understanding, establishing an EU-Africa Infrastructure Partnership Trust Fund.

According to a press statement: "This initiative will provide EU financial support for trans-border infrastructure projects that link African countries and regions and close gaps in regional infrastructure networks. The focus will be on projects in the energy, water, transport and communications sectors."

The arrangement envisages that "during a first phase (2006-2007), the EU-Africa Infrastructure Partnership Trust Fund will benefit from 60 million Euros in European Commission grants, primarily for interest rate subsidies on an anticipated 220 million to 260 million Euros of EIB lending."

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