EU disburses second budget support payment of EC$11.98 million to Montserrat

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EU disburses second budget support payment of EC$11.98 million to Montserrat

(PRESS RELEASE) – The European Union has continued its support to the Government of Montserrat (GoM) through the release of the Second Disbursement Payment of EC$11.98 million (€4.00M) under the 11th European Development Fund (EDF) Montserrat Multi Sector Sustainable Economic Development Budget Support Programme.

This disbursement comprised of the Second Fixed Trance EC$5.99 million (€2.00M) and the First Variable Tranche EC$5.99 million (€2.00M) which was achieved by the GoM successfully accomplishing specific performance indicators under the Programme.

The release comes after a mission to Montserrat by EU Head of Delegation, Ambassador Daniela Tramacere, who commended the Montserratian authorities on the continued progress in the implementation of this programme. The Ambassador specifically made reference to the Government’s renewable energy policies, where the GoM is striving to attain a 100% green economy.

The overall objective of the Budget Support Programme is to assist in setting Montserrat on a path of sustainable economic development, based on its 2017-2021 Medium Term Economic Policy (MTEP). This Policy is the building block of a new Economic Growth Strategy which defines in greater detail a more holistic multi-sector approach in addressing Montserrat’s economic development challenges for the next 10 or more years.

The European Union continues to support Montserrat’s efforts to create a coherent, comprehensive and sustainable policy framework that will ensure sustained and inclusive economic growth in the long term. The Government of Montserrat will direct this assistance to support key enablers identified in the MTEP, which are renewable energy and other backbone infrastructure developments in areas crucial to address accessibility constraints to the island, notably a new port development. Moreover, the assistance is expected to enhance Montserrat’s tourism offer, while also taking steps to improve the business environment and encourage more inclusive private-sector development.

The EU has provided development aid to Montserrat since 2009. The overall programme budget for the current 11th EDF intervention is approximately EC$57.35 million (€18.72M) until 2022, with EC$54.30 million (€17.72M) earmarked for multi sector development as budget support. Montserrat also benefits from EU assistance channelled through the EDF Caribbean regional envelope for Overseas Countries and Territories (OCTs).

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