The European Commission recently presented EUR 4.38 million (EC$14.4M) to the Government of Dominica which represents the first tranche of an EUR 11.8 million (EC$41.5M) grant that will be used as budget support for poverty reduction through private sector development, increased competitiveness and sustained economic growth.
The assistance is being provided under the 9th EDF programme and supports the Government in implementing its Medium-Term Growth and Social Protection Strategy (GSPS). The objective of this Sector Budget Support Programme is the improvement of the investment climate in Dominica, based on the corresponding policy measures outlined in the GSPS, notably through further development and implementation of a National Investment Strategy.
The main results are expected in the following areas:
- Strengthening of the investment institutional environment;
- Strengthening of customs services; and
- Reforming the regulatory framework for the energy sector.
It is being carried out in collaboration with the World Bank through its Technical Assistance Grant which has set performance indicators and will be monitoring the implementation of the programme.