GUYANA is among four Caribbean Community (CARICOM) countries that will benefit from projects approved under the standby facilities of the CARICOM Single Market Economy (CSME) and CARIFORUM-EU Economic Partnership Agreement (EPA).

The announcement was made by the Barbados-based Caribbean Development Bank (CDB) which said that projects had been approved for The Bahamas, Jamaica, Guyana and Trinidad and Tobago, as well as The Dominican Republic.
The Standby Facilities of the CSME and EPA were set up by the European Union and are being funded through the 10th European Development Fund (EDF) with €3.45M for the CSME Facility and another €3.5M for the EPA Facility.
According to the announcement, “the facilities are aimed at assisting Caribbean countries with furthering the implementation of the CSME and EPA at the national level.”
Guyana will be using its grant of US$171,856 for strengthening the institutional capacity of the National Accreditation Council (NAC) of Guyana.
The CDB said that the project aims to improve the capacity of the NAC to regulate the delivery of post-secondary educational services that are critical to improving productivity in the public sector and the competitiveness of the private sector, and positioning nationals to take advantage of the free movement regimes under the CSME and to facilitate increased local, regional and international investment in Guyana’s education sector.
It said too that the project will entail the development of a National Qualifications Framework based on the CARICOM Qualifications Framework; the development of a quality assurance and accreditation system based on international standards and best; and the drafting of regulations to support the full implementation of the mandate of the National Accreditation Council of Guyana.
Guyana will also benefit from a grant of US$104,052 for the Council for Technical and Vocational Education and Training (CTVET) of Guyana.
“The primary objective of the project is to improve the capacity of the CTVET to deliver quality and robust TVET services which are accessible to all Guyanese nationals. The project will entail the development of a TVET Financing Strategy and a Gender-Responsive TVET Communications Strategy, aimed at increasing enrolment and promoting equal participation by girls and women in TVET courses,” the CDB stated.
The EDF is the main instrument for European Union aid for development cooperation in Africa, the Caribbean, and Pacific (ACP) countries—countries that previously received preferential pricing for sugar sold on the European market.
EDF also supports many of Europe’s Overseas Countries and Territories (OCT). Funding is provided by voluntary donations by EU member states.