Montserrat Receives First Tranche of EC $54 Million European Union Aid
The European Union has disbursed EC$17.55 million or 5.72 Million Euros to the Government of Montserrat.
This is the First Fixed tranche under the Multi Sector Sustainable Economic Development Budget Support Programme.
The assistance is inclusive of an emergency top-up payment of EC$1 million or 320,000 euros as additional support to help with the economic recovery of Montserrat after Hurricane Maria struck in September 2017.
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).
The assistance is expected to support Montserrat's renewable energy thrust and new port development to facilitate accessibility to the island. It is also geared towards enhancing the island’s tourism industry as well as improving the business environment and more inclusive private sector development.
The overall programme (Grant) of the current 11th European Development Fund (EDF) intervention is approximately EC$57.35 million or 18.72 Million Euros.
The programme is expected to run until 2022, with EC$54.30 million (€17.72M) earmarked for multi sector development as budget support.
Montserrat also benefits from regional EU assistance for Overseas Countries and Territories (OCTs).