Sat | Jan 19, 2019

EU launches facility to assist regional countries transition

Published:Sunday | May 6, 2018 | 10:53 AM
The headquarters of the European Commission in Brussels, Belgium.

BUENOS AIRES, CMC – The Economic Commission for Latin America and the Caribbean (ECLAC) says the European Union (EU) has launched the Regional Facility for Development in Transition for Latin America and the Caribbean.

ECLAC said the tool was presented by Stefano Manservisi, director general of International Cooperation and Development of the European Commission; Mario Pezzini, director of the Development Center of the Paris-based Organization for Economic Cooperation and Development (OECD), and Mario Cimoli, deputy executive secretary of ECLAC.

The Regional Facility for Development in Transition for Latin America and the Caribbean is an EU-led initiative, developed with the support of OECD and its Development Centre and ECLAC.

“The objective of this Facility is to promote sustainable development in Latin America and the Caribbean, while countries transition to higher levels of income,” Manservisi said. “It will support the design and implementation of public policies to fulfil the Sustainable Development Goals.”

ECLAC said the concept of ‘development in transition’ is particularly significant in Latin America and the Caribbean, where most countries are reaching higher income levels but continue to face structural challenges.

“The challenges are linked, amongst others, to inequalities, regional disparities, domestic resource mobilization (DRM), weak social frameworks, as well as weak innovation capacities and diversification.”

“In this transitional process, whilst countries work to address internal vulnerabilities, they also face a new landscape crowded with global risks, which require national and coordinated regional and international responses,” ECLAC said.

Through this facility, the EU will strengthen its engagement with partner countries in Latin America and the Caribbean, as well as with multilateral organizations to adapt and offer adequate support.

The facility will assess how transitions to higher levels of income can benefit from improved strategic and policy capacities to achieve the United Nations’ 2030 Agenda for Sustainable Development, ECLAC said.

It said the facility will also pilot tailored initiatives to offer new responses to changing realities and challenges.

The EU has allocated an initial EUR 9.5 million to the facility.