SAN PEDRO, Belize – Guyana has presented a proposal to Caribbean Community (CARICOM) leaders outlining an “action oriented and solution-based” initiative aimed at reducing by 25 percent, the region’s multi-billion dollar food bill by 2025.
President Dr. Irfaan AliPresident Dr. Irfaan Ali outlined the proposal on the first day of the CARICOM Inter-sessional summit that is aimed at advancing the CARICOM Agri-food Systems Agenda.
Ali, who has lead responsibility for Agriculture, Agricultural Diversification and Food Security within the quasi-CARICOM Cabinet, is reported to have informed his regional colleagues that there has been concrete progress in access to financing for agriculture investment, financing through a facility called the CARICOM Sustainability Agriculture Credit Facility, otherwise known as the Credit Facility, using the Trinidad-based Republic Bank Limited as a lender.
“This is a special facility designed for agriculture activities including, but not limited to, development of priority crops, capital equipment for farming, feeder roads to provide access to arable lands, bulk storage for crops, processing plants, shade house farming.
“This provides funding for up to five years for repaying up to two billion Guyana dollars (One Guyana dollar=US$0.004 cents) to Guyana and US$100 million to all CARICOM member states, with interest rates as low as 2.5 percent,” ,according to a Guyana statement released late on Tuesday night.
It said that President Ali during his presentation outlined the significant contributions made over the one-year lifespan of the Special Ministerial Taskforce (MTF), with specifically developed investment projects in poultry, corn and soya, and mutton (black belly sheep).
In the area of de-risking the agriculture sector, the MTF received a proposal from the GraceKennedy Insurance Company Limited Jamaica and has started the first stage of implementation. The MTF has also commenced exploring public-private partnership models for transportation and logistics.
According to a Guyana government statement, President Ali made a detailed presentation on each country’s report of current and target commodities to achieve the 25 percent reduction by 2025, outlining both constraints and actions needed.
It said that at the same time he highlighted that coffee, cocoa, coconut, spices, hemp (industrial) and palm oil are high-value imported into CARICOM with potential for development in the region.
Production is expected to increase between 25 to 700 percent to be able to significantly reduce food imports by 2025. To achieve this, national expenditure on agriculture must be increased.
On average CARICOM member states expended an estimated 2.1 percent of national expenditure on agriculture. However, President Ali urged that a significant increase is required of about five percent expenditure in agriculture by 2025 by each member state with Guyana committed to expending 10 percent of the national budget to agriculture by 2025.
Ali also highlighted the global developments and its implication in the agricultural implications in the region.
The statement quoted the Guyana head of state as indicating the need to improve upon CARICOM Food Security through Enhanced Maritime Transport’ given the critical need for improved connectivity to foster the easy movement of cargo.
“In addition to adopting the recommendations, Heads pledged their full commitment to the plan as presented by President Ali,” the statement noted.
The CARICOM Inter-Sessional summit ends later on Wednesday.
