The agricultural sector is set to receive a major economic boost in the coming weeks from the European Union’s disbursement of additional funds to the Government of the Republic of Trinidad and Tobago.
The Charge d’Affaires of the European Union Delegation will Thursday present TT$120 million to the Minister of Planning and Sustainable Development, Dr. Bhoe Tewarie and Minister of Food Production, Devant Maharaj.
This disbursement is the fixed tranche from a new agreement signed between the Government and the EU earlier this year.
The assistance will be disbursed in three tranches, one fixed and two variable, within the period 2013-2015, which will only be done based on the EU assessment that general conditions and specific Performance Indicators have been met.
To date, the EU has provided $80m to the Trinidad and Tobago Government to assist with food security and economic diversification focusing on revitalizing the agricultural sector.