§ 48. Mr. Spearingasked the Minister of Overseas Development if she will make a statement on the outcome of the Caribbean Group for Co-operation in Economic Development which met in Washington last week.
§ Mrs. HartThe meeting agreed on the establishment of a Caribbean development facility, which will total at least $125 million over the next 12 months and will represent additional financial and development assistance to the countries of the Caribbean. Among those who propose to contribute to it are the United States, Venezuela, the OPEC Special Fund, Canada, France, the Netherlands, Norway, and, of course, ourselves.
Special attention has been given to the immediate problems of Jamaica, Guyana and Barbados, arising from their dependence on imported oil and the fall in the prices of their exports. It was agreed that some $52 million will be made available to Jamaica under the facility in the next 12 months, including $10 million—£5.5 million—from the United Kingdom. 371W The World Bank is also mobilising help for Guyana and Barbados, while the needs of the smaller islands are also seriously to be considered.
I am very happy with the outcome, and believe that the United Kingdom has played an important and constructive role in the success which has so far been achieved.