MercoPress. South Atlantic News Agency

Falklands receives €4.13 million in development funds from EU and praise for good governance

Falklands’ Representative Sukey Cameron and EU Commission Director for Latin America and Caribbean, Jolita Butkeviciene (Photo: EC Martin Hansen)

Falklands Islands received €4.13 million from the European Union to support sustainable growth through economic diversification under the European Development Fund (EDF) through mid-2013 to early 2016.

On 3 July 2013, Director Jolita Butkeviciene and the head of FIGO, Sukey Cameron, MBE, signed the Single Programming Document for the Falkland Islands in the frame work of the 10th European EDF for the development strategy of the Falkland Islands, with an emphasis on the economic development and diversification of the territory.

Since the Falklands’ small economy is highly dependent on fisheries, economic diversification efforts to be supported through 10th EDF funding to the Islands will aim to strengthen two important areas: rural development and tourism. With the EU support the Falkland Islands Government is seeking to develop the economy whilst protecting its traditional way of life.

“The EU understands the importance of focusing on the chosen sectors and we fully intend to ensure the close links between the EU and the Falkland Islands in the future”, said Director Jolita Butkeviciene during the signing ceremony.

Under EU rules the most effective way of providing such programs is through a Good Governance Development Contract (as budget support).

The EU release points out that the Falkland Islands have a proven record of making good use of EDF support and the Islands Plan 2012-2017 provides a suitable framework, particularly as it is focussed on economic diversification to mitigate the economic volatility associated with its major industry.