Above: the Turks and Caicos House of Assembly

By the Caribbean Journal staff

The European Union has agreed to invest $15 million to make the Turks and Caicos Islands government “more business friendly,” according to the Governor’s office.

The agreement between the EU and TCI was signed by Paola Amadei, the EU Ambassador resident in Jamaica, and Anya Williams, Acting Governor of the TCI.

According to a statement, the funding will be used to “reform the way that government interacts with the private sector in order to stimulate economic activity.”

The money will be paid out of the EU’s 10th European Development Fund in a series of three tranches, with the first starting in March 2014.

“This announcement is crucial for the effective operation of the Turks and Caicos Islands in two ways,” Williams said. “This EDF10 cash provides our Government with new resources to invest in our ongoing reform of the public sector, and also practically demonstrates the benefits of being part of the United Kingdom and its membership of strategic international organizations.”

Amadei was making her first visit to the Turks and Caicos Islands this week.

“A better business climate will facilitate easy entry into the market, enable entrepreneurs to build their businesses and reinvest in the TCI resulting economic growth,” said Finance Minister Washington Misick.