April 27, 2011

Regional heads worry about Libyan investments

Story Created: Apr 25, 2011 at 11:48 PM ECT
Story Updated: Apr 25, 2011 at 11:48 PM ECT
For the Caribbean governments, particularly those in the sub-regional Organisation of Eastern Caribbean States (OECS), the events unfolding in Libya are more than just an attempt to remove an African leader from power.
For the nine-member OECS grouping who have adopted their own lines of engagement with Libya, much to the concern of some opposition parties, their main concern is—what will become of Libyan investment projects in region?
"Whether we like it or not, we're still very much dependent on oil from the Middle East and most of our economies are driven by that," said Prime Minister Baldwin Spencer of Antigua and Barbuda.
In the midst of the unrest in Libya, leaders in the region have found themselves caught between the proverbial 'rock and a hard place'.
Many of St Vincent and the Grenadines' major development projects in recent years have benefited from Libyan funding. The opposition in St Vincent and the Grenadines has criticised Prime Minister Ralph Gonsalves' government for accepting what opposition leader Arnhim Eustace describes as "blood money".

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