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The Ministry of Finance, Economic Affairs and National Development and Sequa gGmbH signed a Memorandum of Understanding (MoU) as part of Public Finance Management (PFM) framework which seeks to promote sound financial management and develop a regulatory framework for Small and Medium Enterprises (SME) friendly procurement.

The major objective of this agreement is to contribute to the strengthening of the competitiveness of the economic sector of Saint Lucia to take part in public procurement of goods, services and works.  The Ministry of Finance, Economic Affairs and National Development is positioned to achieve the following goals of the programme:

• Elaboration of new procurement act
• Ensure the application of the future act through contracting authorities
• Related staff falling under this act

Sequa will assist the Ministry of Finance, Economic Affairs and National Development by providing financial and technical assistance for:

• Hiring of team for drafting new Procurement Legislation taking into consideration the initiatives of CARICOM and CARICAD towards a harmonised procurement act;
• Training needs assessment by a Technical Assistance team;
• Purchase of license for use of standard training;
• Public private roundtable discussion on issues emanating from procurement act;
• Training based on the application of standards acquired and in core areas
• Conduct two training workshop: training based on the new Procurement Act (at least 30 persons trained in basic over two weeks, training of trainers at least one week)
• Design of additional training modules.

The project commences on on July 28, 2010, the date of signing of the MoU and will be implemented until December 2010.  In this regard Sequa has secured the sum of Three Hundred and Forty Six Thousand Eastern Caribbean Dollars (EC$346, 000) for this initiative.