Saint Kitts and Nevis is a high income country and a small open economy. The country's economy is in profound change. The export of sugar has been abandoned in favour of the promotion of the service sector. This financial imbalance intensified the impact of the global economic and financial crisis on the local economy, increasing the vulnerability of the island in terms of poverty and unemployment.
Under the 11th European Development Fund (EDF), Saint Kitts and Nevis benefits from €2.8 million which will focus on the developing of a sustainable energy sector, with an emphasis on renewable energy and energy efficiency.
Under the 10th EDF, Saint Kitts and Nevis was allocated €4.5 million in favour of improving the security and safety programme in the country.
As a member of the Caribbean Community (CARICOM) and the Forum of the Caribbean Group of African, Caribbean and Pacific ACP States (CARIFORUM), Saint Kitts and Nevis benefits from regional programmes funded under the Caribbean Regional Indicative Programmes.
Saint Kitts and Nevis is also a signatory of the CARIFORUM-EU Economic Partnership Agreement (EPA), a comprehensive free trade agreement with a strong focus on development cooperation.