Latest update April 17th, 2024 12:59 AM
May 13, 2010 News
– US$32 million in
grants from Canada, UK received
Guyana will be one of the Caribbean countries to benefit from the Inter-American Development Bank (IDB) which has approved a multi-faceted programme to improve competitiveness and boost private sector development in 15 Caribbean countries. This is according to the IDB in a statement released yesterday.
Donors provide funding for a comprehensive five-year programme aimed at boosting Caribbean private sector development.
The programme, known as Compete Caribbean, is a joint initiative of the IDB, the Canadian International Development Agency (CIDA), and the United Kingdom’s Department of International Development (DFID).
The programme will be implemented in Antigua and Barbuda, The Bahamas, Barbados, Belize, Dominican Republic, Dominica, Grenada, Guyana, Haiti, Jamaica, St Lucia, St Kitts and Nevis, St Vincent and the Grenadines, Suriname, and Trinidad and Tobago.
Compete Caribbean will provide technical assistance and investment funding to a variety of activities aimed at establishing productive development policies, implementing business climate reforms, launching clustering initiatives, and promoting small and medium-sized enterprises (SMEs) throughout the region.
The programme is to be carried out in close collaboration with regional institutions, Governments and private sector entities, at an estimated total cost of US$32.55 million.
CIDA is contributing a C’dn$20 million grant (around US$18.70 million) and DFID is providing a £8.656 million grant (approx. $13.85 million).
The IDB will establish and manage a program coordinating unit in Barbados for the effective implementation of the program. The Bank will also provide the expertise to identify, design and implement the projects included in Compete Caribbean.
The programme is expected to contribute to an increase in non-traditional exports, from the average 2.2 percent of GDP in recent years to a five percent of GDP by 2017. It is also expected to create 8,000 new jobs, and make measurable advances in gender equality indicators. All 15 countries are expected to advance positions in the global rankings measuring competitiveness and business climate.
According to the IDB, the Caribbean economies were hit hard by the recent global recession, given the inherent constraints of their size and their limited diversification. Tourism dropped, demand for Caribbean exports fell, and foreign direct investment decreased, bringing a reduction in income that significantly affected the countries’ GDP and national reserves.
“Even without the burden of the global downturn, the Caribbean economies face the structural challenge of defining new areas of competitive advantage”, said IDB project team leader, José Jorge Saavedra.
“We hope this initiative will help the region overcome some of its constraints to growth, and help increase productivity, exports, and employment in strategic sectors.”
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