The Multilateral Investment Fund (MIF), a member of the IDB Group, will support the Barbados-based nongovernmental organization with a US$150,000 grant to strengthen the Green Business Barbados standards initiative, a program that seeks to be affordable, practical and able to deliver economic returns to Barbadian small and medium enterprises (SME’s).

The program will help 20 Barbadian SMEs achieve Green Business Certification, which will improve their competitiveness and save operating costs by allowing them to reduce waste and make more efficient use of energy and water. It will also provide the companies with the opportunity to position and market themselves as “green” businesses, increasing their brand value.

The MIF’s assistance will also help the create ways for micro, small, and medium enterprises to finance their transition into the green business sector.

The program will not only contribute to a reduction of the country’s carbon footprint, but will also create new opportunities for businesses that offer products and services related to renewable energy, energy efficient technologies, and recycling.

The agreement was signed by IDB President Luis Alberto Moreno during the 15th Foromic, the region’s leading forum for supporting and financing microenterprises, SMEs, and small farmers, just held in Barbados.