EU Provides Additional 3.68M Euros to Fund Regional Private Sector Development

The European Union and CARIFORUM have agreed to top-up by 3.68 million euros (US $4.4 Mil) the EU-funded Regional Private Sector Development Programme implemented by the Caribbean Export Development Agency. This brings the overall EU support granted to the programme to 27.68 million euros (US $33 Mil).

The European Union and CARIFORUM upgraded the programme given the unprecedented situation the Caribbean region faced this year as a result of the COVID pandemic. Similarly, the duration of the programme was extended by one year, to end in 2022 (2017-2022).

“With these additional funds for the Caribbean Small and Medium Size Enterprises (SMEs), the European Union wants to reaffirm its commitment to stand by the countries of CARIFORUM and the Region in this critical time and the times ahead” declared Malgorzata WASILEWSKA, Ambassador of the European Union to Barbados, the OECS states, the OECS and CARIFORUM/CARICOM.

The additional funds should be directed to the Direct Assistance Grant (DAGs) scheme, to further assist Caribbean Small and Medium Size Enterprises with mitigating the impact of the coronavirus (COVID-19) pandemic on their activities. The Direct Assistance Grant scheme provides specific non-reimbursable support to companies to strengthen their export capacity and competitiveness. In place for around 20 years now, the Direct Assistance Grant scheme channelled over 12 million euros (US$14.3M) to the benefit of over 600 firms across the region.

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