Compete Caribbean to Include St Kitts and Nevis

2010-05-21 20:22:32 by

A new program has been approved by the Inter-American Development Bank (IDB) to improve competitiveness and boost private sector development in 15 Caribbean countries. Compete Caribbean will be a joint initiative of the IDB, Canadian International Development Agency (CIDA), and the United Kingdom's Department of International Development (DFID).

The countries to be included are 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.

The program, estimated at (US) $32.55 million, 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 throughout the region. CIDA will contribute (US) $18.7 million, and DFID (US) $13.8 million grants.

Hopes are that Compete Caribbean will contribute to an increase in non-tradtional exports for the region, from 2.2% of GDP to 5% by 2017.