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is an initiative aimed at identifiying practical and implementable policies and activities to induce and create jobs in the Caribbean region through analytical work, knowledge exchange and inclusive dialogue.
Component I: Knowledge Products
Total: US$ 2,883,177
Project Name: Measuring Competitiveness for Private Sector Development in the Caribbean (RG-X1074)
Description: This project will develop baseline data and information to help governments better define their private sector development and competitiveness strategies. The findings and recommendations will help policymakers to identify, prioritize and implement Productive Development Policy and Business Climate Reforms to support efficient private economic activity. The purpose is to gather comparable data about the set of institutions, policies, and factors that determine productivity, business climate constraints, and the factors that hinder firm performance and growth. This information will also form the baseline for evaluation of reforms under the Compete Caribbean program.
Project Name: Skills Development for Global Competitiveness in the Caribbean (RG-X1075)
Description: This project will increase institutional capacity to generate and share world-class and Caribbean-specific knowledge products on private sector development and competitiveness; and upgrade the technical capacity of academics and public and private sector officials in cutting edge approaches to competitiveness, business climate reforms, clustering and SME development.
Project Name: Private Sector Development Strategies For the Eastern Caribbean States (RG-T1767)
Description: To develop private sector development strategies for six independent OECS member countries, identifying potential projects to support the private sector in the OECS countries and generating linkages and synergies with the Bank’s regional operations in CARICOM.
Project Name: Regional Study on Regulations for the Microfinance Sector in the Caribbean (RG-CC1005)
Description: Focusing on the English-speaking Caribbean, this study will explore: (a) the case for strengthening regulation of microfinancing institutions in the region; (b) a comparison of “prudential” versus “non-prudential” regulation; (c) the concept and implication of “self-regulation” and supervision; (d) an analysis of the existing regulatory arrangements for MFIs in each Caribbean country, their effectiveness and how they impact financial services for MSMEs; (e) the sustainability challenges facing various types of MFIs in the region, especially credit unions.
Project Name: Best Practices to Improve Inter-American Private Sector Competitiveness (RG-CC1006)
Description: The project will fund up to eight studies of private sector best-practice in sectors including renewable energy, innovation in services, trade facilitation and business climate. The objective of these studies is to share knowledge and experiences, identify best practices, and propose policy recommendations to facilitate strengthening of these areas in Latin America and the Caribbean.
Project Name: Supply and Demand Side Assessment of Impact Investment within the Caribbean (RG-CC1015)
Description: Impact Investing is an emerging industry in which investors actively allocate capital to businesses and funds in order to generate social and/or environmental good and at least return nominal principal to the investor. The study will examine the existing impact investment activities in the region; the feasibility of increased activity in this area including the demand for and availability of such financing; and the role of government policy in creating an enabling environment for impact investment in the region. The study will be conducted in the following countries: Haiti, DR, Jamaica, Trinidad & Tobago, Barbados.
Business Climate Reforms and Public-Private Dialogue
Total: US$ 7,410,100
Project Name: Assessment and Implementation of Business Climate Reforms in Jamaica (JA-X1002)
Description: The objective of the project is to support the improvement of the business climate in Jamaica by: (a) building knowledge on the main constraints to private sector development; (ii) facilitating increased access to finance by implementing a secured transaction framework; (iii) supporting increased financing for infrastructure projects by fostering Public-Private Partnerships (PPPs). The counterpart agency is the PIOJ.
Project Name: Policy and Institutional Framework for SME Development in the Bahamas (BH-CC2003)
Description: The project will finance: (a) a mapping of the supply and demand of financial and non-financial services in the Bahamas, including the Family Islands and the production units prevailing therein; (b) the design of a new institutional framework for SME development and its implementation plan; (c) the establishment of a resource center to support and promote entrepreneurs and small business owners; (d) necessary participatory diagnostic and dialogue among different stakeholders in order to design the appropriate strategy, institutional set-up and instruments to support enterprise development in the Family Islands; and (e) the drafting of legislation to support the new SME development framework.
Project Name: Investment Promotion and Economic Development Framework in Jamaica (JA-CC2006)
Description: The resources allocated to this project will be used to: (a) analyze the sectors with most potential for investment, (b) design and implement a policy framework for attracting investment and (c) create a forum for dialogue between potential investors and Jamaican stakeholders.
Project Name: Roundtable on Private-Public Dialogue in the Caribbean (RG-CC2002)
Description: The project will coordinate and execute a roundtable for a Caribbean delegation to share private sector development experiences and identify areas for greater collaboration with regards to enhancing competitiveness.
Project Name: Regional Consultation of Priorities to Foster Private Sector Development in the Caribbean (RG-CC2001)
Description: The resources allocated to this project will be used to organize a workshop that will: (a) give stakeholders in the Caribbean’s private sector a chance to voice their assessment of the major constraints to private sector development in the region; and (b) allow Compete Caribbean personnel the opportunity to sensitize and inform private sector development stakeholders about the Program and drive demand for its resources
Project Name: Strengthening the Financial Sector Regulatory and Supervisory Framework in Trinidad and Tobago (TT-CC2008)
Description: The project will finance the hiring of two consultants (one international; one national) that will provide better understanding of TT’s financial system structure and its challenges. The two consultants will work together to: (a) carry out an extensive assessment of the regulatory and supervisory reforms needed in the country, building on the recommendations of the IMF Financial Sector Assessment Program Report (FSAP), international best practices and the realities of TT’s financial sector; and (b) Provide technical support for the implementation of financial sector reforms. This would include the definition of an action plan for the introduction of these reforms, technical assistance regulatory bodies and the identification of needs to further strengthening of these entities.