Compete Caribbean Channeling $6M More to Blue Economy Businesses

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FEBRUARY 21, 2020 – The Government of Canada is injecting an additional CAD$6 million to the Compete Caribbean Partnership Facility (Compete Caribbean) to boost private sector growth in the blue economy.

The announcement came this week as Canada’s Minister of Foreign Affairs, Francois-Philippe Champagne, participated in the 31st Inter-Sessional Meeting of the Conference of Heads of Government of the Caribbean Community in Barbados.

Compete Caribbean is a private sector development program that provides technical assistance to support productive development policies, business climate reforms, clustering initiatives, and technology and innovation in Small and Medium Size Enterprises (SME) in the Caribbean region. The program is jointly funded by the Inter-American Development Bank (IDB), the United Kingdom Department for International Development (DFID), the Caribbean Development Bank (CDB) and the Government of Canada.

Currently financing 43 projects worth US$14.7 million across 13 Caribbean countries, Compete Caribbean uses targeted instruments including gender-inclusive clusters and value chains; private sector entrepreneurship and innovation; technology adoption; knowledge generation and dissemination; institutional strengthening of intermediary actors; and policy and regulatory reforms to foster private sector growth.

Executive Director of Compete Caribbean, Dr. Sylvia Dohnert, said, “Caribbean countries have large oceanic Exclusive Economic Zones and so, for them, the blue economy holds tremendous potential for growth and economic diversification. Using our tried and proven instruments, this additional $6 million will be applied to help Caribbean firms tap into this rapidly developing space to generate economic growth and employment in the Caribbean.”

“This will impact not only the ability of the Caribbean region to diversify into products and services in the blue economy that could have a global market, but potentially strengthen its capacity to become more resilient to climate change related threats,” she added.

The Compete Caribbean Partnership Facility is currently supporting blue economy projects in St. Lucia, Belize, and Barbados.

About Compete Caribbean

 
Compete Caribbean (CCPF) is an innovation and partnership facility that delivers innovative and practical solutions that stimulate economic growth, increase productivity, and foster innovation and competitiveness in 13 countries across the Caribbean region. CCPF is a partnership between the Inter-American Development Bank (IDB), the United Kingdom Department for International Development (UKAid), the Caribbean Development Bank (CDB) and the Government of Canada.

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