Local Firm Awarded First Compete Caribbean Technical Assistance Grant in Barbados

compete-place-holder

Bridgetown, Barbados, June 11, 2014 – Caribbean LED Lighting has successfully won a bid to further develop its business and increase its export markets through Compete Caribbean technical assistance valued at USD250,000.
Compete Caribbean is a private sector development program that provides technical assistance grants and investment funding to support productive development policies, business climate reforms, clustering initiatives and Small and Medium Size Enterprise (SME) development activities in 15 Caribbean countries.
The program is jointly funded by the Inter-American Development Bank (IDB), the United Kingdom Department for International Development (DFID) and the Government of Canada (the Government of Canada). Projects in the OECS countries are implemented in partnership with the Caribbean Development Bank.
Caribbean LED Lighting, Inc. is the first Barbadian firm to receive a grant from the Compete Caribbean program and one of eight firms in the Region to be awarded a grant to date. A component of the Compete Caribbean program is its Enterprise Innovation Challenge Fund, which has opened five calls for proposals for individual firms and yielded 590 applications from firms around the Region since the inception of the Program in 2010. Of the almost 600 firms to apply, 40 firms have also been the recipients of technical assistance from the Program.
IDB Country Representative, Joel Branski said: As one of the major donors of the Compete Caribbean Program, the IDB is delighted that the first grant to be awarded in Barbados is to support the development of a renewable energy product. Since 2009 the IDB has provided technical and financial support to the Government of Barbados with the objective of reducing Barbados’ fossil fuel dependency by encouraging the promotion of renewable energy and energy efficiency projects and initiatives.
He further added that nearly 90 percent of the energy consumed in Barbados comes from imported oil and any energy saving or fuel substitution will have a direct impact in terms of financial savings, carbon emissions reduction, the creation of fiscal space and the creation of jobs.
He concluded: The WINSUN project will not only reduce the cost of energy, but will also improve the overall competitiveness of the country and support the sustainability of Barbados’ economic and social development.
Meanwhile, Executive Director of Compete Caribbean, Sylvia lauded the project: The WINSUN project is a shining example of innovation responding to current local dynamics and addresses the most major energy concerns in Barbados. It is a resounding success story for Barbados, for Compete Caribbean and for the region. The company’s focus is on being the primary supplier of high quality, economical LED lighting solutions and this grant will no doubt go a long way in helping them achieve their goals.

Compete Caribbean is a private sector development program that provides technical assistance grants and investment funding to support productive development policies, business climate reforms, clustering initiatives and Small and Medium Size Enterprise (SME) development activities in the Caribbean region. The program, jointly funded by the Inter-American Development Bank (IDB), the United Kingdom Department for International Development (DFID) and the Government of Canada (the Government of Canada), supports projects in 15 Caribbean countries. Projects in the OECS countries are implemented in partnership with the Caribbean Development Bank.

For Further information, contact: Communications Officer, Karen Mahy, kmahy@iadb.org

Share on facebook
Facebook
Share on google
Google+
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on pinterest
Pinterest