RG-T3365 – Establishment of Credit Bureau in the Eastern Caribbean Currency Union (US$114,125)  (2019-2023)

Objective: To strengthen the capacity of the Eastern Caribbean Central Bank (ECCB) to regulate and supervise a private credit bureau for the Eastern Caribbean Currency Union (ECCU)

Counterpart: Eastern Caribbean Central Bank (ECCB)

Results: Diagnostics and assessments of ECCB’s institutional arrangements, including its structure, business processes, staffing levels, and staff qualifications, were completed in May 2020. Action plans were designed to reorganize and establish new institutional arrangements that support effective regulation and supervision of the credit bureau. An Operations Manual, detailing procedures for the regulation and supervision of the credit bureau, was developed. Governance models were designed and implemented, including issuing guidelines, standards, and revised job descriptions. Training workshops were conducted to familiarize staff with the procedures outlined in the Operations Manual.

Additionally, the project updated the communications strategy for implementing a communication campaign to introduce the Credit Bureau to the OECS region. A monitoring and evaluation plan was developed to collect baseline and post-intervention data, specifically focusing on awareness levels of the credit bureau’s operations and benefits, as well as entrepreneurs’ access to credit. Awareness raising campaigns, aimed at increasing awareness among entrepreneurs and consumers, were designed and implemented. The licensed credit bureau underwent a rebranding process, changing its name from Creditinfo ECCU Ltd to EveryData ECCU Ltd

At the end of the project in 2023, the licensed credit bureau, EveryData ECCU Ltd, was focused on soft launches in St. Kitts and Nevis (SKN) and Antigua and Barbuda (ANU). Subscriber agreements had been established with one financial institution in SKN, two in ANU, and one in Grenada (GDA). Additionally, the ECCB conducted a seminar on Credit Reporting to enhance the understanding of ECCB staff, Policy Units, Planning Units of ECCB member countries, and Directors of ECCU Social Security Schemes. The seminar covered various topics related to credit reporting, including the credit bureau overview, credit reporting ecosystem, regulation, credit scoring, information collection, corrections, security standards, and credit reporting benefits.

RG-T3517 – Strengthening the Entrepreneurship and Innovation Ecosystems in the OECS (US$598,813) (2020-Jan 2025)

Objective: To strengthen the entrepreneurship and innovation ecosystems of six member states of the Organisation of Eastern Caribbean States (OECS) – namely Antigua and Barbuda, Dominica, Grenada, St. Kitts and Nevis, Saint Lucia, St. Vincent and the Grenadines through the provision of technical support for incubation of high-potential startups, acceleration of high-growth and high-potential small and medium enterprises (SMEs), and promoting the adoption of digital financial technology solutions by firms of all sizes.

Counterpart: Organisation of the Eastern Caribbean States (OECS) Commission, specifically its Competitive Business Unit

Results: The project resulted in the development of the first Hybrid Incubation and Acceleration Program in the Eastern Caribbean. The OECS Commission with the support of consulting firm GBEST Company Limited from Trinidad and Tobago launched a program called “OECS TECHIE”: Technology Hub for Innovation and Entrepreneurship for two cohorts of entrepreneurs.

The overall response from clients on both cohorts was positive, with over 90% rating the Programme positively, with a similar number indicating that they are better entrepreneurs as a result of the Programme. Overall, there were 349 applications received for both cohorts, with 46 being invited to the first Cohort and 45 to the second. At the end of both cohorts there were 43 and 36 active clients respectively. Attendance rate in training and coaching activities was approximately 75% in both cohorts, with client attendance being affected by personal issues (including medical), and also being distracted by work-related matters (for those who worked full time in addition to operating their businesses). The program prepared entrepreneurs by addressing strategic planning, wealth creation, self-management, and understanding the importance of business plans. It included Incubator and Accelerator Services, coaching, training, mentoring, and networking. The programme focused on preparing clients to develop and achieve their goals over the short, medium, and long term, with initiatives such as market research, client financing, improving ICT, and training activities supported elsewhere. Seed funding in the form of grants were provided to 12 winners of the pitch competitions during the program. A total US$150,000 was disbursed to the winners over the life of the project and many of the other entrepreneurs have been able to access other sources of funding with the networks and skills they have developed through the programme. The beneficiaries have also been able to leverage their skills and networks to grow their markets and access additional resources to expand their business. Some of the entrepreneurs transitioned from employees or part time entrepreneurs to full time entrepreneurs, accessing new markets not only locally but regionally and internationally, reporting increased revenue and profitability and improved business operations. During the second cohort, the Programme introduced TECHIE Marketplace, an online platform on which clients can showcase their goods and services.

The Programme attracted very innovative and visionary entrepreneurs during the 2 cohorts, and the OECS was going to make strong efforts to continue the Programme, to support the entrepreneurs in becoming better entrepreneurs with greater confidence in being successful in their business endeavours. The first Digital Payments Expo in the region which was attended by 277 participants, and focused on digital financial solutions for micro small and medium (MSMEs) and consumers in the OECS region was also implemented. Technical Assistance and Capacity Building sessions were also provided to 20 entrepreneurs under the program focused on enhancing the adoption of digital payment solutions among Micro Small and Medium Enterprises (MSMEs). Participants were trained in the basics of e-commerce, web-hosting options, SEO basics, developing a digital roadmap, accepting payments, and understanding key challenges. They also learned about the benefits and options of social media in improving e-commerce, as well as the tools available for businesses to utilize these platforms. The program provided essential knowledge and skills for MSMEs to successfully navigate the digital landscape in the Eastern Caribbean.

RG-T3520 – Improving the Business and Innovation Climate and Capacity to Attract Investment in OECS Member Countries (US$995,000 and US$174,925 counterpart) (2019-2023)

Objective: The objective of this TC was to support national and regional efforts aimed at: (i) improving the business and innovation climate (BIC) in the Organisation of Eastern Caribbean States (OECS) Member Countries; and (ii) increasing levels of domestic and foreign investment.

Counterparts: Business Registries in Dominica, Antigua and Barbuda, Grenada and St. Vincent and the Grenadines, Digigov in St. Lucia, and InvestSVG

Results (look to the individual countries for specific results per country):

This project enabled significant advances in digitalization of business registries of 4 countries: Antigua and Barbuda, Dominica, Grenada and St. Vincent and the Grenadines, as well as supporting the Digigov initiative in St. Lucia and strengthening InvestSVG’s capacity to attract businesses.

The project assessed the processes to register businesses in the four countries, digitized legacy data, streamlined processes, developed computing platforms (One-Stop Shops) for Business registration and supported their installation in three of the four countries (Grenada did not complete the installation of the One Stop Shop due to lack of IT personnel). The project also drafted amendments and/or Bills that would complement and support the full implementation of these single windows – at the end of the project in 2023 these were pending review by all countries’ Attorney Generals. Notwithstanding, improved service delivery was achieved in the three countries with single windows, which allows any qualified individual with Internet access to apply electronically for business registration services provided by the Intellectual Property Offices (i.e, ABIPCO, CIPO Dominica and CIPO SVG), such as business name, clearance and reservation, registration of various types of business entities and post registration filings. With this solution, countries are further moving away from paper-oriented processes, procedures and records management to digital and customer-focused practices that are streamlined, pursue operational efficiency and place the citizen at the center of the process of starting up a business.

In St. Vincent and the Grenadines, the project supported the review and analysis of the legislative brief for the enactment of an investment act, a draft investment law and the Investment Promotion Agency Act. The project also supported a consultancy to support a Business Investment Climate Reform Unit in St. Vincent and the Grenadines, and delivered manuals and corresponding capacity building.

In St. Lucia, a gap analysis and recommendations to support the introduction of four new DigiGov modules: Registry of Companies and Intellectual Property (ROCIP), National Insurance, Inland Revenue, IRD, and the Customs Department was completed, as well as Draft legislative amendments to support the consolidation of the Registry of International Business Companies and International Trusts and ROCIP.

A review of the Companies Act of Antigua and Barbuda, Dominica, Grenada, and St. Vincent and the Grenadines in the context of current best practices for Protecting Minority Investors was completed, and a draft Legislative Gap Analysis Report for each country as well as recommendations on amendments to the legal framework was prepared.

Initially the project had included an objective related to improving the capacity of the Ministry of International Trade, Industry, Commerce and Consumer affairs in St. Kitts and Nevis to respond to the support needs of growth aspiring small businesses – however there was an ensuing lack of interest on the part of the intended beneficiary and the resources were programmed to the other activities.

RG-T4017 – Support to Economic Recovery in the Caribbean through Trade and Investment in Blue Economy (US$410,000) (2022-ongoing)

Objective: To increase institutional capacity to attract private sector investment into the Blue Economy (BE) in the Caribbean (Belize, St. Lucia, Grenada, and St. Vincent and Grenadines) to generate employment, growth, diversification of the economy and to contribute towards the attainment of Sustainable Development Goals (SDGs) targets.

Counterparts: Investment promotion agencies of the four participating countries

Results: The project financed Blue Economy FDI promotion strategies and value propositions for Belize and for the three participating OECS countries. Virtual and in person training workshops were conducted on these strategies which included participation from the Investment Promotion Agencies of the participating countries.

A toolkit to promote gender parity in FDI promotion in the Blue Economy was also completed and disseminated to the participating investment promotion agencies.

A Blue Economy Investment Forum was carried out for OECS beneficiaries during 2024. The forum sought to attract investment, promote innovative practices, and support economic diversification in the Blue Economy, aligning with regional strategies and global best practices. The initiative was supported by key stakeholders, including the Organisation of Eastern Caribbean States (OECS), COMPETE Caribbean, and local Investment Promotion Agencies (IPAs), who had booths at the event. The forum featured keynote speakers, panel discussions, and interactive features, facilitating dialogue, partnerships, and investment exploration in the Blue Economy. The project led to significant results, including increased website visits, social media engagement, and numerous leads, showcasing the potential of the Blue Economy.

RG-T4169 – Supporting the Development of the Blue Economy in the Organization of Eastern Caribbean States OECS (US$160,000 should be disbursed by TC expiration date)(2022-ongoing)

Objective: To strengthen the policy and institutional framework for coordinating the development of the Blue Economy in the OECS member states linked to the Islands Management System Framework.

Counterpart: The OECS Commission was a key stakeholder, but the project also involved other relevant stakeholders in the Blue Economy sector across the OECS region

Beneficiary countries: Antigua and Barbuda, Dominica, Grenada, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines

Results: The project produced a Legislative Gap Analysis on the Blue Economy and a gender-responsive Regional Strategic Legislative Action Plan to support the expansion of the Blue Economy sector in the OECS Member States. These were consulted with the relevant agencies in the OECS countries, such as the Ministries responsible for the Blue Economy and the National Ocean Governance Committees. The legislative gap analysis compared the current legislation state in each member state with an “International Legal Framework for the Blue Economy” – a compilation of international legal instruments compiled for this assignment that serves as a best-practice legislative benchmark for the Blue Economy. The selected OECS member states have made progress in developing Blue Economy legislative frameworks. However, there are still notable legislative gaps that need to be addressed, especially pertaining to marine renewable energy, oil and gas production, marine mineral extraction, biotechnology, and maritime transport.

The project also assessed the data management capacity and landscape for the OECS region and developed a data collection system that will feed into a Monitoring, Reporting and Verification (MRV) initiative that the OECS Commission is undertaking. Finally, the project financed a consultancy to design and support the implementation of a gender-sensitive communications campaign to promote the Blue Economy in the OECS.

Two training workshops for public officials on the Strategic Legislative Action Plans were conducted. Workshops on the data collection system for the Blue economy will take place in Q1 2025.

Digital publications capturing recommendations for communication of key strategic legal actions related to blue economy leadership (as outlined in legislative gap analysis and action plan) were drafted for 5 OECS countries and for the OECS Commission in 2024. Final publications will be delivered in Q1 2025.