Caribbean Development Bank Says EU-Funded Initiative Over-Subscribed

BRIDGETOWN, Barbados, May 12, 2020 (CMC) – The Barbados-based Caribbean Development Bank (CDB) announced, yesterday, that there has been an oversubscription of its newest facility, funded by the eleventh European Development Fund (EDF).

“The high demand for financing of interventions, focused on enhancing the regional trading environment, was evident by the overwhelming response to a call for proposals, issued by the Bank in February,” the CDB said, in a statement.

It disclosed that the Caribbean Forum (CARIFORUM)-European Union (EU) Economic Partnership Agreement (EPA) and the Caribbean Community (CARICOM) Single Market and Economy (CSME) Standby Facility for Capacity Building, received close to 50 applications, from 14 countries in the CARIFORUM region.

The CDB’s Director of Projects, Daniel Best, attributed the response, of those seeking to access the Euro 8.75 million resource, to latent demand for such support, across CARICOM.

“CDB’s ongoing partnership with the EU continues, to demonstrate the need for initiatives that can positively impact, both the capabilities of regional entrepreneurs and national trading environments,” he stated.

Best praised member countries for showing resilience and adaptability, by ensuring the processing of projects continues, despite disruptions, brought on by the pandemic.

CDB and the European Union, through the Standby Facility and similar projects, are building on a longstanding relationship, focused on activities that advance implementation and trade, under the CARIFORUM-EU EPA and the CSME.

“The onset of COVID-19 and its effect on trade in the Caribbean, highlight the exigency of increased support to strengthen the private sector, intra-regional trade and increase utilisation of trade preferences, under the CSME and the EPA,” said Calvin Manduna, the Facility’s Project Manager.

The Facility targets organisations in the public and private sectors that promote integration of Caribbean economies into the global marketplace, with a focus on European markets.

Projects, under review, cover a broad spectrum of areas, with the intent of improving competitiveness and market access, increasing exports and expanding and supporting the services and agro-processing sectors. Projects, aimed at improving local and regional quality infrastructure and standards bodies and trade facilitation, are also being evaluated.

The CDB said evaluation of submissions will be completed in the upcoming months, and all short-listed projects are subject to final approval by an oversight committee, comprised of CDB, CARIFORUM, CARICOM and EU representatives.

It said implementation in the beneficiary countries is scheduled to commence in the third quarter of 2020.