By: Staff Writer
June 3, 2022
The Caribbean Export Development Agency (CEDA) in its recently released Annual Results Report, 2021 said that they have spent $3,598,347.55 in various non-reimbursable grant programmes throughout the Caribbean.
The report, released earlier this week, said the agency had three main grant funding programmes that it used to channel the funding to entrepreneurs throughout the region to help boost exports.
The first programme, the Technical Assistance Programme (TAP), which is the agency’s newest programme that was rolled out in May, 2021 in collaboration with the European Union (EU) and Caribbean DEvelopment Bank (CDB), awarded $891,205.66 and was touted as a “holistic” approach to facilitating Micro, Small and Medium Sized Enterprises (MSME’s).
The second programme, the Dominican Republic MSME Grant Programme (DRGS), spent $98,401.56 and the third programme, the Direct Support Grants Programme (DSGP), spent $2,608,740.33.
Deodat Maharaj, executive director of CEDA, in his summary in the report, said: “This 2021 Annual Results Report looks at the impact of work as we implemented the 11th European Development Fund (EDF) Regional Private Sector Development Programme and our Strategic Plan 2021 – 2024. Our Strategic Plan focuses on three key objectives: export development and promotion; building the capacities of our investment promotion agencies and pro lingthe Region as an investment destination; and supporting the services sector as the next frontier for Caribbean business. During this period, supporting women entrepreneurs, green economy transition and helping our businesses transition to digital platforms and e-commerce were accorded the highest priority.”
The report also noted that there were 157 recipients of these grants with Trinidad and Tobago receiving 31 and St Kitts and Nevis receiving the least with four. The lion’s share of these grants were in the Information Communication and Technology (ICT) sector with 23 and the least was Waste Management, Pest Control and Media with one grant a piece for each sector.
One drawback of the awards is that not many young people between 18-35 were able to get grants as only 25 of them fit this category.
CEDA also prided itself on its ability to hold multiple webinars throughout the COVID-19 pandemic, helping MSME’s to build capacity on the tools available to them in the market.
The report also said that its international partnerships have featured prominently in CEDA’s decision making and said about the CARIFORUM-EU Economic Partnership Agreement (EPA) that it is “more than a free trade agreement, as it contains a strong development component with clear links to development aid for adjustment and mordernisation of CARIFORUM economies. The development of businesses lays firmly at the centre as the Agency continues to implement the 11th EDF Regional Private Sector Development Programme (RPSDP). Since the signing and adoption of the EPA in 2008 the Agency has created a range of communication tools to increase its understanding for businesses to leverage the EPA benefits.”
CEDA’s “Green to Compete Hubs” is still going strong since its launch in February, 2021 and will end in December of this year. It has engaged several stakeholders from around the Caribbean through its webinars.