IDB released grants for export-oriented bodies

May 09, 2009 News

Minister of Tourism, Industry and Commerce, Manniram Prashad, yesterday officially launched the Matching Grants Initiative.
The primary objective of this initiative is the provision of matching grants to small and medium size firms to prepare them for export readiness, to assist firms launch export drive and/or facilitate the expansion of export by firms already exporting.
Minister Prashad said that the Matching Grants Initiatives, which is an integral part of the National Competitiveness Strategy (NCS), is a clear commitment of the Government to place greater emphasis on the private sector and in this context, a complement of that sector, namely, small and medium size enterprises.
He noted that the Matching Grants Fund (MGF) is a loan fund that comes from an Inter-American Development Bank (IDB)-Government of Guyana loan, but they are providing this support to the small and medium enterprises as grants.
According to the Minister, the Matching Grants Fund will, over 42 months, provide eligible firms with small grants for export readiness assessments, project preparation and project implementation.
Minister Prashad stated that it will focus on supporting firms in agro-processing; aquaculture; bio-ethanol; business process outsourcing; eco-tourism and business tourism; non-traditional agriculture products; organic food products and sustainable forest products and other areas.
The initiative, he pointed out, with funding from the IDB, will benefit small and medium enterprises directly.
The Minister also said that over the next three years, MGF will provide a portion of the cost of projects identified by enterprises (with advice from local experts), to re-configure, develop and implement systems and strategies that will improve firms’ performance in overseas markets.
“Evidently, we are moving full speed ahead in discharging a number of commitments made by the Government in the context of the NCS to strengthen significantly the role of private sector firms, particularly SMEs and operators in the informal sector, in the national economy.”
The Matching Grant Initiative is governed by a Public-Private Council, which was appointed in late April 2009.
Chief Financial Officer of GT&T, Yog Mahadeo, representing the private sector, chairs it. His deputy comes from GOINVEST, Ms. Uchenna Gibson.
There are five other members all coming from different institutions and each having specific responsibility for private sector development or the private sector itself.
They are Mr. Nizam Hassan, General Manager of New GMC; Mr. Lindel Harlequin,
General Manager of DFLSA Incorporated, Mr. Elton Patram, Technical Officer of
Guyana National Bureau of Standards; Ms. Roxanne Reece from THAG; and Mr. Avalon Jagnandan from the Ministry of Tourism, Industry and Commerce
The Council is supported by Ms. Taryn De Mendonca, the Matching Grants Administrator.

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IDB released grants for export-oriented bodies

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