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Guyana to benefit from IDB financing of business climate in the Caribbean

Mar 28, 2011 News

Several programmes helping region diversify its economy and attract new investments

The Inter-American Development Bank (IDB) is financing several programs to improve the business environment, foster diversification and enhance competitiveness in the Caribbean.
The program supports governments, Chambers of Commerce and Industry, academic institutions, regional organizations and Private Sector entities in Antigua and Barbuda, The Bahamas, Barbados, Belize, Dominican Republic, Dominica, Grenada, Guyana, Haiti, Jamaica, Saint Lucia, St. Kitts and Nevis, St. Vincent and the Grenadines, Suriname and Trinidad and Tobago.
In recent years, the IDB has approved projects that are helping to reduce the cost of doing business and improve the region’s regulatory framework as well as enhancing the region’s capabilities to design and implement productive development policies. The Bank is also providing financing and technical support to improve the competitiveness of the Private Sector, particularly of small and medium-sized enterprises (SMEs).
In the past two decades the region has improved human development indicators significantly but its competitiveness and integration into the world economy remain a challenge.
The recent global financial crisis and slow economic growth in North America and Europe have exacerbated the region’s needs to diversify its economy and its export base.
Last year, the IDB teamed up with the Canadian International Development Agency (CIDA), and the United Kingdom’s Department of International Development (DFID) to support Compete Caribbean, a program to foster private sector development and improve competitiveness in 15 Caribbean countries.
The five-year program provides technical assistance and investment funding to implement productive development policies, business climate reforms, clustering initiatives and SME development activities within a comprehensive private sector development framework.
The program integrates international best practices for private sector development and prioritizes projects that have a potential for positive impact on poverty reduction, gender equality and environmental sustainability.
Compete Caribbean, currently has 28 operations under development, and is expected to contribute to economic diversification, an increase in non-traditional exports, and the creation of approximately 8000 new jobs in the region.

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