The Inter-American Development Bank (IDB), the United Kingdom’s Foreign & Commonwealth Development Office (FCDO), the Caribbean Development Bank (CDB) and the Government of Canada have established a co-financing facility called “The Compete Caribbean Partnership Facility“, which is a continuation of the Compete Caribbean Program.
The Compete Caribbean Partnership Facility (CCPF) is looking to provide support to blue economy focused, private sector cluster initiatives that can help Caribbean firms grow, generate employment and export to new markets, and the Caribbean economies to diversify to better confront the COVID crisis. For purposes of this call, blue economy is defined as economic activity that directly or indirectly uses the sea or rivers and its resources as an input, and that contribute or does not negatively affect the health and sustainability of ocean eco-systems.
In the first phase of Compete Caribbean, and in order to achieve these objectives, the program supported 8 cluster/value chain projects, which together involved more than 500 businesses. These projects consisted of 3 or more businesses working together to achieve common expansion objectives by producing new or improved products or services and targeting new markets.
The value of clustering for the Caribbean’s small and medium enterprises (SMEs) lies in the opportunity to collectively service customers, attract new clients or solve production problems in ways that are not possible for businesses operating independently.
More specifically, the firms actively involved in a cluster initiative can benefit from access to larger markets, business development/branding, cost sharing/saving, workforce development, higher and more uniform quality standards, supply chain or process improvements, better government support, and research & development to drive innovation and global competitiveness over time.
More specifically, the CCPF supports 13 beneficiary countries’ to achieve the following objectives:
- Increase revenues of small and medium enterprises (SMEs), particularly women-owned firms (WoF);
- Increase employment, particularly for women and vulnerable groups;
- Generate and sustain exports within and outside the region;
- Foster sustainable and inclusive economic growth.
- The grant amount applied for should be up to a maximum of US$400,000, and should represent, at the maximum, 80% of the total project budget.
- The invitation to participate in the Blue Economy Cluster Challenge is open to private sector firms and other entities from Compete Caribbean’s 13 beneficiary countries: Bahamas, Barbados, Belize, Guyana, Jamaica, Suriname, Trinidad and Tobago, Antigua and Barbuda, Dominica, Grenada, St. Lucia, St. Kills and Nevis, and St. Vincent and the Grenadines. Non-Caribbean firms and entities can also participate in the cluster projects.
For more information, visit https://www.competecaribbean.org/blueeconomy/