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.
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.
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.
Funding Information
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.
Eligibility Criteria
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.
Post Date - 17-Nov-2020