11TH European Development Fund Implementation Report 2017- 2023

Challenges and Lessons Learnt

In the section on Assumptions and Risks of this report, two risks were identified that could hamper the Agency’s implementation: the threat of natural disasters and the disruption of international markets by economic and social instability. The onset of the global health crisis, the COVID-19 pandemic between 2020 – 2021, resulted in the disruption of regional and global trade. New measures such as social distancing, restricted travel, and sanitization significantly affected businesses' revenue generation. The disruption of the global economy further impacted distribution, supply chains, logistics, and travel, adversely affecting MSMEs across CARIFORUM and the wider Caribbean. In April 2020, the Agency, in collaboration with the EU and CDB, surveyed Caribbean firms to assess the pandemic's impact, determine the support needed, and better position firms to cope with the economic fallout. The data helped Caribbean Export and its partners determine the most appropriate support to mitigate immediate impacts and support rebound efforts.

A total of 484 responses were received from CARIFORUM firms.

The pandemic mostly affected

73% Sales

39% Staffing

79% Cash flow

54% Operations

49% Future contracts & orders

33% Supply chain disruption

Most respondents indicated a need for grant funding

short-term 76%

medium-term 68%

long-term 56%

followed by market intelligence, other financing options, technical assistance, and training.

Implementation of the 11th European Development Fund (EDF) Regional Private Sector Development Programme (RPSDP)

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