11TH European Development Fund Implementation Report 2017- 2023

The Agency adopted a five-point strategy to continue meeting its main objective under the 11th EDF Programme:

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Providing direct support programs for SMEs to access grant resources.

Delivering capacity-building programs via online initiatives.

Embarking on a communications campaign with CAIPA to raise awareness of investment opportunities in the Caribbean.

Conducting surveys targeting SMEs and BSOs to identify relevant interventions in collaboration with CDB.

Adopting a strategic approach to SME development in collaboration with the EU.

Caribbean Export revised its work program to pivot to online delivery of interventions whenever possible, ensuring continued engagement and access to technical assistance at a lower cost. The survey results emphasized a significant need for financial assistance among CARIFORUM SMEs in all three periods (short, medium, and long-term). Caribbean Export provided post-COVID-19 recovery financial support through various direct support programmes (DSGP, TAP, DRGS). Additionally, training and technical assistance were offered to help SMEs develop business strategies, continuity plans, and adopt online business models, including digital marketing and e-commerce. Grant Programmes Implementing grant programmes can present a myriad of challenges and constraints for beneficiaries. These obstacles include failure to submit required support documentation with applications, difficulty in securing financing from financial institutions due to lack of securities and support business plans, and delays in arranging financing post-approval, resulting in disqualification for loans. Additionally, challenges arise from inadequate budgeting, submission of insufficient expense documentation, and difficulty completing projects within stipulated timelines, often necessitating contract extensions. Poor communication between company management and project implementers, lack of dedicated project management teams, and staff turnover further exacerbate implementation challenges. Effective stakeholder engagement and the need for hands-on assistance in preparing reimbursement claims are also critical areas requiring attention in grant programme implementation. Caribbean Export recognized the ongoing need to enhance technical capacity among BSOs and their members to better support grant applicants. Further, that technical assistance was required for firms in areas such as proposal writing and reimbursement procedures to streamline the application process and ensure compliance with programme requirements. To address these challenges, Caribbean Export delivered training workshops, both physical and webinars, in member states for each call for proposal to disseminate essential information and provide guidance to potential applicants. Efforts were also made to sensitize the banking sector and other stakeholders about the challenges faced by grant recipients when engaging with financial institutions. Exploratory meetings were held with five financial institutions, including the National Bank of Dominica, Dominica Agricultural Industrial and Development Bank, Hakrinbank (Suriname), Suriname National Development Bank, and Cooperative Saving and Credit Bank (Suriname), aimed at increasing their awareness of the Grant Programme and exploring the possibility of them providing funding to potential applicants. Draft Memoranda of Understandings (MOUs) were presented to these financial institutions to formalize potential funding arrangements.

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

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