Implementation of the 10th EDF Regional Provate Sector Programme

ENHANCING COMPETITIVENESS AND PROMOTING INNOVATION

Angel Investor Network Missions

Group. This was done through the provision of a best practices seminar on angel investing. Training for MSME entrepreneurs selected by SBDC Belize and Export Belize, on how to engage Angel Investors was also delivered, and meetings with local HNWIs to gain insightsabouttheirreadinesstobecome angel investors were convened. Three potential investors participated in the meetings,anditisanticipatedthatthese initiatives will contribute to increasing access to finance for exporting and export-ready SMEs, thereby enhancing their competitiveness. On September 27, 2016 Caribbean Export, with support from the World Bank’s Entrepreneurship Program for Innovation in the Caribbean (EPIC), launched the Caribbean Investment Facilitation Project (CIFP)/LINK- Caribbean; an investment facilitation programme aimed at enabling early- stage Caribbean entrepreneurs to raise capital from private investors and angel investors. A total of 54 stakeholders were in attendance including; donors, angel investors, business support organizations and enablers, government representatives, diplomats, entrepreneurs, angel group managers, and regional press. TheLINK- Caribbean initiative aims to contribute towards the development of the angel investment ecosystem across the Caribbean; provide investment facilitation grants to entrepreneurs seeking investment, as well as non- CIFP/LINK-Caribbean Launch

Sensitization of Banking Sector and Financial Institutions

In March and April 2016, Caribbean Export undertook a series of missions in support of the formation of Angel Investor Groups in CARIFORUM. The overall goals of the initiative is to support the formation of an Angel Investment Ecosystem at the national level, through the engagement of the relevant stakeholders on the roles they need to perform to ensure success. The first mission took place from March 30-31, 2016 in Suriname, during which meetings were held with local high net worth individuals (HNWIs) to gain insights about their readiness to become angels, and be part of a national and/or regional Angel Group. Guidance was also provided to the Suriname Chamber of Commerce and Industry (KKF) on their role in providing deal flow for a potential Suriname Angel Group; and capacity building for candidates identified by the KKF as potential managers for the Group. Outputs from the missions included attendance by 14 potential angel investors at the Sensitization Seminar, 10 KKF staff members receiving Angel Sensitization Training for BSOs, and 7 KKF members participating in Angel Sensitization training for Entrepreneurs and Group Managers. During themeeting in Belize, whichwas held from April 12-13, 2016, capacity was built for BELTRAIDE through their Export Belize and SBDC Belize platforms soastostrengthentheirroleinproviding deal flow for a potential Belize Angel

Caribbean Export also continued its sensitisation of the regional banking and financial institutions about the DAGS programme, with the aim of increasing the awareness of these financial institutions of the funding scheme and how they may assist firms in providing loans to finance their projects. As a result of this engagement, Memorandums of Understanding (MOUs) were signed between the Agency and three financial institutions: the Antigua and BarbudaDevelopment Bank, Bahamas Development Bank, and National Export-Import Bank of Jamaica Limited. The Agency also undertook a consul- tative mission to Jamaica as a part of efforts to sensitise the Development Bank of Jamaica (DBJ) about the work being done in providing access to fi- nance to regional firms. Specifically, the Agency met with representatives from the DBJ to discuss aproposal for the Bank to transfer its MSME access- to-finance database on to Caribbean Export’s Intelligence Portal, under the access-to-finance sub site. Discussions about the development and signing of an MOU to guide the cooperation be- tween the two organisations ensued, and the DBJ has responded favourably to the initial proposal and is expected to follow up with the Agency on the final decision taken.

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