THE Caribbean Development Bank’s (CDB’s) newest facility, funded by the 11th European Development Fund (EDF), has received positive response from the region, with the programme said to be oversubscribed.

The high demand for financing of interventions, focused on enhancing the regional trading environment, was evident by the overwhelming response to a call for proposals issued by the Bank in February, a CDB newsletter stated..

Formally known as the Caribbean Forum (CARIFORUM)-European Union (EU) Economic Partnership Agreement (EPA) and the Caribbean Community (CARICOM) Single Market and Economy (CSME) Standby Facility for Capacity Building, the facility received approximately 50 applications from 14 countries in the CARIFORUM region.

The regional bank provided support for 28 trade-related projects under the 10th EDF. Daniel Best, Director of Projects at the Bank, attributed the response of those seeking to access the EUR 8.75 million resource, to latent demand for such support across CARICOM.
The facility aims to provide support to organisations in the public and private sectors that promote integration of Caribbean economies into the global marketplace with a focus on European markets.

“CDB’s ongoing partnership with the EU continues to demonstrate the need for initiatives that can positively impact both the capabilities of regional entrepreneurs and national trading environments,” he stated, according to the release.

Best commended member countries for showing resilience and adaptability, despite disruptions from the coronavirus pandemic, by ensuring continuity in the processing of applications.

Project manager of the 11th EDF, Calvin Manduna, said, “The onset of COVID-19 and its effect on trade in the Caribbean highlight the exigency of increased support to strengthen the private sector, intra-regional trade and increase utilisation of trade preferences under the CSME and the EPA.”

The CDB, meanwhile, is reviewing projects which aim to improve competitiveness and market access, increase exports, and expand and support the services and agro-processing sectors. It is also assessing projects that seek to improve local and regional quality infrastructure and standards bodies and trade facilitation.

Evaluation of submissions will be completed in the upcoming months and all short-listed projects are subject to final approval by an oversight committee comprised of CDB, CARIFORUM, CARICOM and EU representatives. Implementation in the beneficiary countries is scheduled to commence in the third quarter of 2020.

“CDB and the European Union, through the Standby Facility and similar projects, are building on a longstanding relationship focused on activities that advance implementation and trade under the CARIFORUM-EU EPA and the CSME,” the news release stated.