IDB, CDB sign private sector promotion agreements

Monday, March 28, 2011

IDB and the Caribbean Development Bank (CDB) have signed two agreements seeking to foster the private sector in the Eastern Caribbean states, a press release from IDB said.

The first one is a US$250,000-technical cooperation agreement to draw up private sector development strategies in the Eastern Caribbean, which will help to identify projects to support in that subregion, "to generate linkages and synergies with the IDB's regional operations in the Caribbean community."

The second - called a financial agency agreement for non-reimbursable technical cooperation - will allow CDB to act as IDB's financial agent "to administer IDB's grant resources provided by the UK's Department for International Development (DFID) and the Canadian International Development Agency (CIDA), to support projects under the Compete Caribbean program."

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The Compete Caribbean program is a joint IDB, DFID and CIDA multimillion dollar grant facility "to provide funding to support productive policies, business climate reforms, clustering initiatives and SMEs within a comprehensive private sector development framework in the Caribbean."

Both the IDB and CDB said that the agreements seek to reach Eastern Caribbean countries that are not IDB members to help them gain better access to "development finance and technical assistance."