CDB strengthens enterprise development in St Vincent and the Grenadines
Originally published by Caribbean News Global Read the original
BARBADOS / ST VINCENT – With support from the Caribbean Development Bank (CDB), the Centre for Enterprise Development Inc,. (CED) has unveiled a five-year Strategic Plan aimed at strengthening support for entrepreneurs and businesses and advancing private sector development in St Vincent and the Grenadines.
The 2026–2030 Strategic Plan is the result of a year-long initiative funded primarily by the Caribbean Development Bank, which contributed USD 44,200 of the project’s USD 62,480 cost. The initiative is designed to strengthen CED’s institutional capacity and enable it to provide more effective, responsive and sustainable services to the country’s micro, small and medium-sized enterprises (MSMEs).
The Plan focuses on four strategic pillars:
- Entrepreneurship Development and Business Support Services;
- Access to Finance and Investment Readiness;
- Ecosystem Strengthening and Partnerships;
- Policy Advocacy; and Institutional Strengthening for Sustainability.
A five-year investment plan of USD 4.64 million will support implementation, with USD 3.3 million allocated to entrepreneurship development.
Allyson Francis, operations officer for MSMEs in CDB’s Private Sector Division, said the initiative represents an important investment in strengthening the institution that supports the MSME sector.
“Institutional strengthening is at the heart of the effort. A strong MSME sector requires a strong business support institution.”
Francis said the support will help CED strengthen governance, systems, data use, staff capacity, partnerships and monitoring and evaluation, while developing services that respond more effectively to entrepreneurs’ needs.
CED officer-in-charge Keisha Phillips described the Strategic Plan as a “pivotal moment for enterprises in St Vincent and the Grenadines”, particularly as the country prepares for the establishment of a National Development Bank. CED intends to serve as a “natural referral partner and readiness pipeline” to help entrepreneurs access new opportunities for capital and technical support.
The strategic plan was endorsed by the minister of state in the office of the prime minister, Senator Chieftain Neptune, who called for strong implementation, greater collaboration and measurable results.
CDB reaffirmed its commitment to supporting implementation of the strategy and to strengthening the capacity of business support organisations across the region.
The project concluded with a closing ceremony in Villa on the island of St Vincent, bringing together government, CED, CDB and private sector stakeholders to mark the transition from strategic planning to implementation.