BRIDGETOWN, Barbados, Oct 27, CMC – The Barbados-based Caribbean Development Bank (CDB) has launched a grant call for institutional strengthening for micro, small, and medium enterprises (MSME) development.
The region’s premier financial institution through its CDB PROPEL programme is inviting eligible organisations across its Borrowing Member Countries (BMCs) to apply for technical assistance support aimed at strengthening the institutions that serve MSMEs.
CDB PROPEL is the bank’s primary mechanism for mobilising knowledge, expertise and technical support to improve MSME competitiveness and strengthen the capacity of organisations that deliver services to businesses across the Caribbean.
Through direct technical assistance and institutional capacity-building interventions, CDB PROPEL supports the development of stronger, more effective MSME ecosystems throughout CDB’s 19 BMCs.
The CDB said successful applicants will receive support to implement tailored institutional strengthening initiatives across five mutually reinforcing areas: institutional diagnostics and reform planning; human and organisational capacity development; systems, tools and data strengthening; coordination and partnerships; and monitoring, evaluation and learning.
“Strong institutions are the foundation of effective MSME development,” said Lisa Harding, the head of the CDB’s private sector division.
“Through CDB PROPEL, the Bank is investing in the organisations that support entrepreneurs and small businesses every day. By strengthening their systems, skills and capabilities, we can help create a more coordinated, responsive and results-driven ecosystem that enables MSMEs to grow, innovate and contribute more fully to economic development across the Caribbean.”
The CDB said that the call is open to a range of eligible organisations, including MSME development agencies, business support organisations, development finance institutions, chambers of commerce, cooperatives, industry associations and other intermediary organisations involved in supporting enterprise development.
In addition to enhancing organisational effectiveness, the initiative will promote greater adoption of evidence-based decision-making, stronger partnerships among ecosystem stakeholders, and the integration of priorities such as digital transformation, climate resilience, gender-responsive programming and results-based management.
Harding said the initiative reflects the next evolution of CDB PROPEL’s longstanding commitment to strengthening the institutions that support private sector development across the Caribbean.
“We encourage eligible organisations to review the grant call and take advantage of this opportunity to address institutional challenges, enhance service delivery and increase their impact on the MSMEs they serve.”
The CDB said that by investing in the capacity of MSME support institutions, it expects the initiative to contribute to a more coordinated, programmatic and sustainable approach to MSME development, ultimately improving MSME productivity, competitiveness, resilience and access to finance throughout its BMCs.
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