Bridgetown 21, January 2022 – Micro, Small and Medium Enterprises (MSMEs) from across the Eastern Caribbean region will receive needed financial support as part of their participation in the UNDP Barbados and the Eastern Caribbean Future-Tourism Project.  USD 700,000 in grant funding from UNDP was approved by the governments of ten countries and territories across the Eastern Caribbean to support post-COVID-19 recovery for tourism-related businesses. 150 MSMEs will benefit from this financial assistance component receiving grants from USD 4,000 to 6,500.

COVID-19 has had a crippling effect on the tourism sector and by extension the economies of countries within the region. The FUTURE-Tourism project was developed out of a need to adapt to the new post-COVID-19 environment and to build more resilient economic sectors that can adequately respond to exogenous shocks. The project aims to help governments to identify and implement tourism revitalisation strategies as well as provide technical and financial support to MSMEs. Additionally, the project seeks to contribute to hastening economic recovery and the sustainable development of the region’s tourism sector by financially supporting the digitally enabled transformation of the business processes and value chains of MSMEs.

Through the recently completed technical training and capacity building in the areas of digital technologies, financial planning, and marketing, MSMEs were able to enhance their skills in order to rebound their businesses. The training, carried out in partnership with The University of the West Indies (UWI) Open Campus and the Frankfurt School of Finance & Management, included open webinars, technical assistance and one-on-one mentorship sessions and the completion of a Business Improvement Plan (BIP) which outlined the key goals and objectives that MSMEs would need to meet to reshape their businesses. Dr. Francis Severin, Principal of The UWI Open Campus stated in unequivocal terms, "These are the kinds of projects and initiatives that The UWI Open Campus feels particularly excited and thrilled about, and therefore we always welcome collaboration with compatible and like-minded institutions, funding agencies and comparable groups in such areas. This intervention could not have come at a more opportune time, when several vital sectors of our feeble and fragile economies, have felt the burden of the shock of COVID-19. We sincerely believe that even as our own instuitution has not escaped the weight of the decline of Caribbean economies, our partnering with UNDP Barbados in the the Eastern Caribbean Future-Tourism Project allows us to participate in the recovery of the Caribbean Region in this particular sphere. The positive impact and multiplier effect on MSMEs are imponderable."

“This pandemic has significantly derailed economic progress but in doing so has provided a unique opportunity for MSMEs and entrepreneurs to pivot to more sustainable models of business thereby improving livelihoods in the region. UNDP is heartened by the commitment to excellence from all who participated in the Future-Tourism Business Adaptation Course and will continue to support the people of the Eastern Caribbean as we all build forward better,” Valerie Cliff, Resident Representative UNDP Barbados and the Eastern Caribbean.   

This project is part of the work of UNDP Barbados and the Eastern Caribbean in its commitment to promoting economic diversification, job creation and resilience with the "Blue Economy for Green Islands" vision. As the Caribbean continues to seek solutions to mitigate the impacts of the COVID-19 pandemic, UNDP, in partnership with governments and stakeholders, remains dedicated to the advancement of inclusive and sustainable development throughout the region and building resilient communities that can withstand shocks and crises through targeted projects and programmes.

For media queries please contact Shani Leacock – shani.leacock@undp.org

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