The Barbados Private Sector Association Announces the Launch of Two CARTFund Projects

BRIDGETOWN , Barbados, February 11th, 2010 - The Barbados Private Sector Association (BPSA) has been granted funding under the CARTFund program for two pivotal projects to assist in private sector development. These initiatives are the Private Sector Project Proposal Hub and the Private Sector Communications Enhancement Project.

The CARTFund program is a £5 million Trust Fund, financed by the Governm ent of the United Kingdom and Northern Ireland and adm inistered by the Caribbean Developm ent Bank (CDB). The overall aim of the CARTFund is to assist CARIFORUM member countries in boosting growth and reducing poverty through trade and regional integration. The CARTFund seeks to help the CARIFORUM member countries to: (a) participate more effectively in the CARICOM Single Market and Economy (CSME) and effectively administer international trade agreements; and (b) accelerate Caribbean implementation of CSME and Economic Partnership Agreement provisions, so that the CARIFORUM region benefits.

In response to the lim ited capacity in the private sector to prepare project proposals, the BPSA successfully secured funding for the creation of a Private Sector Project Proposal Hub. This initiative was driven by the recognition that the developm ent assistance being provided to the private sector by the regional and international donor community can only be accessed through the creation of well-structured and viable projects which comply with the requirements established by the individual donors.

The three major com ponents of this Project Proposal Hub are:

This one year project is valued at US $190,000.00 and the BPSA hopes to commence the implementation of project in the second quarter of 2010.

The Private Sector Com m unications Enhancem ent Project seeks to enhance of the capacity of the Private Sector Trade Team (PSTT) to communicate more effectively with the private sector on the entire panoply of trade issues; and to the ensure that the private sector has ready access to easily digestible and pertinent information related to the EPA, the CSME and other trade agreements so that they can make informed business decisions.

The enhancement of the communications capacity of the PSTT will directly address the issue of the private sector’s limited knowledge of trade developm ents and trade agreements. The making of important trade and investment decisions without such critical information severely undermines the ability of the private sector to take advantage of opportunities and to respond to challenges which arise from trade agreements.

This project is valued at US $170,000.00 and the BPSA hopes to commence the implementation of project in the second quarter of 2010.
The Executing Agency for both projects is the BPSA. Intermediate beneficiaries will include the nine business support organisations represented by the BPSA, namely:
(i) Barbados Chamber of Commerce and Industry;
(ii) Barbados Agricultural Society,
(iii) Barbados Manufacturers Association;
(iv) Barbados International Business Association;
(v) Small Business Association of Barbados;
(vi) Barbados Bankers Association;
(vii) Barbados Hotel and Tourism Association;
(viii) Barbados Employers Confederation; and
(ix) Barbados Shipping Association.