by Linda Straker
- Over 400 MSMEs across 10 Eastern Caribbean countries and territories trained
- 22 Micro, Small and Medium-sized Enterprises (MSMEs) from Grenada
- 189 MSMEs, of which 77% are women-owned, received US$800,000 in financial support
Twenty-two Micro, Small and Medium-sized Enterprises (MSMEs) in Grenada were among 400 across the Eastern Caribbean that have been supported to take their business operations to the next level by to UNDP’s FUT-Tourism project.
In 2021, the United Nations Development Programme (UNDP) Barbados and the Eastern Caribbean partnered with the Caribbean Development Bank, The University of West Indies Global Campus (formerly the Open Campus) and the Frankfurt School of Finance and Management, to deliver the FUT-Tourism Project aimed at assisting Micro, Small and Medium Enterprises (MSMEs) in the tourism sector to recover from the negative impact of the Covid-19 pandemic on economic activity.
A news release from UNDP said that as the FUT-Tourism project wraps up in 2024, over 400 MSMEs across 10 Eastern Caribbean countries and territories served by UNDP’s Multi-Country Office were trained, and 189 MSMEs, of which 77% are women-owned, received US$800,000 in financial support resulting in over 300 business processes digitised. The programme was delivered through online training, one-to-one technical assistance, and mentorship.
UNDP Barbados and Eastern Caribbean Resident Representative Limya Eltayeb highlighted the importance of regional partnerships to implement relevant interventions, “The Future Tourism Project has been an example of the power of collaboration and innovation.”
“By bringing together partners from the public and private sectors, we have supported the transition of micro and small businesses to medium enterprises and have supported them in digitalising their product and communications,” she said. “We continue to champion expanding local markets, resilient local businesses, regional collaboration, and the power and potential of digital transformation as being key for the competitiveness, resilience, and ultimate prosperity of MSMEs across the Eastern Caribbean.”
The Core Elements of the project were: Regional dialogue and Policy solutions for the tourism sector enhanced through sub-regional and national diagnostics using consultative and participatory approaches; Technical support for MSME retooling and access to markets within tourism value chains and Financial assistance for the economic recovery of MSMEs affected by the impact of Covid-19. FUT-Tourism provided grants to MSMEs to facilitate strategic investments and to further support resilience recovery from the impact of Covid-19.
