The ACB Caribbean Group and the Caricom Development Fund (CDF) on 10 April 20205, officially signed the Master Guarantee Agreement under the Credit Risk Abatement Facility (CRAF), in a significant move aimed at enhancing financing for small and medium-sized enterprises (SMEs) engaged in renewable energy and energy efficiency projects across Antigua and Barbuda, and Grenada.
The signing ceremony marked a milestone in sustainable finance and climate resilience in the region. The CRAF initiative is designed to support SMEs by mobilising capital through credit enhancement and offering targeted technical assistance — tackling head-on the often-cited challenge that banks are not supportive of small businesses.
In her welcome remarks, ACB Caribbean Group General Manager Joanna Charles noted: “The ACB Caribbean Group is thrilled to sign the Credit Risk Abatement Facility (CRAF) agreement today alongside the Caricom Development Fund. This initiative directly aligns with the implementation of our strategic plan for the next 3 years, and we are eager to roll it out in both Antigua and Barbuda, and Grenada.
The CRAF provides support to SMEs through the banking sector, for renewable energy and energy efficiency projects by providing credit enhancement and targeted technical assistance. This aligns with several key areas of our strategic plan – namely, implementing a practical and meaningful ESG strategy, and empowering our customers with access to financing and support as they adopt sustainable, environmentally conscious business practices.
ACB Caribbean Group is proud to be the first lending institution to sign this agreement in both of our territories. We are excited about what the future holds for our customers and future generations who will benefit from this programme.”
Also speaking at the event was Rodinald Soomer, CEO of the Caricom Development Fund, who emphasised the importance of private sector inclusion in climate resilience strategies. “It is important to close the circle on resilience building by bringing the private sector front and centre into national and regional efforts at implementing a long-term sustainable response to climate change mitigation and systematic adaptation to its impacts. Within this context, the CDF is pleased to welcome the ACB Caribbean Group as a strategic financing partner to the Credit Risk Abatement Facility.
This is a most opportune time to advance this endeavour, given the increasingly urgent need for access to domestic and regional financing for the energy transition in the Caribbean — particularly in light of the escalating impacts of climate change and recent geopolitical developments. Now more than ever, we must collaborate to design and scale viable, home-grown, and sustainable development solutions.”
The partnership marks a strong alignment between the 2 organisations’ goals, with ACB Caribbean Group’s customer-focused small business programme playing a pivotal role in ensuring that diverse business needs are met across both territories. The Group reiterated its commitment to supporting SMEs not just through funding but also through capacity-building and technical guidance.
The signing represents a shared vision to drive environmental sustainability, climate resilience, and economic empowerment throughout the region.
Adapted from an ACB Caribbean Group release
