CDB and Saint Lucia government ink $7.6 million deal for youth economic empowerment
The Caribbean Development Bank (CDB) and the Government of Saint Lucia (GOSLU) recently joined forces to formalize a groundbreaking agreement worth USD 7.6 million. The accord, which was initially approved in June, marks a momentous step towards bolstering the involvement of young individuals aged 15 to 35 in socially inclusive and gender-responsive enterprises.
Nurturing tomorrow’s business leaders
Under the agreement, more than 3,000 aspiring young entrepreneurs in Saint Lucia are set to benefit from either comprehensive business training or access to financial resources for launching small-scale ventures.
The initiative seeks to equip 600 young minds with essential skills in business development, planning, marketing, and overall business management. An additional 120 youths will receive personalized business mentoring, coaching, and financial support.
Diverse avenues of opportunity
The comprehensive initiative will cast a wide net, supporting young individuals in various sectors, including agriculture, agro-processing, manufacturing, retail, and services industries.
Additionally, it aims to harness the potential of the blue, green, and orange economies, providing opportunities for young entrepreneurs to flourish in these domains.
CDB’s commitment to youth empowerment
Commenting on this pivotal moment, Isaac Solomon, Vice President of Operations at CDB, emphasized the significance of the agreement.
He stated, “A project of this nature is a pioneering and timely intervention, carefully designed to drive youth economic empowerment, support the continuation of investment and capacity development in youth-led enterprises within the micro small, and medium enterprise sector to reduce youth unemployment and increase social resilience.”
Solomon also highlighted the project’s strong focus on inclusivity and gender equality, stating, “I am also pleased to say that socially inclusive and gender equality opportunities and approaches are at the center of the project. This will ensure that all services, investments, and operations address the diverse needs of men, women, and vulnerable groups irrespective of their sex, disabilities, or geographical residence.”
Prime Minister’s vision for youth
Honourable Philip J. Pierre, the Prime Minister of Saint Lucia, echoed the sentiment that young people are pivotal to both Saint Lucia and the wider Caribbean region.
He emphasized the remarkable potential and creativity possessed by the youth, expressing optimism that this initiative will provide them with the necessary resources, training, and mentorship to harness their innovative spirit and engage in business activities that will contribute to reducing youth unemployment and fostering sustainable livelihoods.
Strengthening partnerships
This latest agreement underscores the growing partnership between CDB and Saint Lucia, with initiatives and agreements valued at more than USD 34 million in loans and grants since January 2023.
The commitment to collaboration is further evidenced by co-financing commitments from the Government. Moreover, the 53rd Board of Governors' Meeting of the Bank was held in Castries in June, cementing the bonds of cooperation and development between CDB and Saint Lucia.
