BRIDGETOWN, Barbados, CMC – The Barbados-based Caribbean Development Bank (CDB) says it has signed a US$7.6 million agreement with the St. Lucia government to finance the island’s youth economy project through which more than 3000 young people will benefit from business training or financing to start small enterprises.
Prime Minister Philip J. Pierre noted that young people are the primary agents of change and key to building St. Lucia and the wider Caribbean region.
“We already know that our youth possess unmatched levels of innovation and creativity. This initiative will provide them with the resources, training, and mentorship they need to explore that creativity and engage in business activities that will ultimately help reduce youth unemployment and build sustainable livelihoods,” Prime Minister Pierre said.
The loan, approved in June, will help boost the participation and engagement of youths between 15 and 35 years of age in socially inclusive and gender-responsive businesses.
The CDB said 600 young people will be trained in business development, planning, marketing, and business management, while an additional 120 youths will receive business mentoring, coaching, and financing.
It said more than 3,000 youngsters between the ages of 18 and 25 will be supported in enterprise activities in agriculture, agro-processing, manufacturing, retail, and the services industries, as well as the blue, green, and orange economies.
CDB Vice President of Operations Isaac Solomon said the agreement marked the sealing of cooperation between the Bank and the St. Lucia government to increase the participation and engagement of the youth population of St. Lucia in the country’s economy.
“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.
“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,” Solomon added.
The CDB said it has significantly strengthened its partnership with St.Lucia since January 2023, with initiatives and agreements valued at more than US$34 million in loan and grant funding.
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