The EU-funded 11th European Development Fund (EDF), Regional Private Sector Development Programme was launched today in Barbados. The 24 million euro committed for this programme are intended to build on the achievements of the EU's past private sector development contributions.

The Programme is part of the EU's regional economic cooperation and integration focus, that seeks to support private sector development, investment facilitation and EPA trade-related activities.

The new Regional Private Sector Development Programme was designed to address the increasing demands for private sector lead growth. Therefore, greater emphasis is expected to be placed on such initiatives as the green economy and e-commerce. In addition, a greater effort will be made to integrate enterprises globally, boost competitiveness, improve the business climate and attract more foreign investment.

EU Ambassador to Barbados, the Eastern Caribbean States, the OECS, and CARICOM/CARIFORUM, Daniela Tramacere, said: "For the future Caribbean Export endeavours to improve the effectiveness and efficiency of the Direct Assistance Grant Scheme. However, greater attention will also be paid to attracting foreign direct investment by implementing the draft Regional Investment Promotion Strategy and enhancing the ability of Caribbean Micro, Small and Medium Enterprises to access non-traditional forms of financing."