More than $US300,000 has been allocated by the Caribbean Development Bank (CDB, the Bank) as a grant through the EPA and CSME Standby Facility, for a two-year project to improve business activity in Haiti.
“Under the Capacity Building for Strengthening Quality Infrastructure Project we’re signaling our continued support for the Haitian Government’s macroeconomic stabilisation initiatives; and also strengthening economic growth and poverty reduction prospects,” says Vice President Operations (Ag) at CDB Therese Turner Jones.
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The project which is being managed by the CARICOM Regional Organisation for Standards and Quality (CROSQ), the regional agency responsible for standards, meterology and quality, is focused on improving private sector development and competitiveness, in an economy critically in need of injections and support.
During the period of implementation CROSQ will work with Haiti’s Bureau Haitien de Normalisation (BHN) a department of the Ministry of Commerce and Industry to improve the business facilitation environment and to improve the National Quality Infrastructure (NQI). Quality Infrastructure (QI) refers to the standards and structures needed to facilitate, trade and business development particularly for the protection and reassurance of the consuming public. This action will safeguard those at the end of the value chain beyond supporting economic growth and also benefit exporters and domestic enterprises.
CDB’s Acting Director of Projects L. O’Reilly Lewis indicated that “The planned interventions will focus directly on building capacity within BHN to enable it to be better able to provide critical services to its stakeholders. Our partners at CROSQ will work with the national body to strengthen Information Communications Technology (ICT) infrastructure and capabilities and improve effectiveness and competence in the provision of conformity assessment while strengthening awareness.” CROSQ is contributing an estimated US$22,000 to the project.
The initiative was conceptualised and formalised in response to needs articulated by Haiti’s BHN. The agency cited challenges related to training, equipment and mentoring in market surveillance as well as promotion of its services to increase demand.
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The EU is financing the initiative and 17 other trade focused grants across the region though the EPA & CSME Standby Facility managed by CDB. The Standby Facility is a €8.75 million resource managed by the CDB which offers opportunities to 15 Caribbean economies to grow trade, deepen integration and economic involvement, impact competitiveness, market access and exports by implementing targeted projects in thematic areas.
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The post CDB Inks Agreement for New EU Financed Project to Strengthen Haiti’s Economic Prospects appeared first on Antigua Breaking News.
