USAID announces US$1.45M in new funding for C’bean

In demonstration of its commitment to the Caribbean, the United States Agency for International Development (USAID) has announced some US$1.45 million in new funding to advance inclusive economic growth and climate adaptation efforts across the region.

This was revealed by Deputy Administrator for Policy and Programming at USAID, Isobel Coleman, during a two-day visit in Georgetown to attend the Caribbean Investment Forum 2024, held from July 10 to 12 in Georgetown.
Speaking at the Forum on Thursday, Coleman highlighted that the USAID has injected nearly US$28 million in funding, including US$1.45 million in new funding, to support inclusive economic growth and climate adaptation in the Caribbean.
The Deputy Administrator reaffirmed USAID’s commitment to partnering with Guyana and the Caribbean Community (CARICOM) to convene the private sector and catalyse sustainable investment in the Caribbean region.
Already, USAID’s Economic Development Accelerator supports Guyana’s agro-processing small and medium-sized enterprises (SMEs) to grow their businesses and reach new markets. The Accelerator provides marketing and finance training, access to seed funding, and investment readiness support.
With this US$1.45 million in new funding, USAID will be expanding this successful model to SMEs in Suriname and Trinidad and Tobago.
As part of USAID’s US$20 million Caribbean Climate Investment Programme announced by Vice President Kamala Harris in June 2023, Deputy Administrator Coleman also revealed a new project to help with Barbados’ energy grid stabilisation efforts by introducing 16 battery energy storage systems at existing distributed energy generation projects in Barbados.
The Caribbean Climate Investment Program helps mobilise private finance to support companies deploying technologies in renewable energy, energy efficiency, and climate adaptation.
In addition to the previous US$5.3 million announced by US Secretary of State Antony Blinken in July 2023, Deputy Administrator Coleman also disclosed that another US$1 million will go to support the use of data in agricultural decision making. It will provide analysis of historical climate and weather trends and their impact on agriculture, and strengthen information systems to minimise negative impacts from changes in weather patterns.
During her two-day visit to Georgetown, Coleman met with senior Guyanese governmental opposition, civil society, and business leaders to discuss ways USAID can continue to support inclusive economic growth, shared prosperity, and good governance in one of the world’s fastest growing economies.
In a meeting with President Dr Irfaan Ali on Wednesday, the USAID official expressed appreciation for Guyana’s leadership within CARICOM and at the United Nations Security Council (UNSC), and discussed a broad range of issues including methods of promoting inclusive growth and skills development. The two leaders also discussed regional migration, rule of law, and Venezuela’s upcoming election, as well as ways to further deepen the US-Guyana relationship.
President Ali had said in a Facebook post following the meeting with Coleman that they also discussed how USAID can help Guyana grow and expand its capacity to deal with its current development trajectory’s rapid and expansive growth.
Meanwhile, during her address at day-two of the 2024 Caribbean Investment Forum titled ‘Building Resilience Through De-risking: Unleashing Catalytic Capital and Public-Private Collaborations in the Caribbean,’ Coleman also emphasised the USAID’s commitment to innovation and maximising development impact through the strategic investment of private resources. She highlighted the positive effects of these efforts not only in the Caribbean but also around the world.
The USAID official mentioned that while governments may not always have the resources for large-scale climate investments, they can allocate public funds to reduce investment risk, creating a more favourable environment for investors. Collaboration between the public and private sectors can yield excellent results, but it requires commitment and a willingness to take on more risk from all parties involved.
On the other hand, the Inter-American Development Bank (IDB) Country Representative in Guyana, Lorena Solórzano-Salazar, addressed the numerous challenges the Caribbean faces across different sectors and emphasized the necessity for increased direct investment.
While underscoring the Bank’s supportive stance in the region, Solórzano-Salazar recognised that “the gaps in the region are significant.” She stressed that “one institution cannot address these issues alone” and pointed out the potential for bilateral and multilateral partners to collaborate in addressing the development gaps.
During the forum, the IDB representative shared information about the bank’s regional flagship program, “One Caribbean,” launched last year to promote sustainable development in the Caribbean. The program addresses climate adaptation, disaster risk management, private-sector engagement, and food security issues. These efforts aim to support regional integration and resilience through project and partnership support.
The IDB representative also stressed the importance of this program in supporting long-term investment in the face of climate change and contributing to the development of Latin America and the Caribbean. She also mentioned that the IDB will continue to support the region.
The three-day forum saw several panel discussions, featuring industry experts who discussed and shared insights on critical issues across the region.
On Friday – the final day of the forum, Chief Executive Officer of the Guyana Office for Investment (GO-INVEST), Dr Peter Ramsaroop, cut the ribbon to officially open the investment village – an exhibition platform for showcasing various products and services and is ideal for connecting investors and businesses.
Dr Ramsaroop believes that the region’s objective should be to ensure that “better products reach the right markets,” even if it means slightly adjusting the products or services offered in this part of the world. He also stated that “real opportunities exist, so investment-driven growth is achievable.”
To conclude the day’s activities, businesses from Guyana, Suriname, St Lucia, the Bahamas, the Dominican Republic, and Saint Vincent and the Grenadines participated in the investment project presentation and connected with four potential investors. This is a conversation that will continue beyond the 2024 Caribbean Investment Forum. (G8)