The CARICOM Development Fund (CDF), in collaboration with the Caribbean Community Secretariat (CARICOM) and Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ), have commenced work on the establishment of a Credit Risk Abatement Facility (CRAF) for the benefit of Small and Medium Size Enterprises (SMEs) with an initial focus on the Energy Efficiency/Renewable Energy Sector. A team of consultants from CAMCO Clean Energy has been engaged to assist with the first phase of development of the CRAF which will form the basis for a ‘pilot’ rollout of the facility and eventual implementation in the wider region.
During this phase, the team will conduct scoping missions in five CDF Member States: Jamaica, Belize, Suriname, Barbados and Saint Lucia, from April 3rd to April 20th, 2018 to get an overview of the current situation within the CARICOM Region with respect to efforts aimed at financing energy solutions to SMEs, including the gaps and barriers hindering investment by SMEs in sustainable energy solutions and possible ways of bridging those gaps. Discussions are being held with key government, financial, private sector and regulatory stakeholders with the clear objective of identifying the institutional and other imperatives that are critical to the successful implementation of the CRAF.
The outcomes of this phase will be presented to all key stakeholders for their further input and validation at a workshop to be held before the end of July 2018. Consequent upon a favorable feasibility assessment from Phase 1, the second phase will commence immediately with a view to implementing the pilot roll out by the end of the third quarter of 2018.