CARICOM Development Fund (CDF) and International Cooperation and Development Fund (TaiwanICDF) sign Memorandum of Understanding
March 16, 2023, Barbados – The CDF and the TaiwanICDF have signed a Memorandum of Understanding (MOU) that will allow both agencies to collaborate in and facilitate the implementation of activities geared towards supporting sectoral development and supporting women entrepreneurship and women businesses through sustainable energy projects and in particular to jointly support the efforts of Member States to address the adverse impacts of climate change.
According to Mr. Rodinald Soomer, CEO of the CDF “the first project under this MOU will see TaiwanICDF and the CDF through its Credit Risk Abatement Facility (CRAF) provide financial guarantees to support lending for sustainable energy initiatives to women wishing to start a business; women owned or managed businesses; and SMEs with at least 35% of women employed.” This action he said, “will help to reduce operating costs and enhance the competitiveness of these businesses thereby creating increased trading opportunities within the CSME.”
The primary areas of cooperation under the MOU for both agencies are:
(i) to Assist Women’s Economic Empowerment and the Economic Recovery in the Post-Pandemic of COVID-19 in the Caribbean with the end goal of supporting sectoral development and supporting women entrepreneurship and women businesses through sustainable energy projects.
(ii) Exchange of relevant information and documentation, particularly in respect of studies, surveys, commodity data and projects planned or carried out by either Party;
(iii) Exchange of knowledge and information relating to sustainable actions and women’s development;
(iv) In addition to Gender Equality as well as Renewable Energy and Energy Efficiency, to explore collaboration activities in the following areas in the future: Infrastructure, Agriculture, Tourism, Environment (such as Sargassum reuse and valorization), SME Development, Youth Entrepreneurship, ICT and Human Capacity Development;
Through this collaboration, the two agencies will seek to bolster the provision of technical and financial assistance in the areas identified above to the countries participating in the CARICOM Single Market and Economy, with special attention to the countries, sectors and regions classified as disadvantaged in the meaning of the Revised Treaty of Chaguaramas.
About CDF – The CARICOM Development Fund (CDF) (www.caricomdevelopmentfund.org) established in 2008 is a key developmental mechanism in the architecture of the CSME and is committed to achieving its vision to lead in providing effective, efficient and sustainable solutions that address the challenges faced by disadvantaged countries, regions and sectors participating in the CSME. In so doing its mission is to assist its Member States (namely Antigua & Barbuda, Barbados, Belize, Dominica, Grenada, Guyana, Jamaica, St. Kitts & Nevis, Saint Lucia, St. Vincent and the Grenadines, Suriname and Trinidad and Tobago) in maximising the benefits arising from participation in the CSME, by reducing intra-regional disparities through effective partnerships and the provision of financial and technical assistance.
About TaiwanICDF – The International Cooperation and Development Fund (TaiwanICDF) (www.icdf.org.tw) is a specialized development organization of the Taiwan Government dedicated to boosting socio-economic development, enhancing human resources and promoting economic relations in a range of developing partner countries. The organization also offers humanitarian assistance and provides aid in the event of natural disasters or international refugee crises. These areas of operation are carried out through technical cooperation; humanitarian assistance; international education and training; lending and investment; and research, development and evaluation.
