CDB to Invest USD1.8 million in the Region’s Creative Sector
The Caribbean Development Bank (CDB) has given USD1.8 million to help the region’s creative industries grow. The Board of Directors of the Bank recently approved an injection into the institution’s Creative Industries Innovation Fund (CIIF), a multi-donor endowment established in 2017 to support innovation, job creation, and better company sustainability in the sector.
Mr Daniel Best, CDB’s Director of Projects, stated “We are delighted to lend our support to this initiative.” Given the difficulties that our creatives confront, this fund will continue to fill a hole by providing resources to build an enabling environment for the sector. In our 19 Borrowing Member Countries (BMCs), we anticipate support for trade and export facilitation, marketing and distribution, human resource development and research, as well as the creation of legal and legislative frameworks.”
Globally, the creative economy is recognized as a growing industry and a significant contributor to GDP, with the ability to stimulate innovation and knowledge transfer across all sectors of the economy. It is an important sector for fostering inclusive growth since it has both commercial and cultural value, while also providing chances for human imagination and propagating key social and cultural ideals.
Ms Lisa Harding, the Bank’s Acting Head, Private Sector Division, commented on CIIF, saying that “Caribbean cultural entrepreneurs, Micro, Small and Medium-sized Enterprises (MSMEs), and Business Support Organizations (BSOs) that support the Creative Industries will benefit from grants and capacity building aid to increase competitiveness and improve data intelligence and analysis as we continue to build programs to enhance the creative economy.” Beneficiary MSMEs and other qualifying businesses must contribute at least 10% of project costs in cash or in-kind.
Since its inception, CIIF, which is governed by a diverse group of regional organizations and administered by CDB, has provided approximately USD 1.2 million in non-reimbursable grants to a wide range of initiatives, including music production, distribution, sales, and events, audio visual, film, animation, and gaming, festivals and carnivals, fashion, and contemporary design. The piloting of a dedicated CIIF Haiti programme, which served 90 direct beneficiaries through the implementation of three Accelerator partnership grants; the development of a Community of Practice model to increase collaborative learning and sharing among creative stakeholders; the development of online resources, toolkits, and learning materials; and the inclusion of over USD 100,000 in prize grants into Accelerators were all noteworthy.
The Bank’s continued investment in the fund will result in a greater contribution to economic outputs and foreign exchange earnings from the Creative Industry sector by improving the enabling environment, improving data collection and reporting, and improving the competitiveness of beneficiary MSMEs. This will foster social resilience by ensuring that no one is left behind, as well as economic resilience for inclusive growth.
