Local company Caribbean LED Lighting has successfully won a bid to further develop its business and increase its export markets through $500 000 in Compete Caribbean technical assistance.
This means it is the first Barbadian firm to receive a grant from Compete Caribbean, which is “a private sector development programme that provides technical assistance grants and investment funding”, and it is also one of eight firms in the region to be awarded a grant to date.
The programme is jointly funded by the Inter-American Development Bank (IDB), the United Kingdom Department for International Development and the Foreign Affairs, Trade and Development Canada.
IDB country representative Joel Branski said: “As one of the major donors of the Compete Caribbean Programme, the IDB is delighted that the first grant to be awarded in Barbados is to support the development of a renewable energy product. Since 2009, the IDB has provided technical and financial support to the Government of Barbados with the objective of reducing Barbados’ fossil fuel dependency by encouraging the promotion of renewable energy and energy efficiency projects and initiatives.”
He added that nearly 90 per cent of the energy consumed in Barbados comes from imported oil and any energy saving or fuel substitution will have a direct impact in terms of financial savings, carbon emissions reduction, the creation of fiscal space and the creation of jobs.
“The WINSUN project will not only reduce the cost of energy, but will also improve the overall competitiveness of the country and support the sustainability of Barbados’ economic and social development,” he said.
Meanwhile, Compete Caribbean executive director, Sylvia Dohnert lauded the project.
“The WINSUN project is a shining example of innovation responding to current local dynamics and addresses the most major energy concerns in Barbados,” she said.
“It is a resounding success story for Barbados, for Compete Caribbean and for the region. The company’s focus is on being the primary supplier of high quality, economical LED lighting solutions and this grant will no doubt go a long way in helping them achieve their goals.”
Compete Caribbean “provides technical assistance grants and investment funding to support productive development policies, business climate reforms, clustering initiatives and small and medium size enterprise development activities in 15 Caribbean countries.
