Friday, April 19, 2024

CDB helping development finance institutions serve creative sector better

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A regional workshop being facilitated by the Caribbean Development Bank (CDB) was set to put development finance institutions (DFIs) in 13 countries in a better position to be able to serve businesses in the creative sector.

The CDB, through its Caribbean Technological Consultancy Services (CTCS) network and its Cultural and Creative Industries Innovation Fund (CIIF), was hosting the ongoing training exercise, which seeks to equip representatives of the DFIs with the necessary knowledge and skills to appraise loan applications for creative sector projects.

Lisa Harding, the coordinator of micro, small and medium enterprise (MSME) development at the CDB, said the workshop came in response to requests from DFIs seeking to better understand and serve MSMEs within the creative sectors.

“Recognising that access to finance is critical for MSME development and that the financial needs of MSMEs within the cultural and creative sector cannot be fulfilled solely through grant funding from CIIF, CDB has endeavoured to assist these MSMEs to access funding from financial institutions, including development finance institutions (DFIs),” Harding said at the start of the workshop.

“However, DFIs, in consultation with CDB, have acknowledged the need for strengthening of their own institutional capacity to better understand the business operations and practices of MSMEs to enable them to provide appropriate financial products and services.”

The online workshop, which ends of October 4, attracted 44 representatives from DFIs, intellectual property offices, business support organisations, as well as creative industries consultants from 13 CDB borrowing member countries.

(CMC)

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