NewzBRIDGETOWN, Barbados (CMC) – The Caribbean Development Bank (CDB) and the Small Business Association of Barbados have launched a regional initiative designed to help Micro, Small and Medium-sized Enterprises (MSMEs) strengthen their digital capabilities, improve competitiveness, and expand their participation in regional and global markets. The project, titled “Reengineering MSMEs for Growth: Adoption and Application of Digital Solutions to Build Resilience and Global Competitiveness,” was officially launched here on Wednesday at the CDB Conference Centre. The initiative will support a minimum of 150 MSMEs across Barbados, Dominica, Grenada, Saint Lucia, and Saint Vincent and the Grenadines, with targeted assistance to help firms assess their digital maturity, adopt practical digital solutions, and implement transformation plans.
The project also places inclusion at its centre, with specific attention to women-led enterprises and underserved businesses that often face additional barriers to growth. Delivering remarks at the launch, Daniel Best, president of the Caribbean Development Bank, said the initiative responds directly to the urgent need to strengthen the region’s private sector and prepare Caribbean businesses for a rapidly changing global economy. “The future prosperity of the Caribbean depends on our ability to build economies that are more productive, resilient, and competitive.
At the centre of that effort are our MSMEs, the businesses that create jobs, sustain families, support communities, and drive innovation across the region,” emphasised Best. He noted that many MSMEs continue to face constraints linked to scale, geography, access to finance, digital readiness, and market access. However, he highlighted that digitalisation offers small states and firms a powerful opportunity to overcome traditional barriers, increase productivity, strengthen resilience, and compete more effectively.
The project combines knowledge, institutional support, local networks, and financing, including grant support for selected firms to implement their digital transformation plans. This integrated model is intended to help participating businesses move from ambition to action by applying digital tools in ways that improve operations, customer reach, and market competitiveness. “This is what development partnership should look like: finance, knowledge, technology, i…
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