SME set to make splash with Caribbean’s St Kitts and Nevis Fund

KUALA LUMPUR: Small and medium enterprises of St Kitts and Nevis in the Caribbean islands will be able to access a US$3 million (US$1 = RM 4.09) funding pool, according to a recent press release issued by the dual nation’s Office of the Prime Minister.

The CARICOM Development Fund has signed a concessional loan agreement with the federation as part of the second cycle of the eight-year Country Assistance Programme.

The funding aims to facilitate entrepreneurs’ access to technical and financial assistance, improve competitiveness and productive capacity, promote innovation, boost employment rates and accelerate economic growth for the island country in the West Indies, situated between the Atlantic Ocean and the Caribbean Sea.

Sectors to benefit from the funding include women and youth start-ups, light manufacturing, agri-business and agriculture, tourism, infrastructure and sustainability.

“Access to funding has been identified repeatedly as one of the main challenges to small businesses. All citizens of St Kitts and Nevis who qualify for the scheme are encouraged to take full advantage of this opportunity,” said Prime Minister, Timothy Harris in the press release.

Prior to this, an additional US$1.33 million was agreed upon for the Enhancement of Frigate Bay as another component of the second cycle of the Country Assistance Programme.

A similar end purpose serves the Sustainable Growth Fund under the twin-island nation’s Citizenship by Investment (CBI) Programme which channels funds from foreign investors seeking the country’s valuable citizenship.

CS Global Partners is the international legal advisory mandated by the St Kitts and Nevis Government to promote the CBI Programme. — Bernama