Road Town, Tortola - The Virgin Islands is well on its way to further develop the action fiche attached to the recently approved proposal for the 10th European Development Fund (EDF) Caribbean Regional Programme.

The Territory is charged with facilitating the programme in its capacity as the Deputy Regional Authorising Officer for the Caribbean members of the Association of Overseas Countries and Territories (OCTA). This function is carried out by Financial Secretary Mr. Neil Smith.

According to Assistant Secretary in the Premier’s Office, Mrs. Elvia Smith-Maduro, “The regional programme is geared towards strengthening the development of small and medium enterprises (SME’s) of the British and Dutch Overseas -Countries and Territories (OCT’s) in the Caribbean Region.”

“Funds from the 10th EDF will be used to build the capacity of SME intermediaries, such as Small Business Bureaus, Trade Departments and Chambers of Commerce, to help them to better service the SME’s,” said Mrs. Smith-Maduro.

She continued, “This may involve building their capacity to assist with securing loans, management training, accounting, book keeping and even business plans.”
The Assistant Secretary explained that the proposal for the programme was approved by the European Commission (EC) on March 3, and since then, the EC recommended that a feasibility study be conducted.

“The goal is to have the action fiche, completed at the end of the feasibility study which will be conducted by private consultants; this is expected to be completed and submitted to the European Commission by – the fourth quarter this year,” said Mrs. Smith-Maduro.

Regarding participation from other OCT’s, Mrs. Smith-Maduro said, “Each member of OCTA made an input as to what the project should look like.”

Mrs. Smith-Maduro delivered a progress report focussed on the development of the programme at the OCTA Ministerial Conference held in Brussels on March 24, which she said was “well received”.

The project, which is approximately €15 million (over $20 million) is also expected to strengthen strategies and systems to reduce social, economic and environmental vulnerabilities in the OCT’s and the wider Caribbean.

Mrs. Smith-Maduro added, “Effectively, by the end of the Project, SME intermediaries will be better able to serve the SME’s in their island or country, while creating national, sub-regional and regional linkages to enable further capacity building for the SME’s.”

The BVI team which worked on the project proposal included the Acting Chief Planner Mrs. Marva Titley-Smith, Director of Trade and Consumer Affairs Ms. Lizette George, Senior Executive Assistant to the President at HLSCC Ms. Yvonne Crabbe and Former Coordinator for the National Aids Programme Dr. Ronald McAnaney, all of whom were supervised by the Financial Secretary.

Anguilla, Aruba, Cayman Islands, Montserrat, Netherlands Antilles (Bonaire, Curacao, Saba, St. Eustatius and St. Maarten), Turks and Caicos Islands and the Virgin Islands are the countries slated to benefit from the programme.

The European Development Fund (EDF) is an inter-governmental fund, and is the main source of European Commission funding to the Africa, Caribbean, Pacific (ACP) countries for development assistance.

Funds of the 10th EDF are programmed in a multi-annual framework 2008-2013, with the central objective to reduce poverty and its ultimate eradication, provide sustainable development and encourage the progressive integration of ACP states into the world economy.