ROADTOWN Tortola BVI, September 28th, 2012 – Now that the Small and Medium Enterprises (SME) programme under the 10th European Development Fund (EDF) is approved, and the financing agreement signed, the BVI, which serves as the Deputy Regional Authorising Officer (DRAO), is moving ahead with the project that is expected to assist businesses in both the British and Dutch Caribbean Overseas Countries and Territories (OCTs).
The project financing agreement was signed on Wednesday in Ilulissat, Greenland by Financial Secretary Mr. Neil Smith in his capacity as DRAO, while Deputy Director-General of EuropeAid Mr. Marcus Cornmaro, signed on behalf of the EU.
The approval of the project, worth approximately €15 million (over $20 million) allows the Government of the Virgin Islands to proceed with setting up the related administrative operations and headquarters in the Territory. The BVI deputised Curacao to manage the project among the Dutch OCTs, while retaining oversight responsibility for the entire project.
In an interview with the Department of Information and Public Relations, Premier and Minister of Finance Dr. the Honourable D. Orlando Smith, OBE said, “We will be moving quickly to get the SME project off the ground. In addition to administering the project on behalf of our British and Dutch Caribbean OCT neighbours, we will directly benefit from the technical assistance that will be provided.”
Premier Smith added, “We look forward to utilising the programme to strengthen the capacity of the region; in addition to the BVI’s own National Business Bureau, Chamber of Commerce and other local agencies and organisations that help support the growth and development of our small and medium-size businesses.”
Assistant Secretary in the Premier’s Office Mrs. Elvia Smith-Maduro was also present at the signing ceremony. In a separate interview, she commented, “The purpose of the SME project is to strengthen OCTs’ private sectors by developing and strengthening the institutions and intermediaries which provide technical support to small and medium enterprises, such as the Territory’s National Business Bureau.”
Mrs. Smith-Maduro added, “A key objective of the project is to position OCT SME’s to take advantage of both domestic and international business opportunities, which will in turn support economic growth and employment.”
BVI London Office Director Mr. Kedrick Malone and Senior Political/Public Affairs Officer Mr. Benito Wheatley also participated in Wednesday’s signing ceremony. The group is presently leaving Ilulissat, Greenland, where the Premier led the delegation attending the 11th OCT-EU Forum, which ended yesterday.
As the DRAO, the Territory is charged with administering the regional project on behalf of the 11 British and Dutch Caribbean OCTs, which includes Aruba, Anguilla, Bonaire, BVI, Cayman Islands, Curacao, Montserrat, Saba, Sint Eustatius, Sint Maarten and Turks and Caicos Islands.
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