A new Memorandum of Understanding has been signed between CIBC FirstCaribbean International Bank and the Caribbean Association of Youth Business Programmes (CYBP), as the bank reconfirms its commitment to the development of micro-businesses across the Caribbean.

Through the MOU, first signed in 2008, CIBC FirstCaribbean provides funding to CYBP which is then used in the development of various business ventures proposed by young business people.

Under the new MOU, US$340,000 will be provided over three years to youth businesses in Barbados, Jamaica, Belize, St Lucia, Antigua, St Vincent & the Grenadines, Trinidad & Tobago and Dominica, through Youth Business Trusts administered by the CYBP.

Jamaica will benefit from US$85,000 to be disbursed over a three-year period. Funds are provided through the CIBC FirstCaribbean Corporate Social Responsibility Programme administered by the CIBC FirstCaribbean Foundation.

Last year (2010) eight young Jamaican entrepreneurs benefitted from J$4-m in loan support from the Jamaica Youth Business Trust for businesses spanning industries like information technology, agriculture, food technology and hospitality.

Pointing to the CYBP as “one of many vehicles through which CIBC FirstCaribbean provides loan support to young entrepreneurs in Jamaica and the region”, Nigel Holness, managing director, CIBC FirstCaribbean said that the bank “is committed to the fostering of an entrepreneurial spirit among young people as a means of combating youth poverty and unemployment”.

The CYBP, Holness said, “complements the activities of the bank’s dedicated small business unit, established to assist in the development of small and medium enterprises which can make a significant impact both in terms of Jamaica’s Gross Domestic Product and direct employment”.

He noted, too, that Youth Business Programmes across the beneficiary countries are sharing best practices with each other while bank employees across the region act as mentors to some of the young entrepreneurs.

The CYBP is an affiliate of the Youth Business International, a global network of Youth Business Programmes which provides loan funding and mentorship of young people ages 18-30, and has His Royal Highness, the Prince of Wales, as its patron.