THE Caribbean Development Bank (CDB) supported by the European Union (EU) said it is working to bolster private sector capacity in St Vincent and the Grenadines (SVG).

Through two new ventures, the National Standardisation and Certification of Exportable Services Providers Project and the Food Safety Certification System for Livestock Production and Trade in SVG Project, both funded by the EU from grants of over EUR 376,000 provided to the Government of SVG.

The CDB managed Standby Facility, which is supporting the two initiatives, is part of a wider programme of support by the EU for the implementation of the Economic Partnership Agreement (EPA), that will improve innovation and intellectual property rights, technical barriers to trade, sanitary and phyto-sanitary measures, capacity building in the areas of competition, public procurement, customs and trade facilitation.

For SVG, the two projects are set to advance efforts in poverty reduction and the exportability of goods and services as it also increases opportunities in agriculture.

“It is no small task to rebound and rebalance a small open economy which has been affected by multiple shocks, a health crisis and a volcanic eruption. Recognising these exigencies, the bank through these two projects and other programmes, is keenly assisting with national recovery,” said Daniel Best, director of projects at the CDB.

According to Felipe De La Mota, team leader of regional integration and trade for the EU, the projects funded by his organisation will help to support the development of human capital in the services sector leading to the generation of income and foreign exchange whilst promoting the establishment of new businesses, and the development of specialty services.

“Further, value would be derived with the creation of employment opportunities, market penetration and expansion, economic growth, poverty reduction in rural communities, decreased unemployment and an increase in knowledge of best practices,” he added.

Kesal Peters, minister of state with responsibility for foreign affairs and foreign trade in SVG, further indicated that the initiatives which were recently launched would also assist the private sector to enhance productivity and competitiveness and attain strong sustainable economic growth.

Meanwhile, permanent secretary in the Ministry of Agriculture, Forestry, Fisheries, Transformation and Labour in SVG said that with the development of the burgeoning spa sector in the country, the projects will likewise prepare and position the sector for greater exportability as it also develops a cadre of certified musical professionals and allow for a system of continued certification for increased professionalism and access to new markets while enhancing the capacity of other CSME approved vocations such as security guards and domestics.