BRIDGETOWN, Barbados (CMC) – The Caribbean Development Bank (CDB) and the Small Business Association of Barbados have launched a regional initiative designed to help Micro, Small and Medium-sized Enterprises (MSMEs) strengthen their digital capabilities, improve competitiveness, and expand their participation in regional and global markets.

The project, titled “Reengineering MSMEs for Growth: Adoption and Application of Digital Solutions to Build Resilience and Global Competitiveness,” was officially launched here on Wednesday at the CDB Conference Centre.

The initiative will support a minimum of 150 MSMEs across Barbados, Dominica, Grenada, Saint Lucia, and Saint Vincent and the Grenadines, with targeted assistance to help firms assess their digital maturity, adopt practical digital solutions, and implement transformation plans. The project also places inclusion at its centre, with specific attention to women-led enterprises and underserved businesses that often face additional barriers to growth.

Delivering remarks at the launch, Daniel Best, president of the Caribbean Development Bank, said the initiative responds directly to the urgent need to strengthen the region’s private sector and prepare Caribbean businesses for a rapidly changing global economy.

“The future prosperity of the Caribbean depends on our ability to build economies that are more productive, resilient, and competitive. At the centre of that effort are our MSMEs, the businesses that create jobs, sustain families, support communities, and drive innovation across the region,” emphasised Best.

He noted that many MSMEs continue to face constraints linked to scale, geography, access to finance, digital readiness, and market access. However, he highlighted that digitalisation offers small states and firms a powerful opportunity to overcome traditional barriers, increase productivity, strengthen resilience, and compete more effectively.

The project combines knowledge, institutional support, local networks, and financing, including grant support for selected firms to implement their digital transformation plans. This integrated model is intended to help participating businesses move from ambition to action by applying digital tools in ways that improve operations, customer reach, and market competitiveness.

“This is what development partnership should look like: finance, knowledge, technology, institutional support, and local networks working together to help businesses move from ambition to action. Through this initiative, we are helping Caribbean MSMEs turn digital visibility into real sales, and business potential into greater productivity, resilience, and sustained global competitiveness,” said Best.

In his keynote address, Kerrie Symmonds, senior minister and minister of Energy, Business Development and Consumer Affairs in Barbados, welcomed the new initiative, noting that the pace of technological change makes digital transformation an imperative for Caribbean businesses.

“The rest of the world is moving swiftly in the direction of artificial intelligence and digital transformation. The Caribbean cannot be the last to move, and we cannot afford to be left behind. We have to confront the challenges of digital adoption, build the capacity of our businesses, and create an environment in which MSMEs can use technology to improve productivity and efficiency,” asserted Symmonds.

The launch brought together representatives of the Government of Barbados, the Small Business Association of Barbados, business support organisations, regional partners, and participating stakeholders from across the beneficiary countries. The programme included remarks from Dr Lynette Holder, chief executive officer of the Small Business Association of Barbados; Donna Hope, vice chairman of the Small Business Association of Barbados; Sunita Daniel, chief executive officer of Export Saint Lucia; Victor Boyce, head of country, Barbados, CIBC Caribbean; and Natasha Edwin-Walcott, coordinator, MSME Development, Private Sector Division, Caribbean Development Bank.

The project also supports the wider goals of Small Business Week 2026, which will be held from September 13 to 19, 2026, under the theme “Beyond Borders: Positioning Small Business for the Global Economy.”

Through this partnership, the Caribbean Development Bank is reinforcing its commitment to a stronger, more innovative, and more inclusive private sector, while working with regional institutions to ensure that Caribbean entrepreneurs are better equipped to thrive in the digital economy.