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Nov 7, 2012

CARILED multimillion dollar MOU to fund economic growth

Representatives from the Caribbean Local Economic Development Program (CARILED), and the Ministry of Local Government signed a memorandum of understanding this morning at the Radisson.  CARILED is a six-year multimillion dollar project in which local governments will take advantage of available resources to fuel economic growth, as well as job creation.  As part of the organization’s mandate, CARILED has identified nineteen million dollars to bolster economic development through the establishment of small and medium enterprises across the Caribbean.  According to Dr. Naresh Singh, CARILED’s executive director, disbursement of the funds will be incentivized based on performance.

 

Dr. Naresh Singh, Executive Director, CARILED

Naresh Singh

“We are taking a different approach in this project, in the sense that we have not earmarked money per country.  We have, as you know, selected seven countries out of the CARICOM countries and, within those countries, selected certain areas.  The way we are going to approach it is, if you are making more progress we will invest more.  It’s as simple as that.  Incentive-based, performance-based.  So, you deliver more and we’ll work with you more because we want to demonstrate what works.  It’s not one of the traditional projects that says [for example] Belize gets two hundred thousand or a million dollars, Jamaica gets five million and then the government says, “well this is our money anyway and we don’t have to perform, they’re gonna give us anyhow.”  We won’t, we don’t do it like that.”

 

Godwin Hulse

Godwin Hulse, Minister of Local Government and Rural Development

“In practical terms, somebody has a business, contact that person or that person will contact you.  The idea is to be able to bring together that person’s idea, his small business, find some money, which is all over the place, there’s lots of money, find a market and get that project going.  That’s the tangible.  That’s the deliverable.  And our ministry, in our ministry, will be housed the national coordinator, who will be seeing to it that this is happening.  So from my perspective, personally, we will be pushing and pushing and pushing, as Dr. Singh says, to see which new business came, how fast it came, what were the impediments and how quick we can get you off the ground.  As you know, there are tangibles and intangibles, for example, there may be somebody with a business but he needs a license or he needs a piece of land, or he needs some other thing which government can facilitate or he needs a little a concession.  Those are the things we’ll be pushing to make sure that he’s not hanged up there for two to three years and can’t get off the ground; that’s the idea.”

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1 Response for “CARILED multimillion dollar MOU to fund economic growth”

  1. Storm says:

    Performance-based funding is a great concept. Let’s see if GOB can . . . perform.

    I am sure the Jewel has plenty of entrepreneurs with good ideas that can succeed with a little support.

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