The International Finance Corporation (IFC) says access to long-term financing remains one of the biggest obstacles to private sector growth across the Caribbean.
According to the private sector arm of the World Bank, domestic credit in the region remains relatively low compared with the size of regional economies, leaving businesses struggling to access the funding needed to expand and invest.
The IFC says the financing gap across the Caribbean is estimated at more than US$22 billion.
In response, the corporation has committed US$15 million to the Caribbean Community Resilience Fund, helping to move the fund closer to its target size of over US$75 million.
The IFC says the investment will consist of a US$5 million senior note and a $10 million promissory note.
Under the agreement, 70 per cent of the funds capital will be directed to medium-sized enterprises, while the remaining 30 per cent will support resilience and sustainability projects throughout the Caribbean.
The IFC says the investment is intended to expand access to financing, stimulate private sector growth and strengthen the region's economic resilience.
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