The Caribbean Development Bank (CDB) recently trained 174 persons directly engaged with Micro, Small and Medium-sized Enterprises, (MSMEs) across the region, to assist with much-needed capacity development within the sector.

Through the Caribbean Technological Consultancy Services (CTCS), the Bank’s flagship MSME capacity building program, the skills of business development officers and business development specialists from 18 Borrowing Member Countries (BMCs) were strengthened.

The focus was on Business Continuity Planning, Digital and Social Media Marketing, Financial Literacy and Management.

MSMEs are integral to Caribbean socio-economic development, as they account for a substantial share of Gross Domestic Product (GDP) and the workforce.

A CDB commissioned study estimates that MSMEs constitute between 70% and 85% of enterprises, contribute between 60% and 70% of GDP and account for approximately 50% of employment, including those from marginalized groups such as women, youth, indigenous communities and persons with disabilities.

In addition, almost 40% of small businesses in the Caribbean are owned by women, with
up to 60% ownership in some countries

  business, Caribbean, Entrepreneurs