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BRIDGETOWN, Barbados – The Caribbean Development Bank (CDB/the Bank) launched CDB PROPEL, a bold new chapter in the bank’s flagship technical assistance programme for Micro, Small and Medium-sized Enterprises (MSMEs), signalling a renewed commitment to strengthening entrepreneurship, innovation and private sector development across the Caribbean.
The launch, held in observance of World MSME Day, marks the evolution of the Caribbean Technological Consultancy Services (CTCS) Network, which has supported entrepreneurs and business support organisations across the region for more than four decades.
Building on CTCS’s strong legacy, CDB PROPEL reflects a strategic repositioning designed to meet the needs of today’s entrepreneurs operating in an increasingly digital, competitive and climate-challenged global economy. The programme will deliver more targeted technical assistance, strengthen institutions that serve MSMEs, and foster partnerships that improve business competitiveness and resilience.
Speaking at the launch, CDB president Daniel M. Best underscored the critical role MSMEs play in the Caribbean economy.
“MSMEs are vital to our Borrowing Member Countries. They account for 70 to 85 percent of businesses, contributing between 60 to 70 percent of regional GDP, and provide about 50 percent of employment. The Bank has long recognised the central role of MSMEs in driving economic and social development across the region.”
Since its establishment in 1982, CTCS has become one of CDB’s longest-standing development programmes. Between 2015 and 2025 alone, the bank approved approximately USD11.8 million in technical assistance, supporting more than 10,000 MSMEs and entrepreneurs through initiatives that strengthened business management, expanded market access, advanced renewable energy and climate resilience, promoted youth entrepreneurship, improved financial inclusion, and supported women’s economic empowerment.
Under CDB PROPEL, the bank is introducing a more structured, programmatic approach aligned with its 2026-2035 Strategic Plan. The programme will proactively target priority sectors and development challenges through competitive Calls for Proposals that encourage innovation, strategic partnerships and scalable solutions.
To support this transition, CDB has allocated USD 5 million under the 11th cycle of the Special Development Fund (SDF 11) for MSME technical assistance between 2025 and 2028.
Lisa Harding, division chief, private sector division, said CDB PROPEL reflects both continuity and transformation.
“For more than 40 years, CTCS helped entrepreneurs strengthen their businesses, adopt new technologies, access new markets, and build resilience. Today, we honour that legacy while recognising that the entrepreneur we serve today is more connected, more ambitious and competing on a global stage. CDB PROPEL represents our renewed commitment to ensuring Caribbean entrepreneurs have access to the expertise, networks and opportunities they need to compete, adapt and thrive.”
During the launch, a panel discussion featuring regional partners and beneficiaries from Barbados, Jamaica and Haiti shared how CDB’s technical assistance has strengthened institutions, supported youth entrepreneurship, expanded access to finance, enhanced tourism competitiveness, and fostered climate innovation throughout the Caribbean.
Faude Joseph, president of the board of Banque National de Developpement Agricole (BNDA) in Haiti, was enthusiastic about CDB PROPEL, noting that access to finance was a challenge for MSMEs. “The rebranding of this institution will help us to strengthen the MSMEs in Haiti through BNDA as a platform to access finance.”
Cardell Fergusson, executive director of the Barbados Youth Business Trust (BYBT), highlighted the value of the partnership in building the next generation of entrepreneurs.
“We believe that working together as Caribbean entities can create more impact not only for entrepreneurs and the organisations that we belong to, but also for our Caribbean economies,” Fergusson said.
As CDB expands its private sector development agenda, CDB PROPEL will continue serving as the bank’s flagship MSME technical assistance programme, supporting business organisations, and fostering economic growth across its borrowing member countries through a new generation of entrepreneurs.
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