The Caribbean Development Bank, recognising the transformative nature of this project to reduce and mitigate youth unemployment in Saint Lucia by creating sustainable enterprisehas provided USD 7 million to up-and-coming young entrepreneurs through a grant-loan facility.
Going beyond individual capacity-building, the project seeks to assist over 3,000 young individuals aged 18 to 25 in diverse enterprise activities spanning agriculture, agro-processing, manufacturing, retail, and the services sectors, encompassing the blue, green, and orange economies.
The CDB’s Social Sector Division Chief, Dr Martin Baptiste said this investment underscores the Bank’s commitment to youth development in Saint Lucia.
“We absolutely see the value in this as a viable development solution. This is a solemn obligation to the generations that are here that will assure that our young people will continue to thrive. The Youth Economy Project is truly transformational. This project is here because the future is now,” Dr Baptiste said.
The YEA’s CEO, Bryan Vidal, says this USD 7 million (XCD 18.9 million) injection will bolster the Agency’s capacity to respond to the issues affecting youth in Saint Lucia.
“In providing resources to the agency, the Bank has endorsed the vision of Prime Minister Hon. Philip J. Pierre, further enabling our expanded cadre of officers to do even more to grow the youth entrepreneur ecosystem. With their assistance, we are now better poised to water the roots, and to place our clients in positions where they can bloom,” he Mr. Vidal.
Vidal says the Agency will continue creating the island’s future business people and is grateful for the CDB’s assistance. Emphasising social inclusivity and gender equality, the CEO says the project ensures that its services, investments, and operations cater to the diverse needs of men, women, boys, and girls.
“The YEA was created to support Saint Lucia's young entrepreneurs through interventions including funding and training, to plant the seeds for the next generation of business leaders. From inception, we have been overwhelmed by the volume of interest from eligible persons, clearly indicative of the need for such an organisation. We are delighted that the CDB has also recognised the agency as fit for purpose,” he exclaimed.
Opened in April 2023, the Agency provides business development training and learning opportunities for young entrepreneurs who have business plans.