GEORGE TOWN, Cayman Islands (CMC) — The Caribbean Development Bank (CDB) says it is partnering with the Cayman Islands Centre for Business Development (CICBD) to strengthen the country’s micro, small and medium-sized sector.
The region’s premier financial institution said that it is providing nearly US$80,000 in grant funding and that the initiative aims to enhance the business support ecosystem, foster inclusive economic participation and drive long-term growth.
Premier and Minister for Financial Services and Commerce, André M Ebanks, welcomed the initiative as a step toward realising the government’s vision for a more dynamic business environment.
“We are focused on creating the right conditions for Caymanian entrepreneurs to succeed by reducing barriers, improving access to financing and building resilience. This project supports our goal of ensuring MSMEs continue to play a vital role in job creation, innovation and economic diversification,” he said.
The CDB said that the new policy will focus on empowering women, youth and entrepreneurs in non-traditional industries, while also improving business confidence and investment. It will serve as a foundation for ongoing dialogue between policymakers and the private sector, ensuring that the voices of entrepreneurs are heard and reflected in national development strategies.
“CDB is proud to support this initiative, which aligns with our broader strategy to boost competitiveness, build resilience among MSMEs and contribute to sustainable national development. Addressing the challenges faced by small businesses is key to economic diversification and fostering a thriving entrepreneurial ecosystem,” said the CDB’s Division Chief of Private Sector, Lisa Harding.
Beyond policy development, the CDB said the project will generate valuable insights into the contribution of MSMEs to gross domestic product (GDP), employment and revenue generation.
The bank said it will also enhance the government’s capacity to craft investment-friendly policies, improve service delivery by business support organisations and promote greater inclusion of underrepresented groups.
“The policy development process will leverage regional expertise and technical resources to conduct a comprehensive assessment of the current MSME landscape. It will identify key challenges, explore opportunities for expansion and offer actionable recommendations to create a more enabling environment for small businesses to thrive,” the CDB added.