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MIF supports local business participation in Barbados tourism industry

Feb 20, 2015

Nassau, February 20, 2015- The Multilateral Investment Fund (MIF), a member of the Inter-American Development Bank (IDB) Group, has approved a US$417,000 grant for a project that will boost local business participation in Barbados’ tourism industry. IDB President Luis Alberto Moreno, Minister of Finance and Economic Affairs of Barbados Christopher Peter Sinckler, and Executive Vice-President of the Barbados Hotel and Tourism Association (BHTA) Sue Springer signed the project agreement during the Pre-Annual General Meeting of the IDB’s Caribbean Governors in the Bahamas. The BHTA and local businesses will provide an additional $285,000 in cash and in-kind resources, for a total project investment of over $700,000. 

The project seeks to integrate micro and small businesses as suppliers to key hotels and restaurants operating in Barbados. At least 150 local businesses supplying a range of products and 30 hotels and restaurants are expected to participate. 

The Caribbean tourism industry recognizes the need for greater local content, but hoteliers often face high costs purchasing from small businesses. The MIF has experience in integrating small firms and producers into the supply chains of large enterprises in Latin America and the Caribbean, and will provide technical support as well as financial resources to the project.

The project will be executed by the BHTA over a 4-year period. It will pilot an innovative model using an independent consolidator who will support negotiations between buyers and small firms and develop a quality assurance scheme. The project will also establish a digital networking and trading platform, develop a financial model for working capital management, and support targeted business exchanges between small and micro businesses and key buyers for the island’s hotels and restaurants.

About the MIF

The Multilateral Investment Fund (MIF), a member of the Inter-American Development Bank (IDB) Group, is funded by 39 donors and supports private sector-led development benefiting low-income populations and the poor—their businesses, their farms, and their households. The aim is to give them tools to boost their incomes: access to markets and the skills to compete in those markets, access to finance, and access to basic services, including green technology. A core MIF mission is to act as a development laboratory—experimenting, pioneering, and taking risks to build and support successful micro, small and medium business models. More information can be found at www.fomin.org. 

About the Barbados Hotel and Tourism Association

The Barbados Hotel and Tourism Association (BHTA) is a not-for profit private sector trade association and one of largest non-government associations in Barbados. The BHTA’s mission is to serve the interests of a diverse membership of over 280 businesses, both local and international, operating in or supplying the island’s tourism sector. BHTA’s primary goal is to facilitate sustainable growth and development of the local tourism sector, to the benefit of its members, the country and people of Barbados.
 
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