latest news

Our latest press releases and project announcements. 

Investing in youth entrepreneurship in the Caribbean

Apr 8, 2016

The Multilateral Investment Fund (MIF), a member of the Inter-American Development Bank (IDB) Group, recently approved a $1 million grant for a project that will provide training and other support to young entrepreneurs in Barbados, Jamaica, and Trinidad and Tobago. The project will be co-financed and executed by the Barbados Youth Business Trust (BYBT), and will be the fourth project of the Youth Entrepreneurship Program (YEP), a regional initiative led by the MIF and Youth Business International (YBI).

Youth unemployment in the Caribbean is almost twice the average for the Latin American and Caribbean region as a whole (25% vs 13%). One out of every four young people in the Caribbean is unemployed, a total of approximately 260,000 individuals. Young women are disproportionately affected by this trend; their unemployment rates are some 10 percentage points higher than among their male counterparts (30% vs. 20%). In 2013, youth unemployment is estimated to have cost Caribbean governments approximately 0.12% of GDP in lost government revenue. 

Entrepreneurship can offer a path to economic self-sufficiency, but without support, young people, especially those without financial resources and strong educations, experience great challenges in developing and launching successful business ideas. The BYBT project will provide business training to 2,100 low-income youth between the ages of 18 and 30 in Barbados, Jamaica, and Trinidad and Tobago. It will also provide mentoring support, financing, and other services to selected trainees.  

The project is expected to support 378 youth in starting new businesses and another 882 in expanding already-existing businesses. These new and growing businesses will create jobs, boost incomes, and strengthen communities.


About the Barbados Youth Business Trust

Barbados Youth Business Trust (BYBT) is a not-for-profit, registered charity and youth development organization focused on entrepreneurship. BYBT was founded in 1996 by a group of social entrepreneurs to improve the social and economic conditions of young, underserved persons between the ages of 18-35 years old. The vision of the organization is to be globally recognized for best practices in youth entrepreneurship programs and its mission is to provide under-served young people with dynamic programs focused on business mentoring, start-up loans, and entrepreneurial skills development. Learn more at http://www.youthbusiness.bb/

About the Multilateral Investment Fund

The Multilateral Investment Fund is the innovation lab for the Inter-American Development Bank Group. It conducts high-risk experiments to test new models for engaging and inspiring the private sector to solve economic development problems in Latin America and the Caribbean. The MIF addresses poverty and vulnerability by focusing on emerging businesses and smallholder farmers with the capacity to grow and create economic opportunities.
«November 2020»
MonTueWedThuFriSatSun
2627282930311
2345678
9101112131415
16171819202122
23242526272829
30123456