IDB helps business projects

An IDB fund has donated millions for pilot projects in Caribbean countries that beat out hundreds of others.

WASHINGTON, United States, Thursday July 29, 2010 – The Inter-American Development Bank (IDB)’s Multilateral Investment Fund (MIF) has given approval for US$2 million in donations to finance pilot projects in information and communication technology (ICT) in the region. 

These projects are expected to benefit small and medium sized enterprises in Latin America and the Caribbean. 

Among them are a virtual platform project for the Chamber of Commerce in the Bahamas; and innovations in ICT for the development of the Carnival industry in Trinidad and Tobago.

The other projects will be carried out in Argentina, El Salvador, Bolivia, Colombia and Ecuador.

“The projects were chosen through a request for proposals issued by MIF…from over 400 proposals submitted by entities from 21 countries in the region,” the IDB said.

“These projects will benefit more than 8,000 micro, small and medium enterprises. The projects will also offer models based on information and communication technology that promote information management collaboration in order to become more profitable and help access new international and national markets,” it added.

MIF, an autonomous fund in the IDB, promotes economic growth that is equitable across the private sector in Latin America and the Caribbean, with special emphasis on micro, small and medium sized enterprises.