Background

Access to finance poses a significant barrier for micro, small, and medium enterprises (MSMEs) in Small Island Developing States such as Antigua & Barbuda and St. Lucia. Due to systemic inequalities and lack of access to traditional financial services, women and youth-owned enterprises encounter additional challenges. 

The Joint Programme on "Optimizing Innovative Finance for Underserved Groups to Build Resilience and Accelerate the Achievement of the SDGs in Antigua & Barbuda and Saint Lucia" (Innovative Finance for Underserved Groups) is designed to promote greater financial inclusion and address the financing gap for MSMEs, through strengthening the legal and regulatory capability including securing digital financial services. 

Utilizing a suite of strategic interventions, this project will work closely with financial institutions, the government, the private sector, international financial institutions (IFIs), and multilateral development banks (MDBs) to maximize the financing impact in the beneficiary countries. The Joint Programme will also help remove structural and regulatory impediments, which slow the development of commercial innovative finance.

Main activities will include assessments, research, and analysis of the existing commercial financing landscape at the global, regional, and national levels. Additionally, activities will focus on capacity-building, policy, institutional, and coordination mechanisms to promote innovative financing.