New Programme to Boost Innovative Finance for Underserved Groups in Antigua & Barbuda and Saint Lucia

The United Nations (UN) has announced a new joint program in collaboration with Antigua and Barbuda and Saint Lucia, with the aim of prioritizing innovative financing solutions for underserved groups.

The program, named “Optimizing Innovative Finance for Underserved Groups to Build Resilience and Accelerate the Achievement of the SDGs in Antigua & Barbuda and Saint Lucia,” is worth US$1.4 million and will focus on promoting greater financial inclusion for women and youth entrepreneurs, Micro, Small and Medium Enterprises (MSMEs), and other underserved groups in the two beneficiary countries.

The new Joint Program will be implemented by the respective Finance and Corporate Governance Ministries in Antigua and Barbuda and Saint Lucia.

It seeks to strengthen the legal and regulatory capability of underserved groups and secure digital financial services to increase access to and the effectiveness of commercial innovative finance solutions.

The program will utilize a three-pronged approach to close financing gaps to achieve the Sustainable Development Goals (SDGs).

During the online launch of the program, Prime Ministers Gaston Browne of Antigua and Barbuda and Philip Pierre of Saint Lucia, joined UN Resident Coordinator for Barbados and the Eastern Caribbean, Didier Trebucq, along with key Government and UN officials and representatives of the SDG Joint Fund.

In his remarks, the Prime Minister and Minister of Finance, Corporate Governance, and Public Private Partnership of Antigua, the Hon. Gaston Browne gave assurances of his government’s commitment towards building resilience in fulfillment of the SDGs.

The Prime Minister and Minister of Finance, Economic Development, Youth Economy, Justice, and National Security of Saint Lucia, Phillip Pierre, also addressed the gathering and noted that the Joint Program aligned with several critical priorities of the Saint Lucia Government.

The UN Resident Coordinator for Barbados and the Eastern Caribbean, Didier Trebucq, emphasized that the Joint Program would contribute to efforts to build resilience and accelerate the SDGs in the two Caribbean countries.

He noted that addressing institutional gaps is crucial to closing financing gaps and establishing an Innovative Finance Incubator with tailored support to strengthen countries’ regulatory and legal capacity towards the development of digital financial services would be a key output of the Joint Program.

The Joint Program will be implemented by the United Nations Development Programme (UNDP), joined by UN Women, the United Nations Entity for Gender Equality and Women’s Empowerment, and the International Telecommunications Union (ITU).

The launch of the program also featured an Interactive Dialogue on ‘Closing the Financing Gap for Youth and Women-Owned MSMEs’ featuring senior officials from participating UN agencies, as well as senior officials from the Ministry of Finance, Corporate Governance, and Public Private Partnership in Antigua and Barbuda, and the Department of Finance in Saint Lucia.