Joint Programme launched to optimize Innovative Finance for Underserved Groups in Antigua & Barbuda and Saint Lucia

From left: Prime Minister and Minister of Finance of Antigua and Barbuda, the Hon. Gaston Browne; Prime Minister and Minister of Finance of Saint Lucia, the Hon. Phillip Pierre and UN Resident Coordinator for Barbados and the Eastern Caribbean, Didier Trebucq

St. John’s and Castries, May 10, 2024:  Women and youth entrepreneurs, Micro, Small and Medium Enterprises (MSMEs) owners, and other underserved groups in Antigua and Barbuda and Saint Lucia are poised to benefit from a US$1.4 million UN Sustainable Development Goals (SDG) Fund Joint Programme that will prioritize innovative financing solutions for underserved groups.

UNDP (lead agency), UN Women, the United Nations Entity for Gender Equality and Women’s Empowerment, and the International Telecommunications Union (ITU) are implementing the JP.

Honourable 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, for the on-line launch of the joint programme: “Optimizing Innovative Finance for Underserved Groups to Build Resilience and Accelerate the Achievement of the SDGs in Antigua & Barbuda and Saint Lucia.”

The new Joint Programme, which will be implemented by respective Finance and Corporate Governance Ministries in Antigua and Barbuda and Saint Lucia, seeks to promote greater financial inclusion for the most underserved groups in the two beneficiary countries, through strengthening their legal and regulatory capability, including securing digital financial services.  It will utilize a three-pronged approach to increase access to and the effectiveness of commercial innovative finance solutions and to close financing gaps to achieve the SDGs.

In delivering 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.

“I am immensely pleased with the launch of this Joint Programme to optimize finance for Underserved Groups to Build Resilience and Accelerate the Achievement of the SDGs in Antigua & Barbuda and Saint Lucia,” he said.

Prime Minister and Minister of Finance, Economic Development, Youth Economy, Justice, and National Security of Saint Lucia, Hon. Phillip Pierre, in addressing the gathering, noted that the Joint Programme aligned with several critical priorities of the Saint Lucia Government.

He added: “We are truly grateful and remain hopeful that this joint programme will be even more transformational and impactful, touching the lives of our most vulnerable and marginalized.”

Also addressing the launch prior to the Official Signing of the Project Document was UN Resident Coordinator for Barbados and the Eastern Caribbean, Didier Trebucq, who said that the Joint Programme would contribute to efforts to build resilience and accelerate the SDGs in the two Caribbean countries, by addressing the current financial architecture and barriers to finance in the region which are particularly acute for youth, women and MSMEs.

“While we recognize that financing gaps are often driven by significant cultural, historical, and social factors, we believe that addressing institutional gaps is also crucial,” he emphasized, noting that a key output of the Joint Programme would be the establishment of an Innovative Finance Incubator, with tailored support to strengthen countries’ regulatory and legal capacity towards development of digital financial services.

Following the Resident Coordinator’s remarks, Prime Ministers Browne and Pierre officially signed the Project instrument. The signing was followed by a video address by Lisa Kurbiel, Head of the Joint SDG Fund Secretariat, who noted that to date, the Fund had approved USD $258 million in financial commitments across 233 joint programmes globally. Participants also benefitted from a video reel that showcased youth and women owned businesses from both countries, which are potential beneficiaries of the Joint Program.

Jason LaCorbiniere, Cluster Manager Poverty, Governance and Monitoring and Evaluation, United Nations Development Programme (UNDP), lead UN Agency for implementing the Joint programme, provided a comprehensive overview of the new Joint Programme. UNDP will be joined by UN Women, the United Nations Entity for Gender Equality and Women’s Empowerment and the International Telecommunications Union (ITU) in managing its implementation.

The Project launch 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.

UN Women Photo/Jawara Wells

Isiuwa Iyahen, Deputy Representative - UN Women MCO Caribbean said an important part of the Joint Programme is supporting public and private finance institutions (FIs) to apply a gender lens to take in to account gendered roles and norms, noting that given these two factors, women tend to be more risk averse and sometimes self-exclude from accessing finance.

“While we want to encourage women to continue being critical stakeholders in the discourse as women MSME owners provide a lifeline to families by way of income; we want the transition from businesses of necessity - in that they must do this to survive - to businesses that contribute to economic growth and development. We want FIs to understand that their financing will contribute to expanding opportunities and closing inequality gaps. The potential for diversifying the economy are myriad when we create an enabling environment for women, youth and People living with Disabilities to have access.”