St Vincent and the Grenadines along with Grenada will benefit from US $19 million dollars approved by The World Bank’s Board of Executive Directors on Thursday 25th may 2017.
The US$10.7 million Human Development Service Delivery Project will support improved quality of primary and secondary education, a more efficient social protection system and greater access to skills training in Saint Vincent and the Grenadines.
SVG will also benefit from the OECS Regional Agriculture Competitiveness Project (US$8.3 million) which aims to increase market access and sales for farmers, fishers and agro-processors.
The two projects will address key constraints in human development and agriculture sectors. Saint Vincent and the Grenadines has made significant human development progress yet poverty and unemployment remain high.
Nearly one in two young adults are unemployed, and about 30 percent of the population lives in poverty. Approximately 26 percent of the labour force in Saint Vincent and the Grenadines are in the agriculture sector, with rural people highly dependent on agriculture for incomes, employment and food security.
However, many agribusiness entrepreneurs lack the skills and inputs required to scale up.
The Human Development Service Delivery Project will increase access to skills training to 1,500 poor and unemployed persons in Saint Vincent, as well as provide training for new principals and teachers, implement the new performance appraisal system, and improve the Technical Vocational Education and Training system.
The project will also establish a new social protection beneficiary registry, roll out a new targeting and payment system and support data collection and analysis for the first poverty assessment in ten years.
The objective of the OECS Regional Agriculture Competitiveness Project is to improve linkages between the demand and supply of smallholder produce. Specifically, it will support the development of agro-business proposals and finance the implementation of business plans in areas such as modernising farm equipment.
The project also aims to train about 140 public agricultural extension officers, improve storage facilities, increase marketing and financial literacy, and mobilise US$1 million in private capital for agribusiness in Saint Vincent and Grenada.
The agriculture project is financed by a US$4.3 million International Development Association (IDA) credit for Saint Vincent and the Grenadines.The human development project is funded by an IDA credit of US$10.7 million. The IDA credits have a final maturity of 40 years including a grace period of 10 years, and the IBRD loan has a maturity of 30 years, including a grace period of 9.5 years.
WASHINGTON, May 25, 2017
