Frankfurt School of Finance & Management will implement a Technical Assistance Programme for various financial sector operations in the Caribbean for the European Investment Bank (EIB). The aim of the programme is to provide the region with the expertise needed to promote financial inclusion, poverty reduction and strengthening entrepreneurial skills.
After years of proven and outstanding track record executing regional Technical Assistance programmes on behalf of the European Investment Bank, Frankfurt School becomes the leading partner in a consortium with International Financial Consulting ltd. (IFCL). The contract was signed for a period of three years.
The Caribbean region, characterized by a high cultural, linguistic and ethnic diversity and a territory that comprises more than 700 islands, islets, reefs and cays and four mainland countries, is highly vulnerable to natural disasters like the devastating earthquake in Haiti in 2010 and hurricanes descending on the islands on a yearly basis. Given the islands size, even little hazards can deeply impact the economy. Any natural disaster can damage property, businesses and infrastructure, which directly harms both tourism and agriculture, the main sources of income for the population.
Frankfurt School experts will support local partners in targeting the supply of financial services, building resilient products and processes, which will contribute to improving the overall resilience of individual institutions and their structures.The main objective of the programme is to promote responsible financial inclusion of the Caribbean population, particularly targeting women and youth. This includes strengthening the financial services provided in the region but also achieving an economic environment where Micro, Small and Medium Enterprises (MSMEs), women and youth become more eligible for financial services.
The Frankfurt School expert team will be based in different hub locations, such as Jamaica and the Dominican Republic and will drive activities in these countries, as well as neighbouring states such as St Lucia, Dominica, Haiti and Belize.
“MSME finance is an essential part of fostering economic development and growth. At Frankfurt School we spare no effort to ensure that our advisory and education work create opportunities for those who have no easy access to finance and knowledge. We are honored to join forces with the European Investment Bank to promote responsible financial inclusion of the Caribbean population, particularly targeting women and youth.”
Frankfurt School is fully aligned with EIB´s holistic approach, enhancing the provision of financial services and at the same time strengthening the skills of the Caribbean people. Frankfurt School´s expertise in banking, microfinance, business development and educational services was key to being awarded this programme which covers many areas of intervention that will deliver a high impact in terms of financial inclusion in the Caribbean region.