Most Caribbean businesses are either innovative or potentially innovative but still face challenges, according to a new report by the Inter-American Development Bank (IDB). This edition delves into the critical role of innovation in driving economic growth and productivity in the Caribbean region. Innovative businesses in the Caribbean have 26% to 35% higher levels of productivity and 21% to 81% higher sales per worker than non-innovative firms, depending on the type of innovation, according to the report titled "Innovation for Faster Economic Growth in the Caribbean: Are We There Yet?". The
The selected proposals come from Barbados, Belize, the Dominican Republic, Jamaica, Mexico, and Trinidad and Tobago. The Inter-American Development Bank (IDB) and its innovation laboratory, IDB Lab, have announced the results of their Sargassum Innovation Quest: Building Resilient Coastal Ecosystems. This initiative was launched to identify and support solutions that leverage advanced technologies and innovative practices to harness the potential of sargassum biomass and enhance the resilience of coastal communities in Latin America and the Caribbean. This effort, developed in collaboration
BRIDGETOWN, Barbados– The Inter-American Development Bank (IDB) and the Development Centre of the Organisation for Economic Co-operation and Development (OECD) launched a new publication, Caribbean Development Dynamics, that provides comprehensive insights into how Caribbean countries can unlock their economic potential through the energy transition, the blue economy, sustainable tourism, and the digital transformation. The publication was presented at an event attended by IDB President Ilan Goldfajn, with the virtual participation of OECD Secretary General Mathias Cormann, and panel
· The deal generated US$125 million in fiscal savings which will be channeled into new resilience investments. · The debt conversion represents innovative financing model for climate adaptation that avoids increasing the burden of public debt. Barbados has successfully completed an unprecedented debt-for climate operation to finance water and sewage projects resilient to climate change. Through support from its international funding partners, Barbados replaced outstanding, more expensive debt with more affordable financing, generating US$125 million in fiscal savings which will be used to
A new publication by the Inter-American Development Bank (IDB) and Compete Caribbean urged Caribbean countries to advance on key reforms to improve the business environment and boost firm productivity in a bid to accelerate long-term growth. The book, “ Are We There Yet? The Path toward Sustainable Private Sector Development in the Caribbean ,” analyzes opportunities and challenges for key policy reforms aimed at increasing the competitiveness and dynamism of the region’s private sector. This comprehensive book offers a regional perspective, encompassing 13 Caribbean nations: Antigua and
Pension systems in the Caribbean will run out of funds within the next 10 to 15 years unless urgent reforms are implemented to ensure their sustainability, according to a new publication by the Inter-American Development Bank (IDB). Caribbean countries can build more resilient safety nets for their aging populations by addressing administrative inefficiencies, improving investment strategies, and considering adjustments to retirement age, among other measures, according to the report titled “ Building Resilient Safety Nets in the Caribbean: Future-Proofing Retirement Incomes.” The report is
The international meeting organized by the IDB's innovation and venture capital laboratory will promote innovative solutions that generate impact at scale in Latin America and the Caribbean. IDB Lab, the Inter-American Development Bank's innovation and venture capital lab, will hold the third edition of IDB Lab Forum Oct. 31-Nov. 1 in Buenos Aires, Argentina. The Forum is a flagship event dedicated to business innovation, venture capital and technology for development. This edition will focus on financing innovation and development of entrepreneurial ecosystems to generate greater impact in
Barbados will increase its resilience to climate change impacts by improving water security and supply with a US$40 million loan from the Inter-American Development Bank (IDB) that will expand the reuse of reclaimed wastewater. The project's cornerstone investment is the construction of the New South Coast Water Reclamation and Re-use Facility to treat wastewater and promote its reuse in irrigation and groundwater reserves, as part of the long-term planification and prioritization of resilient investments by the government of Barbados. This project aims to more than double water availability