Dominica's Climate Agency to Develop Database to Fortify Small Businesses
In a feat to diligently strengthen the region's economy, the Climate Resilience Execution Agency for Dominica (CREAD) is working to create a landmark database to aid over 8,000 small businesses. The database eyes to offer key analytical tools for assessing and enhancing the performance of MSMEs, mobilising support for the sector to increase capabilities, access to finance, and providing an improved structure.
Developed shortly post Hurricane Maria, CREAD intends to streamline the government's commitment to incorporating resilience in various sectors like micro, small and medium enterprises (MSME) in Dominica. CREAD's MSME Business Advisor, Elijah Leblanc, began creating the database along with an in-depth MSME Database Project Survey to help provide targeted interventions to benefit the sector, especially after seeing the economic impact of the COVID-19 pandemic.
Climate Agency sites, "Micro, small and medium enterprises (MSME) of Dominica are one of the key drivers of economic growth while contributing to productivity, employment and innovation; therefore, [CREAD] must encourage and strengthen the resilience of a sector which contributes significantly to the country's GDP."
In his 2021-2022 budget address, the Prime Minister of Dominica, Hon. Roosevelt Skerrit says, "We are well aware of the potential contribution for growth of these small businesses, and their contribution to household income and the economy. Therefore, we continue to create the enabling environment to facilitate the expansion of the small business subsector."
Recognising the importance of Dominica's MSMEs within the context of the Climate Resilience and Recovery Plan (CRRP) is an essential venture for CREAD as one of its goals remains a 5 percent sustainable and inclusive economic growth by 2030. One of the key supporters of this revelation is Dominica's Citizenship by Investment (CBI) Programme. After Hurricane Maria, the Programme was instrumental in the nation's swift recovery and has funded significant resilience projects on the island. The Programme entirely finances the construction of thousands of climate-resilient homes, supports the ongoing construction of a geothermal plant and endorses the country's ecotourism sector.
Introduced in 1993 and ranked the best in the world, Dominica's CBI Programme provides vetted high net worth individuals and their families a route to second citizenship after investing in the Economic Diversification Fund or buying into selected real estate options. After undergoing meticulous security checks, successful applicants gain access to increased global mobility to over 140 countries and territories, alternative business routes and the chance to pass down citizenship for generations to come.