Special fund for PSDP

Minister of Telecommunications, Science, Technology and Industry, Dr. Jerrol Thompson held a press conference last Friday at the Ministry of Foreign Affairs Conference room to discuss matters concerning the Private Sector Development Project (PSDP).

The PSDP was designed to promote growth and to optimize the associated process of economic transformation to facilitate an enabling business climate and ultimately a more competitive private sector.{{more}}

Dr. Thompson noted that the Government of St. Vincent and the Grenadines is committed to private sector development. The Special Framework of Assistance (SFA), a European Union Funding program, has contributed EC$22.3 million for this purpose. Of that $22.3 million, EC$13.8 million was allocated for Business Development and a further EC$3.9 million allocated for investment promotion.

He said that the SFA funded phase of the PSDP is at a stage where the guidelines for tender proposals are being completed.

SFA has also donated EC $20 million towards Information Communication Technology (ICt) to construct an ICT incubator. This is geared at housing small ICT businesses. Minister Thompson said the establishment would be provided with sufficient space and they would be offered consultant and financial support. These small businesses will be housed over a period of time until they can branch out on their own.

The Centre for Enterprise Development (CED) will also host both components of the PSDP.