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IFC in the Caribbean

IFC in the Caribbean. Presentation on Small States December 11, 2008. Caribbean Profile – Region of Diversity. 13 countries o/w 5 IDA and 8 non-IDA, 8 small states 11 island economies 30% living under $2/day High unemployment Anemic growth since early 1990s. OECS – IFC Members

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IFC in the Caribbean

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  1. IFC in the Caribbean Presentation on Small StatesDecember 11, 2008

  2. Caribbean Profile –Region of Diversity • 13 countries • o/w 5 IDA and 8 non-IDA, 8 small states • 11 island economies • 30% living under $2/day • High unemployment • Anemic growth since early 1990s OECS – IFC Members • Antigua and Barbuda • Bahamas • Barbados • Dominica • Grenada • St. Kitts & Nevis • St. Lucia

  3. Development Challenges of the Caribbean High unemployment, poverty and inequality Rising crime High HIV/AIDS incidence Gap in education, skills and productivity Brain drain Labor cost is high relative to skills High levels of public debt: 7 out of 10 (14 out of 30) most indebted countries in world; Average debt rose from 67% of GDP (1997) to 96% (2003) high tax rates Small and fragmented market sizes Economies vulnerable to disasters and external shocks Lagging growth and investments, especially FDIs Non-uniform regulatory climate Increasing competition in tourism market Few indigenous successes and little linkages to local economy Infrastructure constraints Inefficient Ports and Customs Costly Power and Water Air/sea freight – Inadequate and expensive route structure Agriculture increasingly uncompetitive Preferential access [US, EU] removed Private Public

  4. Challenges for IFC What products? What delivery model?

  5. Strategy and Results Focus Areas Results 2000-2008 PRIORITY SECTORS: • Access to Finance • Infrastructure • Healthcare & Education • ITC • Tourism Funded US$1.3* billion in 48 investments, plus 14 Technical Assistance in the region * IFC’s own account + B-loan + co-funding

  6. Results: Reversing a Declining Trend • In 2009, a doubling of business • More complex projects requiring industry and advisory focus

  7. Recent IFC Business Development Efforts

  8. Systemic Efforts Infrastructure • Energy Independence • World Bank study on alternative energy (March-June 2009) • Geothermal (current) A2F • Transportation • Inter-island Ferry (OECS) • Low-cost airline (East Caribbean) • Small businesses • Microfinance, SME • Credit bureau • Direct small investments (< $5.0 mm) • Sustainable Tourism • Linkages • Agribusiness • Vocational training Coordination between WBG, Govt, Donors and Private Sector Important

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