Project assistance completion report [: accelerated private sector assistance (Caribbean project development facility)]

The project provided $1 million in grant funds (about 30% of CPDF"s budget), which, pooled with other contributor"s resources, went towards the hiring of nine consultants and support staff. There was not a separate budget for A.I.D."s support. However, all funds obligated to this project were expended. During the life of the project, 81 subproject proposals were completed, of which 32 had received financing commitments at the end of 1987. Forty-three of the completed studies related to projects in the Eastern Caribbean countries; 12 of these had received funding commitments. In addition to preparing project proposals, CPDF also assisted entrepreneurs by arranging TA for start-ups and funding for feasibility studies. The consultants also assisted project sponsors in their negotiations with financiers. The project"s overall impact was considerable. CPDF assistance contributed to the start-up or expansion of a number of businesses leveraging funding commitments of $45 million related to total investments of $70 million. The projected job creation from this investment is 2,768 jobs. About 50% of the proposals prepared by CPDF were export-oriented and thus are expected to significantly improve the balance of payments position of the beneficiary territories. Lessons learned: the project was a pilot exercise which demonstrated that project preparation services are needed in the Caribbean. Since Caribbean financiers often display a greater degree of faith in international consultants, it is essential for prospective Caribbean consultants to obtain exposure in the international arenas. (Author abstract, modified)