On Friday, 30 November 2018, the official signing of the Memorandum of Understanding (MoU) between the Ministry of Finance Climate Smart Agriculture and Rural Enterprise Programme (SAEP) and the Grenada Investment Development Corporation (GIDC) was held at the ministry’s Permanent Secretary’s Office.
In attendance were Ophelia Wells-Cornwall, Permanent Secretary of the Ministry of Finance and Energy, Byron Campbell, Head of Rural Development with Responsibilities to the SAEP Programme, Ronald Theodore, Chief Executive Officer (Ag) of GIDC and Khesha Mitchell, Vice President, Business Development, GIDC.
The MoU is focused on securing the commitment of GIDC towards the provision of entrepreneurship and business development services to the beneficiaries of the SAEP Programme. GIDC will be collaborating with the SAEP Programme on the implementation of key activities under the Entrepreneurship and Business Development Component of the programme. The total value of the MoU is EC$7,148,474.88 which includes EC$6,708,309.01 funding from the Government of Grenada and EC$440,165.87 in counterpart funding from GIDC.
Wells-Cornwall gave some remarks on the impact of this momentous occasion. She highlighted the government’s commitment to rural development and assisting youths in building their entrepreneurship drive and providing handholding support to assist business ventures. Remarks were also made by Ronald Theodore who expressed GIDC’s commitment towards the increased focus of the government on rural development and is confident that the benefits of the SAEP Programme to the communities of Grenada will be tremendous. GIDC will play a critical role in implementation and is prepared to complete the task successfully.
The MoU is a 3-year agreement between the SAEP Programme and GIDC. Within the agreement, GIDC will be required to provide Entrepreneurship Training to 450 youth, provide Business Development Services to 150 adult business persons and support at least 300 youth who have successfully completed the Entrepreneurship Training with the development of a business concept, application to the First Push Grant (Grant of EC$2,688.20 per individual or EC$6,720.50 per group and a mandatory 5% in kind or cash beneficiary contribution) and implementation of their concept. Also, GIDC is committed to create 90 sustainable businesses under the Business Grant Financing (Trainees who successfully completed the First Push can access a grant of EC$25,000.26 per business idea with a mandatory 10% beneficiary contribution, including 5% in cash).
In addition, establishment of a Training Facility and Outreach office through the refurbishment of GIDC’s existing facilities, located at the Seamoon Industrial Park in Seamoon, St Andrew will also be completed under the MoU in 2019.
The SAEP Programme is pleased to have reached this milestone in its startup activities and looks forward to the continued success of the Programme.
For further information, please call 442-0105, or email [email protected]
SAEP Communications Unit
GIDC Business Complex
Sauteurs, St Patrick
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