The Caribbean Development Bank (CDB) has announced that it will provide the initial capitalisation for a multi-donor fund to improve the competitiveness of the cultural and creative industries sector in its borrowing member countries (BMCs). The Bank is making an initial contribution of USD2.6 million to the establishment of the Cultural and Creative Industries Innovation Fund (CIIF) as a pilot intervention, and it will also administer the Fund.

The CIIF will support the development of the creative industries sector, and encourage innovation, job creation and improved enterprise sustainability by providing grants and technical assistance to governments, business support organisations and academia that support the creative industries sector. It will also provide funding to creative and cultural entrepreneurs and micro, small and medium enterprises (MSMEs) in CDB’s BMCs.

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