UK (Commonwealth Union)_ In collaboration with the Government of Antigua and Barbuda, the Commonwealth Secretariat has embarked on a project aimed at bolstering climate resilience within small and medium-sized enterprises (SMEs) operating in the agriculture sector. The primary objective is to enhance these businesses’ access to financial resources in order to facilitate their growth and sustainability. This initiative seeks to uplift the livelihoods of local farmers while aiding the country in fulfilling its broader national climate commitments. Accordingly, blended microfinance employs developmental funding to offer a combination of loans and grants, often complemented by supportive measures such as coaching and training, to foster the expansion of businesses. The ultimate goal is to provide more accessible financing options that can effectively address social challenges and economic disparities.
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Recently, a stakeholder validation workshop was convened to present the findings of a study evaluating the feasibility of establishing a gender-responsive blended financing mechanism under the Sustainable Island Resource Framework (SIRF) Fund for SMEs. Hosted by the Commonwealth Secretariat and Antigua and Barbuda’s Department of Environment, the event facilitated discussions on the project’s potential implications. The Commonwealth Secretariat’s Climate Section, in collaboration with its Gender Section and Debt Management Unit, manages the project, with technical expertise provided by Future Earth Ltd, the contracted consultancy firm. The initiative involves conducting a comprehensive analysis of the barriers and opportunities encountered by SMEs in accessing finance, along with engaging stakeholders through consultations.
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Uzoamaka Nwamarah, Climate Change Adviser at the Commonwealth Secretariat, emphasized the inclusive nature of effective climate finance, stressing the importance of considering the needs of women, men, and youth. She expressed enthusiasm about the project’s potential to enhance the country’s climate resilience and uplift farmers’ livelihoods. She stated, “We are excited to deliver the assignment with a view to building the country’s climate resilience and improving the livelihoods of farmers.” Additionally, discussions at the workshop revolved around assessing whether the unique needs of farmers, particularly businesses owned or led by women, had been adequately addressed. Participants explored potential strategies, forged new partnerships, and devised action plans to ensure the successful implementation of the financing mechanism. Additionally, innovative approaches, such as in-kind financing and alternative repayment options, were deliberated upon.
Ambassador Diann Black Layne, Director of Antigua and Barbuda’s Department of Environment and a member of the Sustainable Island Resource Framework (SIRF) Fund, underscored the importance of tailoring the fund to meet the diverse needs of beneficiaries, including SMEs. He said, “Our intent is to have a fund that is fit-for-purpose and flexible enough to meet the needs and requirements of our beneficiaries, including small and medium enterprises. We appreciate the collaborative work of the Commonwealth Secretariat, the NDC Partnership, and Future Earth Ltd in walking with us on this journey.”
As a member of the NDC Partnership, the Government of Antigua and Barbuda sought support to assess the feasibility of implementing a blended financing initiative under the country’s Sustainable Island Resource Framework (SIRF) Fund. Responding to this request, the Commonwealth Secretariat, as a member and implementing partner of the NDC Partnership, initiated delivery under the Commonwealth NDC Programme. The NDC Partnership serves as a collaborative platform for countries and international institutions committed to accelerating climate and development actions aligned with the Paris Agreement and the Sustainable Development Goals (SDGs).
