The Organisation of Eastern Caribbean States (OECS), in collaboration with the World Bank, is taking decisive steps to harness the vast potential of the blue economy in the Caribbean region. Recognising that the marine space of the OECS is 85 times larger than its land space, the OECS Commission has embarked on the Unleashing the Blue Economy (UBEC) Project, aimed at maximising the benefits of this abundant resource.

From March 6-9, 2024, the OECS-UBEC Project team concluded a workshop and site visits to businesses in Saint Lucia. This was the second of such visits to the three beneficiaries of the UBEC Project, namely Grenada, Saint Lucia, and St. Vincent and the Grenadines. These workshops and visits are part of the first phase of the UBEC Matching Grant Programme (MGP). This initiative is a vital component of the UBEC Project, which aims to support micro, small, and medium enterprises (MSMEs) and communities engaged in various sectors of the blue economy, including tourism, fisheries, and waste management.

The Matching Grant Programme serves as a crucial financing mechanism, providing grants ranging from $5,000 to $25,000 USD for individual firms and $100,000 to $200,000 USD for value chain groups. This financial support, amounting to a total of $4.5 million USD, will be disbursed to 75 grantees across the primary beneficiary Member States.