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Grant of $500K to create virtual platform for handicraft sector
Nov '10
Around $500,000 is currently available to construct an electronic market in order to permit global access to the craft sector of Bahamas. The Inter-American Development Bank (IDB) had extended a grant of $313,568 for this project from the Multilateral Investment Fund. The Bahamas Agricultural & Industrial Corporation (BAIC) had also extended another $186,050 for the project.

The main objective of the project is to provide assistance to the domestic handicraft sector in order to reinforce it by introducing Information and Communication Technology (ICT). The project intends to construct a virtual platform in order to make possible the entry of both zonal as well as international markets in the Bahamian craft industry to trade materials and facilitate the sales of the handicraft items.

In order to make the financial assistance accessible for the creation of the virtual platform at the IDB offices located on the East Bay Street, the IDB and the BAIC, in collaboration with the Bahamas Chamber of Commerce (BCC) had officially signed a deal.

The project is likely to provide a scope for the craft industry of Bahamas to utilize the capital that is being generated by the tourists and the inhabitants. The Bahamian craftsmen should acclimatize themselves comprehensively to the rules and regulations that control the Internet business, copyright issues as well as business management for the success of this project.

The BCC is likely to operate as the agency implementing the program. The IDB expects a further strengthening of the partnership with the BCC to make sure that the methods for successful execution as well as proper functioning are in right order.

The project stands for the transformation of the delivery network for the Bahamian craft products to the entire world. The project is likely to benefit the Bahamas National Craft Association and its members. The project is expected to help the small as well as the medium businesses to prosper in Bahamas.

Fibre2fashion News Desk-India

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