Home / Knowledge / News / Textiles / Grant of $500K to create virtual platform for handicraft sector
Grant of $500K to create virtual platform for handicraft sector
30
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

Must ReadView All

Apparel/Garments | On 27th Mar 2017

NYCEDC announces $51mn package for NYC garment industry

New York City Economic Development Corporation (NYCEDC), in...

Apparel/Garments | On 27th Mar 2017

Fynd raises $500K Series A funding from Venture Catalysts

Fynd, an online to offline (O2O) e-commerce fashion marketplace, has...

Apparel/Garments | On 27th Mar 2017

India's fashion market to touch $30 bn by 2020: Report

The fashion market in India is estimated at $70 billion in 2016, with ...

Interviews View All

Sunil Kumar Sharma
Loknayak JPNSSSG Ltd

'The blend of cotton–linen yarn has high demand in the domestic and...

Yashiki Gumber
Sahiba Fabrics

Fabric does not restrict us from fashion trends

Anavila Misra
Anavila Collection

Fashion shows are also encouraging and highlighting sustainable fashion

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
March 2017

March 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search