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

Textiles | On 30th May 2017

CAI estimates 2016-17 cotton crop at 340.5 lakh bales

Cotton Association of India (CAI) has retained its earlier estimate...

Courtesy: World Bank/Claude Renault

Textiles | On 30th May 2017

India’s economic fundamentals remain strong: World Bank

India remains the fastest growing economy in the world – economic...

Courtesy: Dollar Industries

Apparel/Garments | On 30th May 2017

Dollar Industries registers Rs 906 cr turnover in FY17

Hosiery major Dollar Industries Limited registered a turnover of Rs...

Interviews View All

Kamlesh Vaghela
RK Textiles

Very few machinery manufacturers have R&D units

Vidhyaa Shankar. S
A Ganapathi Chettiar

'The usage of knits is getting into the boundaries of woven fabrics'

Hannah Lane
Redress

Encouragement from brands will motivate supply chains to become more...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Urs Stalder
Sanitized AG

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

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

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

news category


Related Categories:
May 2017

May 2017

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

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search