The economies of the Caribbean states have underperformed over the past few decades. They are small, open, uncompetitive, and undiversified economies vulnerable to external shocks, natural disasters and climate change. The UK Government, through the Department for International Development (DFID), launched a special-purpose trust fund, Caribbean Aid for Trade and Regional Integration Trust Fund (CARTFund), to promote implementation of the Economic Partnership Agreement (CARICOM-EU) and the CARICOM Single Market and Economy (CSME) trade agreements.
DFID engaged Momentus (formerly IFCL) to undertake an evaluation of the effectiveness of CARTFund, which is administered by the Caribbean Development Bank, to promote EPA and CSME implementation across 32 regional and national projects. The project supported a wide array of stakeholders, ranging from government EPA implementation units to tourism promotion associations and artisans.
We began by conducting a desk review of the entire CARTFund portfolio, with a more in-depth assessment of a sample of projects in the field. Our assessment covered regional impact investees and the investment landscape, highlighting a sample of executing agencies selected in Barbados, St. Lucia, Jamaica and Trinidad and Tobago and one other OECS country.
Based on the information collected from the review, we planned and conducted interviews with stakeholders and focus groups both via phone and on field missions.
We created case studies of positive opportunities, identified key obstacles to impact investing, and developed solutions to these obstacles. We delivered a deal-flow analysis and a thematic and sector analysis. Our final study contained a macro-level regional overview, country-specific deal flow findings, and a stakeholder database.
This work was presented in a final evaluation report for the client.