On Wednesday 21st September 2022, the Agricultural Development Bank of Trinidad and Tobago (ADB) and the National Entrepreneurship Development Company Limited (NEDCO) signed a Memorandum of Understanding (MOU) paving the way forward for the participation of ADB’s prospective clients in NEDCO’s Business Accelerator Programme (BAP).
NEDCO, under the purview of the Ministry of Youth Development and National Service is responsible for the implementation and operation of the BAP which is geared towards empowering youths through the development of their entrepreneurial skillset. The ADB, under the purview of the Ministry of Agriculture, Land and Fisheries has responsibility for assisting in the development of the Agriculture Sector through the provision of financing.
The ADB and NEDCO through this MOU will support the development of local small and micro enterprises within the Agriculture Sector. The initiative will support business incubation through the development of entrepreneurial skills with the intention of making participants more suitable for credit within the agri-business demographic. It acknowledges that the sector has its inherent risks and other vulnerabilities that impact business. This collaborative effort will therefore impact the business management learning curve to manage the high business risks associated with this sector.
The development of the Agriculture Sector has been identified as a key element in Trinidad and Tobago’s diversification strategy through the creation of an enabling environment inclusive of the provision of incentives, infrastructure improvements, market development, land availability and skill enhancement. This initiative between ADB and NEDCO will assist in developing the commercial aspect of the fishing and agriculture subsectors. This commercialization is a vital element of the Agricultural Value Chain as it serves to support primary production through the stimulation of economic activity along the value chain.
This strategic alliance between the two state entities is in direct alignment with their development mandates as it grants clients exposure to networking, training, advisory, and mentorship with access to funding opportunities. It will therefore facilitate capacity building through, enhanced competitiveness and resilience of the agri-start-ups demographic.
The MOU which outlines the roles to be undertaken by the two entities to ensure the success of the Business Accelerator Programme was signed by Mr. Sheivan Ramnath and Mr. Calvin Maurice, Chief Executive Officers of the ADB and NEDCO respectively.