The Caribbean Development Bank (CDB) recently approved a grant of USD$280,906 to help Guyana implement a food traceability system which will target the export enhancement of leafy greens and pineapples.
The approved pilot project not only aims to collect insights into the system’s impact but also focuses on providing solutions to mitigate associated risks.
The CDB said its collaboration with the Government of Guyana (GOGY) underscores the vital role agriculture plays in driving economic expansion, creating employment opportunities, and fostering food security at both local and regional levels.
Lisa Harding, Head (Ag) of the Private Sector Division at CDB, emphasized the increasing requirement for food traceability in accessing regional and international markets. She also highlighted the need for investment in traceability as an essential element of ensuring food safety.
The anticipated positive effects of this initiative include an upturn in food production, increased consumption of agro-processed products, enhanced customer loyalty, and boosted consumer confidence. These outcomes are expected to elevate Guyana’s overall competitiveness in the international market.
Martin Baptiste, CDB’s Division Chief of the Social Sector, also stressed the project’s importance for GOGY in enhancing the national food safety system. He said it aligns with CARICOM’s goal of reducing regional import expenses by 25 percent by 2025 which is especially crucial for Guyana, often referred to as the food-basket of the Caribbean.
Established in 1970, CDB serves as a regional financial institution contributing to the harmonious economic growth and development of its Borrowing Member Countries. With a diverse membership that includes regional and non-regional members, CDB’s total assets as of December 31, 2022, stood at US$3.46 billion.
The CDB has noted that its commitment to this traceability project reflects its dedication to fostering sustainable agricultural practices and strengthening food security across the Caribbean region.