Barbados is looking to expand opportunities for local businesses to access financing and enter new markets as the country pushes an export-led growth strategy.

The Ministry of Finance and Development Bank of Latin America and the Caribbean (CAF) brought together business leaders, financial institutions, government agencies and public officials on Tuesday for a Private Sector Dialogue focused on how CAF’s financing tools can support Barbadian companies.

The discussion, held at the Sagicor Cave Hill School of Business and Management on June 16, centred on ways businesses can scale up operations, increase exports and take advantage of new investment opportunities.

Minister of Finance Ryan Straughn said the private sector must play a leading role in Barbados’ economic transformation, arguing that growth cannot depend solely on government initiatives.

“Export-led growth is not a government project with the private sector as cheerleaders on the sideline,” Straughn said. “It requires investment, risk and the kind of bold commercial decision-making that only you in this room can make.”

He said after years of focusing on strengthening Barbados’ fiscal position, the country is now looking to businesses to help drive economic expansion, create wealth and increase foreign exchange earnings.

Barbados became a full member of CAF as part of efforts to broaden access to financing for private sector projects and public-private partnerships.

Dr Stacy Richards-Kennedy, CAF’s Regional Manager for the Caribbean and Representative in Barbados, said the meeting was aimed at moving from discussions about economic development to identifying practical ways to support businesses.

“If we are serious about economic growth, jobs, exports and resilience, then the private sector cannot be on the margins of development. It has to be at the centre,” she said.

Richards-Kennedy highlighted the role of public-private partnerships in helping small island states finance major projects, particularly in areas such as infrastructure, renewable energy and tourism.

CAF Vice President for Private Sector Antonio Silveira outlined several financing options available to companies, including loans, credit facilities, guarantees, equity investments and support to develop projects that can attract investment.

He said CAF’s private sector work aligns with Barbados’ Economic Recovery and Transformation programme, known as BERT 3.0, which places greater emphasis on private investment, digital transformation, renewable energy and improving competitiveness.

In 2025, CAF’s private sector division approved US$10.3 billion in financing, representing more than half of the institution’s total approvals for the year.

The organisation has also expanded its private sector support across the Caribbean, including a US$35 million facility with EXIMBANK Trinidad and Tobago to help small and medium-sized businesses in Trinidad and Tobago invest, adopt new technologies and grow.

CAF said it is continuing discussions with regional partners to develop additional financing tools aimed at strengthening private sector development across the Caribbean.