Thursday 5 December, 2019

Still no word yet on Cultural Industries Development Fund

Discussions with the Ministry of Finance and the Ministry of Culure are ongoing.

 It would appear as though the rough economic climate has put a spoke in the wheel of the Barbados Cultural Industries Development Authority (CIDA).

The promised Cultural Industries Development Fund intended for the financing of cultural projects and businesses has not yet received any funds from the Ministry of Finance but Minister of Culture, Stephen Lashley told Loop News the fund is a top priority of his ministry.

“The fund has not yet been capitalized but that is the subject of discussion between the Cultural Industries Development Authority, the Ministry of Culture and the Ministry of Finance. We have looked at a number of avenues with which we are going to place some funds in there. This is something that I am anxious to happen but of course we are difficult economic times but we have had some very positive feedback from the Ministry of Finance that we will look at in terms of getting some funds into there in the shortest possible time.”

 Lashley was speaking on the sidelines of the announcement of the winner of the CARIFESTA logo and jingle competition where he said although the fund is not yet ready private sector businesses can still make use of the tax incentives under the CIDA.

“While that is happening there is also a mechanism for the private sector to also inject funds into the fund and to have the benefit of incentives under the legislation.

I hope very shortly to be able to indicate what is happening with the capitalization of the fund. It is a high priority for the Ministry and we recognize that certainly providing the financing for very small cultural businesses is something that we have to look at but we have to wait for word from the Ministry of Finance.”

He said there has not been a timeline provided for when monies will be injected into the fund as discussions with the Ministry of Finance are ‘ongoing’. In addition he said there has not yet been a decision on precisely how much the fund will receive. 

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