The European Investment Bank Global the first closing of the Portland Caribbean Fund III at $100m on Friday 10 November, aiming to invest in Caribbean companies. The fund, backed by EIB Global, the specialised arm of the EIB Group, is part of the Global Gateway initiative. EIB Global is committed to supporting €100bn of investment by 2027, approximately one third of the overall target of this European Union initiative.

A significant contribution to the Portland fund’s first closing was the EIB’s commitment of up to $35m, completed ahead of schedule. This investment played a pivotal role in drawing other investors to the fund. The fund, focusing on small and mid-size high-growth companies across the Caribbean, targets four key services sectors: financial, communication, consumer and hospitality. The total goal for the Portland Caribbean Fund III is to reach $350m.

EIB vice president Ricardo Mourinho Félix emphasised the importance of small and medium-sized businesses as drivers of economic growth in the Caribbean. He stated in an announcement that EIB Global’s support for the private sector is aimed at boosting socio-economic development, strengthening the equity ecosystem and fostering entrepreneurship in the region. He highlighted the EIB’s successful partnership with Portland in backing numerous Caribbean companies, which resulted in employment for thousands in the region.

The EIB’s previous investments in Portland’s AIC Caribbean Fund and Portland Caribbean Fund II have sustained almost 18,000 jobs through investments across the Caribbean, the bank said. In 2022, EIB Global invested a total of €10.8bn outside the European Union.