The Pilot Innovation for Firms in Suriname (IFS is a sub-component of the Suriname Business Climate and Innovation Program (SUBCIP), which is a 4-year economic competitiveness enhancement project of the Government of Suriname, financed by the IDB.

The IDB is supporting the Government of Suriname with the “Business Climate and Innovation Program (SUBCIP-I) (SU-L1049”). The objective of this program is to increase the value added of the private sector in the economy.

The specific objectives are: (i) to promote a productive policy for sustainable growth and diversification; (ii) to improve the business climate, legal, and institutional framework; (iii) to maintain and strengthen public-private sector dialogue; and (iv) to improve Competitiveness Unit of Suriname (CUS) capacity to support Small and Medium Enterprises (SMEs) productivity and innovation. The SUBCIP-I is structured as a PBP and a Reimbursable Technical Cooperation (RTC). The RTC instrument is designed to support the implementation of reforms, the modernization of institutions, and strengthen SMEs capacity for innovation and linkages with value chains.

Under the RTC instrument, Sub-component III.3 will finance the design and implementation of a pilot project to support the development of local firms by strengthening their innovation capacity via the integration into value chains with firms and buyers among themselves (Innovation in Firms in Suriname Pilot, or IFS).

The specific purpose of the IFS is to support pilot innovation projects that increase firm capabilities, by mitigating market failures that affect innovation in firms. In other words, the IFS is expected to contribute to sales growth, increases in jobs, and greater connections between local firms and the global value chains in which they participate. It is expected that the IFS support will result in increase of local firms’ production, profit, productivity and competitiveness. 

The Call for Proposal

We are looking for feasible and innovative business projects, that can be co-financed with a matching grant of up to US$ 250.000 to local firms, that are planning on investing in new technology, innovation, or in other activities to increase their linkages with global value chains. The applicant firms will share the financial costs of each project by an amount to be decided on a case-by-case basis, and which should not be less than 20% of the total cost of the project.

Eligible Entities:

As requirements to participate in the program, the firms need to:

  • to be legally registered,
  • tax compliant,
  • Cannot be default with financial institutions.

Eligibility Criteria:

The eligibility criteria are:

  1. The applicant must be an eligible entity (see previous section).
  2. The applicant may not have legal issues with the Government of the Republic of Suriname.
  3. The applicant must present documentation accrediting its legal status and validity.
  4. The applicant must formally apply to IFS using forms specified and in accordance with the determined process and procedures.
  5. The applicant must present all required documentation.
  6. The applicant must submit a written letter expressing their commitment to finance the business own contribution and accept the financial conditions of the contribution.
  7. The applicant must be willing to provide all information required by IFS or parties assigned to executive the mentioned tasks, for its monitoring, evaluation and audit reporting.
  8. The applicant must be willing and able to secure and guarantee an own contribution of at least 20% of the total investment, to emphasize the self-confidence and vested interest in the success of the investment.

The following aspects of the proposed projects (among others) will be considered critical in the evaluation of the application for a matching grant:

  1. Projected increase of the operational profit margin (gross income/sales)
  2. Increase in exports
  3. Diversification of the economy and international markets
  4. Neutral or positive impact on the environment and social responsibility (clean production, organic production, etc.)
  5. The incorporation or participation of women, youth and vulnerable groups
  6. Increase in employment
  7. Strengthening of cluster development and value adding in value chains (up and down stream)
  8. Increase of local content and encouraging use of local goods and services
  9. Prove of Buyer-Lead Approach, with letter(s) of intent from potential buyers.
  10. 5:1 Cost Effectiveness Ratio Rule; for every dollar that IFS could be investing there must be a return of at least 5 dollars.

If you have an innovative plan for your firm or cluster, we encourage you to apply for the IFS matching grant. For more details and the pre- application form, see or contact: Amit Chandansingh IFS Task Manager: Phone: (597)8970190

Only During Business hours from 0.800 am – 16.00 pm Monday-Friday

Competitiveness Unit Suriname in the Ministry of Trade, Industry and Tourism.

Applications must be submitted and Cc

DEAD LINE FOR SUBMISSION: Wednesday March 30th, 2018, 24.00 hours.  SURINAME WILL COMPETE by improving Productivity and Innovation




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