U.S. Virgin Islands Economic Development Authority Revenue and Competitors

The Virgin Islands Economic Development Authority (EDA) is a semi-autonomous government instrumentality responsible for the promotion and enhancement of economic development in the United States Virgin Islands. It has five major components, to wit, the Government Development Bank, The Economic Development Commission, the Industrial Park Development Corporation, the Small Business Development Agency and the Enterprise Zone program. The purpose of the Economic Development Authority is to act as an umbrella authority that assumes, integrates and unifies the functions of the aforementioned agencies under one executive board in order to achieve maximum efficiency of operations, avoid duplication of services, positions and responsibilities, reduce expenses for personnel, physical plant and operations and develop comprehensive programs for the economic development of the Territory by exercising the powers and duties of all four former entities, in conjunction with one another, and in the context of the overall goal of promoting and enhancing the economic development of the Territory.