As we celebrate the first anniversary of the re-emergence of the Saint Lucia Development Bank, we look back with pride at the acceptance of the new institution by the public and look forward to meeting the needs of Saint Lucians, as we contribute to the country’s development.
During the first year of operation, the Bank received over one thousand (1,000) enquiries, of a value in excess of $130 million, a clear indication that the re-emergence of the SLDB filled a need which the other financial institutions were unwilling or unable to provide for.
The Bank was re-established during the global financial crisis with its many challenges and the courage and commitment of the Government of Saint Lucia must be acknowledged for the creation of this new institution during that period. The Government has been unflinching in its support for the Bank and has provided the necessary resources to capitalize and support it in its fledgling year.
The SLDB has been mandated to provide project financing and technical assistance to all major economic sectors and eligible social grouping within the country, in a manner and on terms that promote social and economic advancement of its citizens. In pursuing these objectives, the Bank will seek to cooperate and build mutually beneficial alliances with institutions that are national, regional and international, and have a similar mission. The Bank shall also engage in active collaboration with other entities that can assist it in building our country, a country in which nationals have the greater economic stake, and that fosters and facilitates the wholesome aspirations of its citizens.
To this end, the SLDB has become a member of the Association of the Development Bank of the Eastern Caribbean (ADBEC) and commenced dialogue with development banking agencies regionally and internationally, in an effort to obtain additional resources for on-lending, to assist in the island’s development.
In keeping with the theme of the first anniversary “Emerging, Engaging to Shape the Development of the Nation,” the Bank with funding from the Government of Saint Lucia launched the “Exogenous Shock Facility” in November 2009. The facility is intended to provide short term liquidity to small businesses, in order to help cushion the impact of the global recession. These businesses include tourism and related services, industry, agriculture and agro-business. The response has been encouraging so far, though more businesses need to avail themselves of the facility.
The Bank subsequently launched the Youth Enterprise Equity Fund (YEEF), a source of equity financing, aimed at aiding young Saint Lucians entrepreneurs realize their hopes, dreams and aspirations. This programme is expected to make a significant contribution in creating employment for young persons and reduce the unemployment among the youth.
The Bank has prepared a Five (5) Year Business Plan as it charts its future and contribute to the shaping of the development of our nation. The plan will be reviewed annually and revised in keeping with the changing environment in the social and economic areas of the island.
The Board is appreciative of the contribution of the management and staff in steering the Bank through the difficult waters, during the first year of operations and commends them for their commitment and dedication to their tasks. We envisage their continued cooperation in the years ahead.
The Board looks forward to providing the direction and guidance to the SLDB, as it executes the mandate of the Government of Saint Lucia in the economic and social development of our nation, the growth of the Bank and the commemoration of many more anniversaries.