THE St. Lucia Development Bank (SLDB) has embarked on a series of novel and strategic partnerships to better position itself to fulfil its myriad responsibilities.
The island’s first and only development bank is engaging with exporters and importers, housing and construction entities, assisting small and medium-sized businesses to better manage their books, at the same time helping promote climate resilience, while reaching-out to customers in a bigger way.
As part of its strategic development programme, the SLDB has entered into a strategic partnership with the island’s main export agency, Saint Lucia Export (formerly TEPA).
The bank and the agency recently signed a Memorandum of Understanding (MOU), which will serve as a platform to build additional relationships, exchange ideas, transfer technical knowledge and collaboration on projects between the two national entities.
Several other initiatives are also being developed to enable the bank to make a greater contribution to the business sector and the community in general, including cooperation with the National Housing Corporation (NHC) regarding 11 proposed housing projects, as well as liaising with construction industry entities towards adoption of certification.
At a recently-held housing symposium hosted by the NHC, the bank also made clear its intention to provide finance and other support to contractors wanting to undertake housing developments under the design, finance and build mechanism on sites identified by the NHC.
The bank has also been sensitising the nation into taking action to build resilience and adaptation to Climate Change, through its Climate Adaptation Financing Facility (CAFF).
The SLDB is seeking to alleviate the lack of financial information associated with the micro, small and medium enterprises (MSMEs) sector by implementing a Quick Books training programme.
Several community engagements have been held, initially in the more vulnerable communities of Anse-La-Raye, Bexon, Dennery and Soufriere/Fond St. Jacques, as well as another similar activity at Inpendence Square in Soufriere.
The SLDB continues to play a leading role in providing finance and project support to contractors under the Constituency Development Programme (CDP) and government’s infrastructural rehabilitation programme.
The bank says the MOU with Saint Lucia Export is a first step in building a core network of partners and will provide meaningful support to each other, in a correlated manner, to implement projects and programmes for the advancement of the island’s economic development.
The establishment of such partnerships is high on the bank’s agenda as it prepares a three-year strategic plan.
The last strategic plan expired in 2016 and a bottom-up approach is being taken to the preparation of each plan through consultation with staff at every level, as well as the Board of Directors, to ensure widest possible input in the final document.
Since its re-opening in 2009, the bank has granted over $160 million in loans to over 2,664 clients in all sectors of the economy and has sustained and created over 5,000 jobs, contributing to the reduction in unemployment.
On May 1, 2018, Mr. Vincent Boland, a banker with wide ranging local, regional and international experience, took up the position of Managing Director, setting the tone to develop new relationships and programmes.
At the end of his first quarter, the new SLDB Managing Director is quite positive about the future.
He told The VOICE, “Several projects are in the pipeline and the future seems very promising.”
Boland also aims to broaden and deepen the bank’s focus on development.
“We take people from one stage and improve their position. Whereas the commercial banks focus on profit-making, our focus is on development. This is why we also offer technical assistance,” he explained.
Looking ahead, the MD says, “Emphasis will be on youth entrepreneurial development and training along with our wide range of lending facilities.”
“We also will develop new financing products,” he added.
Over the years, the SLDB has earned great respect from major regional and international institutions, including the World Bank, Caribbean Development Bank (CDB) and CARICOM Development Fund, which have also been sources of finance for the bank’s lending programmes.
Philbert Francis, the SLDB’s Manager for Business Development & Marketing and Corporate Secretary, is as enthusiastic about the future of the island’s development bank, more than three decades after it was first established and a decade following its re-branding.
He told The VOICE: “
“With our new dynamic leadership and government’s strong commitment of support, the SLDB is well placed to fulfil its mandate — Mobilising and providing finance for, as well as promoting and facilitating the expansion and strengthening of the economic development of Saint Lucia.”