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New Human Resource Development Credit Facility Coming Soon

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Contact: John Emmanuel

Thursday, September 25, 2003 - Another venture aimed at assisting St. Lucians in upgrading their skills through appropriate programmes of study locally and abroad, will be introduced here.

Prime Minister and Minister for Economic Affairs Honourable Dr. Kenny Anthony has given his approval for the establishment of the new mechanism dubbed ‘The Human Resource Development Credit Facility’, which will be administered by the European Development Fund (EDF).

The National Authorising Officer Wilfred Pierre will meet on Friday, September 26 2003, with the various financial institutions to discuss the new credit facility. “We are really excited about this new facility,” said Pierre. “It’s really a grant and loan facility in one. The grant component of the facility we hope, will be used for payment of interest expenses throughout the duration of studies. When one takes a loan, the banks normally say one has to pay the interest amount during the time that the individual is out studying. We are saying that the grant facility will be used to pay the interest expense and after the person has returned from studies, he will use what remains as part of the grant to repay the loan,” said Pierre.

High level discussions with the European Union (EU) are expected to yield some $5 million which the Government of St. Lucia will pump into the financial facility along with contributions expected from various financial institutions on the island.
To date, the EDF has launched two other credit facilities - the Rural Credit Facility and the Low Income Housing Credit Facility - which are reportedly performing above expectations.

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