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Contact: Virnet St. Omer-Fontenelle

Monday, August 16, 2004 – Every year, hundreds of Saint Lucians face financial institutions for loans to study. For some it means a series of disappointing encounters, because of an inability to meet the basic requirements for credit.

This year the Government of Saint Lucia is making the process a lot easier and affordable with the launched of the Human Resource Credit Facility. The government is making available, grant funding of up to $25,000 dollars to students applying for study loans. The Human Resource Credit Facility will assist in the repayment of loans, security requirements or for repayment of interest.

On the urging of Prime Minister Dr Kenny Anthony, the office of the National Authorising Officer in the Prime Minister’s office designed the facility, which will be administered through the Bank of St. Lucia and the St. Lucia Credit League.

National Authorising Officer, Mr Wilfred Pierre said that by lessening the financial burden, the facility would create access for those who otherwise would not be able to secure a loan, while building the human resource capital base of the country. He pointed out that this was critical, as Saint Lucia established itself in the CARICOM Single Market and Economy. “The single market offers a lot of challenges, but it also offers opportunities, which an educated workforce can take advantage of,” Mr Pierre said.

To date some 65 persons have received loans under the programme.
The facility is open to persons wishing to study locally or overseas.


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