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CLICO Mortgage and Finance begin operations in Saint Lucia

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Prime Minister, Dr. Kenney D. Anthony cutting Ribbon

Prime Minister, Hon. Dr. Kenney D. Anthony cutting Ribbon

Tuesday, October 11, 2005 - Prime Minister and Minister for Finance Honourable Dr. Kenny Anthony last Friday, October 7th, welcomed the launch of CLICO Mortgage and Finance Corporation – CMFC - onto the St. Lucian business market.

The latest development in CLICO’s local investment portfolio is being described as the first phase of the CLICO Mortgage and Finance strategic expansion into Eastern Caribbean territories.

Prime Minister Dr. Kenny Anthony says whenever competition is intensified the consumer is the one who benefits; therefore he says young people should capitalise on favourable market conditions to obtain assets such as house and land at this time.

Dr. Anthony complemented CLICO’s timing for opening the facility.

He said the investment comes on stream at a time when the economy has readjusted after the difficulties of September 11th 2001 terrorists’ attack.

“I am confident, solidly confident that this economy has made a major turn around and it is now a question of us handling the future with care, with confidence, and appropriate adjustments.” Dr. Anthony went on to explore the factors that have helped to stabilize the economy.

“What has led to this recovery? In large measure, it has been due to the outstanding performance in tourism earlier this year. Indeed we have experienced a growth rate of some 21 % but despite the slight slow down in September the overall growth rate has been maintained. Interestingly too some of that contribution has come from an extremely robust construction sector. It has been confirmed that cement imports have increased by some 17 % over the same period.”

Work Team – CLICO Mortgage and Finance Corporation

Work Team – CLICO Mortgage and Finance Corporation

Dr. Anthony said: “CLICO is entering the market at a time when the demand for housing is high and the private sector is leading the way in the construction sector.”

Chairman of the CLICO Group of Companies Mr. Leroy Parris says the CMFC will capture CLICO’s enterprising spirit and bring a healthy dose of competition to the business market. Meanwhile Mr. Parris underscored the company has displayed a lot of faith in the St. Lucia economy.

“Many of you might be wondering why St. Lucia as opposed to any of the other countries where we do business. There are a number of reasons but most importantly, CLICO has a large investment portfolio in St. Lucia including our residential communities, the Rodney Bay Development and St .Lucia Distillers

For its part the Chairman says CLICO Holdings has been expanding into several business markets .He says CLICO Holdings has just recently completed the purchase of the Sam Lord’s Castle in Barbados.

Mr. Parris said, “We intend to take advantage of this favourable climate for expansion, as we believe that our sovereignty is dependent on our spirit of cooperation, the fundamentals of which are enshrined in the 1973 CARICOM Treaty of Chaguramas to deepen the process of integration”.

CLICO Mortgage Finance Corporation is located in Castries on Brazil Street.

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