Investor confidence in Saint Lucia high bank official says
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Contact: Shannon Lebourne
Friday 15 October 2010 – As the Saint Lucian economy shows signs of recovery from the global financial and economic crisis one of the Caribbean`s leading financial institutions says investor confidence in the government of Saint Lucia is very high.
Speaking last Thursday evening at a special ceremony to celebrate the successful underwriting of a fifty-million dollar bond sale issued by the government of Saint Lucia in June of this year, Regional Manager of the First Citizens Bank, Carole Eleuthere Jn Marie, says the government of Saint Lucia has an “enviable track record.”
“Our ability to have raised an additional $EC50 million in long-term bonds for the government of Saint Lucia not only speaks to our skills as an investment broker but most importantly it speaks volumes of the reputation of the government and the confidence investors have in the GOSL. In order for us to be able to get investors to participate in these bond issues, they need to feel comfortable with the government’s ability to service/repay these bonds. Over the years, the government of Saint Lucia has maintained an enviable track record of managing the repayment of its debt and for this the benefits are being reaped every year.”
Prime Minister Honourable Stephenson King views the over subscriptions of the floated bonds as an indication of investor confidence in his government’s handling of the economy.
“Government is committed to maintaining its track record of prudent financial management despite the pressures to increase spending. While we recognise the need to support the economic recovery which we are now beginning to experience, this will be accomplished in a manner that is fiscally sustainable and with no unsustainable increase in public debt.”
To date the First Citizens Bank which was formally called Caribbean Money Market Brokers (CMMB) has raised $EC476 million in bond issues on behalf of the government of Saint Lucia.
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