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St. Kitts-Nevis economy expected to have 5.5 per cent growth in 2021

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The Federation of St. Kitts and Nevis is expected to have economic growth of 5.5 per cent in 2021 as the world in the process of opening back up and returning to a state of pre-COVID normalcy.

This was announced by Financial Secretary in the Ministry of Finance, Hilary Hazel, on the virtual forum series ‘Leadership Matters’ on March 2 where she said that “Global growth is expected to reach around 5.5 per cent by the end of 2021.”

She continued, “In the United States of America, it is expected that that region would grow by 5.1 per cent and this is essential for us here in the Caribbean.”

“Latin America and the Caribbean region, we expect it to grow by 4.1 per cent and for us here in the Federation,” said the Financial Secretary.

She said that “This is consistent with all the projections made by the Eastern Caribbean Central Bank for the Eastern Caribbean Currency Union (ECCU) economies which are expected to return positive growth in 2021.”

She also added that the tourism sector will continue to be slow with prospects for better performances in the 2022 and 2023 tourism season.

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Mrs. Hazel also said that there are still relatively high levels of uncertainty in relation to the prospects of recovery, and that the prospects are much more improved for 2021 as opposed to the experiences in 2020.

She said, “We are expecting that the negative experiences that we have had, in terms of the construction sector which saw a -16.5 percent growth in 2020, we are expecting now for 2021 a rebound of this sector which will grow by 8.9 per cent and thereby contribute in the vicinity of 14 percent to our Gross Domestic Product (GDP)”

“The Financial Intermediation Sector is expected to grow by 2.9 per cent and contribute around 12 percent to GDP. Our real estate and business services sector is expected to grow by 2.8 percent and contribute around 10 percent to GDP,” said Hazel.

She continued, “Public Administration in 2020 was the only sector to experience positive growth around 3.8 per cent and in 2021 we expect this sector to grow by 4.3 per cent again contributing around 10 per cent to GDP.”

The Financial Secretary further stated that “The education sector which also includes our offshore education facilities would be expected to grow by 5.1 per cent and contribute around 8 percent to GDP.”

“In terms of our economic recovery, the pathway rests heavily on our ability to have both government, businesses and the general public, finding a way to coexist with COVID-19,” said Hazel.

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REQUEST FOR EXPRESSIONS OF INTEREST

(CONSULTING SERVICES – INDIVIDUAL SELECTION)

 

OECS MSME Guarantee Facility Project

Loan No.: IDA-62670, IDA-62660, IDA-62640, IBRD-88830, IDA-62650

Assignment Title: Senior Operating Officer (SOO)

Reference No. KN-ECPCGC-207852-CS-INDV

 

The Governments of Antigua and Barbuda, Commonwealth of Dominica, Grenada, St. Lucia and St. Vincent and the Grenadines have received financing in the amount of US$10 million equivalent from the World Bank towards the cost of establishing a partial credit guarantee scheme, and they intend to apply part of the proceeds to payments for goods, and consulting services to be procured under this project. 

The consultant will serve as the “Senior Operating Officer (SOO)” for the ECPCGC and should possess extensive knowledge of MSME lending with some direct experience lending to Micro, small and medium-sized businesses, knowledge of the internal control processes necessary for a lending operation and the ability to design and implement risk mitigation procedures. The ideal candidate should possess an Undergraduate Degree from a reputable college or university, preferably in Business, Accounting, Banking or related field, with a minimum of 5 years’ experience in lending, inclusive of MSME lending. The initial employment period will be for two years on a contractual basis. Renewal of the contract will be subject to a performance evaluation at the end of the contractual period. The assignment is expected to begin on September 30th, 2021.  The consultant will report directly to the Chief Executive Officer of the ECPCGC.

The detailed Terms of Reference (TOR) for the assignment can be viewed by following the attached link below. 

 

https://bit.ly/3iVannm

 

The Eastern Caribbean Partial Credit Guarantee Corporation (ECPCGC) now invites eligible “Consultants” to indicate their interest in providing the Services. Interested Consultants should provide information demonstrating that they have:

  • An Undergraduate Degree from a reputable college or university, preferably in Business, Finance, Banking or related field; and
  • Minimum of 5 years’ experience in MSME lending. Applicants should also have:
  • The ability to design and implement risk management procedures 
  • Extensive knowledge of MSME lending with some direct experience lending to small and medium-sized businesses
  • Extensive knowledge of MSME banking operations
  • Knowledge of the internal controls necessary for a lending operation and the ability to design and implement risk management procedures
  • Experience developing and presenting information in public, including responding to questions in real-time
  • Experience lending to MSMEs located in the ECCU
  • Knowledge of marketing and communicating with the MSME sector
  • Ability to draft procedures to be used in a lending operation
  • Familiarity with the mechanics of a loan guarantee program
  • Exceptional written, oral, interpersonal, and presentation skills, and
  • Proficiency in the use of Microsoft Office suite.

The attention of interested Individual Consultants is drawn to Section III, Paragraphs 3.14, 3.16, and 3.17 of the World Bank’s Procurement Regulations for IPF Borrowers July 2016, [revised November 2017] (“Procurement Regulations”), setting forth the World Bank’s policy on conflict of interest. A Consultant will be selected in accordance with the Approved Selection Method for Individual Consultants set out in the clause 7.34 of the World Bank Procurement Regulations for IPF Borrowers. 

 

Further information can be obtained at the address below during office hours 0800 to 1700 hours:

Eastern Caribbean Partial Credit Guarantee Corporation

Brid Rock, Basseterre,

St. Kitts.

Expressions of interest must be delivered in a written form by e-mail by August 11th, 2021, to [email protected]

 

For further information, please contact:

Carmen Gomez-Trigg                                                            Bernard Thomas

Chief Executive Officer                                                          Chief Financial Officer

Tel: 868-620-8144                                                                  Tel: 869-765-2385

Email: [email protected]                                          [email protected]