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  • Antigua and 3 OECS states operating Citizenship by Investment programmes sign historic memorandum of agreement

Antigua and 3 OECS states operating Citizenship by Investment programmes sign historic memorandum of agreement

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Prime Minister Dr Terrance Drew has applauded the leaders of Antigua & Barbuda, the Commonwealth of Dominica, and Grenada for joining forces with the Federation of St Kitts and Nevis in executing an historic Memorandum of Agreement to strengthen the Citizenship By Investment Programmes (CBIPs) in those OECS Member States.

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Prime Minister Drew, currently Chairman of the OECS, championed the move, which seeks to assure the international community that this group of four OECS Member States which operate CBIPs will exchange best practices, due diligence processes, and intelligence related to potential security or compliance risks. The purpose of the Memorandum of Agreement is to provide a framework for cooperation and information sharing among the four OECS Member States in relation to their CBIPs.

Prime Minister Drew has commented that “the four small island developing states who signed this Memorandum have committed to increase and harmonize the minimum investment threshold of their CBIPs to an investment sum of at least US$200,000 no later than June 30, 2024, and more importantly, to bring an end to ‘underselling’, a scourge on the CBI Industry in the recent past. We have therefore agreed that the minimum investment thresholds for our CBIPs shall represent the actual amount of funds received and applied towards an applicant’s qualification under our respective CBIPs, and not the gross amount of funds paid by an applicant from which deductions, including the payment of commissions, are made.”

“I commend my fellow Prime Ministers for recognizing that CBIPs are too important to our respective economies to act irresponsibly in their operations. This move will show the world that our four nations are responsible and serious about operating investment migration programmes that respect the rule of law, are sustainable and do not offend the interests of our brothers and sisters in the international community,” said Prime Minister Drew.

The Memorandum of Agreement, dated March 20, 2024, also sees the four nations agreeing to:

1. share information on CBIP applicants;
2. implement enhanced transparency measures such as the disclosure of funds received by CBIPs, the use of the proceeds of CBIs and to conduct independent financial and operational audits to assess CBIs compliance with best practice standards;
3. assign or establish a regional competent authority to set standards in accordance with international requirements and best practices and to regulate the CBIPs;
4. establish common standards to manage the communications and promotion of the CBIPs;
5. establish common standards for the regulation of agents operating in the CBIPs; and
6. facilitate joint training programs and capacity-building initiatives for their respective officials and agencies involved in the administration of CBIPs.

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The Memorandum of Agreement supplements the six principles agreed between all CBIP operating OECS Member States and the United States of America in March 2023. The Federation of St Kitts and Nevis, which has been operating a CBIP since 1984, made significant advancements to its CBIP Regulations in December 2022 and July 2023. CBIPs in the OECS had become the target of international scrutiny between 2017 and 2022 during which there was a ‘race to the bottom’ with respect to investment options.

By July 2023, less than a year into Prime Minister Drew’s tenure, the minimum investment option of the St Kitts and Nevis CBIP was increased to US$250,000, ‘underselling’ was eliminated, and numerous other good governance structures were implemented. These measures have been commended by international partners and CBIP stakeholders.

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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]