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CDB approve US$25 million loan to Antigua and Barbuda

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The Caribbean Development Bank (CDB) has approved loans of US$25 million to Antigua and Barbuda and US$7.5 million to Anguilla to counter COVID-19 fallout and support economic recovery.

“The two loans will buttress socially responsible policies, particularly for the benefit of vulnerable people in Anguilla and Antigua and Barbuda, while backing the reform process in both countries to achieve greater resilience,” said CDB President Dr Gene Leon.

Both countries are heavily affected by the COVID-19 pandemic, which caused a recession in Anguilla where the gross domestic product contracted by 27.4% in 2020, and Antigua and Barbuda where GDP contracted by 16% last year, compared with 2019. Real income per capita decreased significantly last year in Anguilla (27%) and in Antigua and Barbuda (18.5%). In addition, Anguilla is still reeling from Hurricane Irma, which caused damage equivalent to 97% of the country’s gross domestic product in 2017.

With support from CDB, the Government of Antigua and Barbuda identified essential reforms for stability and sustainability and set up a comprehensive medium-term fiscal strategy to restore debt sustainability and help steer the country towards recovery while keeping the pandemic in check.

“The loan to Antigua and Barbuda aims to achieve three goals, namely to strengthen health emergency preparedness and response capacities, to bolster social safety nets for vulnerable citizens, and to enhance economic and fiscal frameworks for recovery after the pandemic,” Dr Leon highlighted.

Before the onset of COVID-19, the Government of Anguilla made progress in rebuilding critical infrastructure and prudently managed the fiscal costs of Hurricane Irma. Despite the challenges, brought by the pandemic, the Government made notable progress in strengthening fiscal resilience through the introduction of a new Goods and Services Tax, which is scheduled to be instituted in 2022. Moreover, social policy reforms are being implemented to advance Anguilla’s efforts to achieve the 2030 Sustainable Development Goals. In addition, Anguilla increased its tropical storm disaster risk insurance coverage and has established an electronic-based land information system.

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“The loan to Anguilla will provide much-needed fiscal space to aid the recovery from COVID-19 in 2021 while supporting reform actions to improve resilience to environmental and macroeconomic shocks. Given Anguilla’s high level of vulnerability, these are important prerequisites for improving economic performance and development outcomes over the longer term. The programmatic nature of the operation will help ensure that these reforms remain on track,” CDB President Dr Leon stressed.

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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]