The Government of Saint Lucia has delivered on its promise to support the local housing sector and the development of local businesses by guaranteeing the injection of EC$20 million into the Saint Lucia Development Bank (SLDB).

As the Resolution was brought before the House on Oct. 30, Prime Minister and Minister for Finance, Economic Growth, Job Creation and External Affairs, Hon. Allen Chastanet explained that the government would guarantee a loan of EC$20 million from the National Insurance Corporation to the Saint Lucia Development Bank for on-lending to the housing and productive sectors.

“The SLDB has attracted a significant number of persons wishing to own a home and improve their economic and social well-being. Loan disbursements from approvals are projected at EC$17.5 million for the financial year ending March 2019,” explained the Prime Minister. “For the housing sector, the bank shall provide support to the following areas: home construction, home renovations, home extensions, and house and land purchase.”

Prime Minister Chastanet noted the need to stimulate the productive sector through employment generation and export earnings.

“There is justification in supporting the bank in its efforts to access new sources of funding for the productive sector. Disbursements from approved loans are projected at EC$13.5 million. The bank shall provide support to agriculture, fishing, tourism services and manufacturing.”

The Prime Minister explained that this capital injection in key areas will encourage growth and development in Saint Lucia, adding that the projections in the number of loan applications suggest a growing demand for investment in housing and other productive sector activities.