Project Overview
OVERVIEW
St Lucia is still on the road to recovery from the global recession sparked by the 2007-08 Financial Crisis. In nurturing the recovery process, the Government of St Lucia (GOSL) is implementing strategies that result in inclusive and sustainable growth, and which increases social and economic cohesion and resilience. Increasing the participation of the private sector, and in particular SMEs, is critical to recovery.
Surveys suggest that SMEs’ access to credit – including youth and women-owned SMEs - is not improving and remains a major constraint to business start-up and growth. In response, the Government of St Lucia (GOSL) has restarted the operations of the St Lucian Development Bank (SLDB) as of February 2009 as part of a wider programme to improve the country’s business and investment climate. SLDB has developed a US$ 4.5 m pipeline of priority projects that are aligned to the country’s recovery strategy.
The project establishes a US$ 3.732 m Line of Credit to contribute to financing approximately 62 of the priority projects identified.
