P.M. says D.F.C. bill will resuscitate the agency

One of the new bills introduced in the House today was the Development Finance Corporation Bill. G.O.B. is seeking to repeal the old act and make what it says will be new and better provisions as they try to resuscitate the bankrupt lending agency. According to the Prime Minister, government is in the process of negotiating with the Caribbean Development Bank for a twenty million U.S. dollar loan.

Prime Minister Dean Barrow
“We said from the start that if it’s the last thing we do, we will have the D.F.C. rise from the ashes so that this void in terms of micro-financing might be filled. Members will see when they come to read the bill that this is an effort to institutionalise the bulwarks that we all feel are necessary in order ensure that going forward the new D.F.C. will operate solely in the interest of the people of this country, will not be able to be handled like some sort of a grab tug by politicians and their cronies. We’re giving over control of the D.F.C. board of directors to the private sector. Even though it is government that is borrowing the money, even though it is government that will have the responsibility of paying back that loan, we are freely and voluntarily ceding control of the D.F.C. to the social partners together with the kinds of provisions in the act that will provide for consequences if they violate the mandate.”