ECCB 2016/2017 Annual Report

ECCB ANNUAL REPORT 2016/2017

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Financial Sector Development Initiatives

FIRST Initiative Project The Bank accelerated key deliverables under the FIRST Project for the diversification of the ECCU financial system. The following key results were achieved for the year:   Signing of the Eastern Caribbean Partial Credit Guarantee Corporation Agreement by the Monetary Council on 2 March 2017;   Technical assistance for the evaluation of the re-launch of the Eastern Caribbean Securities Exchange (ECSE) Entry Level Tier Market, legal reforms to support access to finance including insolvency and secured transactions and the review and drafting of new legislation to govern the operation of investment funds. German Savings Banks Foundation for International Cooperation Project The Bank continued to work with the German Savings Banks Foundation for International Cooperation (SBFIC) Project to ensure development of the initiatives in accordance with the needs of the ECCU. This ECCB-endorsed project supports improvement in access to financial services in the ECCU by micro, small and medium enterprises (MSME’s) and the strengthening of the financial sector. The overall objectives are as follows:   Improve MSME’s access to financial services by strengthening the sustainability, know-how and the product range of selected financial institutions; and   Increase the Business Literacy of Micro and Small Enterprises by providing business and financial training and coaching. The pilot project was established in Saint Lucia for the period 2016 – 2018. Upon evaluation and assessment of this initial phase, it is anticipated that two additional three-year phases will follow during which the other ECCU countries will be engaged.   Completion of the diagnostic study of the ECCU financial sector;   Identification of priority areas for the Strategy and Action Plan;

Governor Timothy N. J. Antoine (fifth from left) and the SPPD team meet with representatives from the German Savings Banks Foundation for International Cooperation