ECCB 2020-2021 Annual Report and Statement of Accounts

FINANCIAL SECTOR STABILITY

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Governor Antoine Calls for ECPCGC to Support Women and Young Digital Entrepreneurs In delivering remarks at the official launch of the Eastern Caribbean Partial Credit Guarantee Corporation (ECPCGC) on 5 October 2020, Governor Antoine made a special call for the corporation to support women in business and young digital entrepreneurs as a matter of policy. Governor Antoine said that far too often these categories of persons, with no track record or collateral, are shut out of the credit space and stymied in their ability to realise their dreams and contribute to raising their families and building the region. Governor Antoine added that, “efficient financial intermediation, broad financial inclusion and private sector development are imperatives for economic growth and development.” The objective of the ECPCGC is to facilitate additional financial intermediation for Micro, Small and Medium Enterprises (MSMEs). The Corporation partners with financial institutions and guarantees up to 75.0 per cent of the security or collateral needed by MSMEs to obtain loans to expand or improve their operations. Additionally, the ECPCGC provides training for the lending officers of the participating financial institutions and supports business owners in the areas of business planning, financial management and marketing.

Virtual Launch of Eastern Caribbean Partial Credit Guarantee Corporation

5 October 2020

Promote the Development of the Financial Sector to Increase Citizen Access to Credit and Other Financial Services The Bank participated in a number of meetings with key stakeholders regionally and internationally, as part of its efforts to promote the expansion of access for financing the private sector (particularly micro, small and medium-size enterprises - MSMEs). This included attendance at the Annual Meeting of the Organisation of African, Caribbean and Pacific States (OACPS) Ambassadors with the European Investment Bank (EIB). Research work on access to credit continued to be undertaken on the gaps in the current SME finance architecture in the ECCU and appropriate mechanisms and solutions for informing policy options. The Bank hosted two consultative meetings with the development banks during the year. Discussions focused on the impact of the COVID-19 pandemic on the operations of the development banks and areas relating to their role in facilitating the recovery, resilience and transformation of the ECCU. The meetings provided an opportunity for sharing of information and experiences on key issues such as access to funding, climate resilience, renewable energy and the optimal regulatory framework for the financial sector. In keeping with the thrust to strengthen the financial system and to improve access to credit, the Eastern Caribbean Partial Credit Guarantee Corporation (ECPCGC) was officially launched in October 2020. The ECCB encouraged financial institutions to sign on to the programme to make credit more accessible to Small and Medium-sized Enterprises (SMEs).

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View Official Launch of the ECPCGC - 5 October 2020

EASTERN CARIBBEAN CENTRAL BANK ANNUAL REPORT 2020/2021 11