The small-business sector will have access to $10 million for development.
The money is part of the ‘Empowerment for Ownership Fund,’ which the Prime Minister said would boost micro, small and medium-sized enterprises in the Federation.
“After all, it is this sector that historically has proven to be the most dynamic in developing countries and developing economies around the world,” Douglas said, during the launching ceremony at the St. Kitts Marriott Resort.
Douglas is of the view that the empowerment process would entail a greater sense of independence, ‘An I Can Be Successful Attitude,’ and foster an ownership culture amongst our non-asset owning segment of society.
Prime Minister Douglas, who is also Minister of Finance and Sustainable Development, said that the Empowerment Fund, a jo int collaboration between the Government of the Federation of St. Kitts and Nevis, The Stanford Group of Companies and The Development Bank of St. Kitts and Nevis.
“It will be a catalyst to our entrepreneurial spirit, and would serve as an important part of my Government’s economic and human resource initiatives, as we seek to empower our people through financial independence,” Douglas said.
He said that the launching of the Empowerment for Ownership programme represents a historical model of public-private partnership. The Fund would facilitate the long-term goal of achieving widespread, sustainable prosperity and a higher standard of living for all of citizens of the Federation.
“There is no better way of empowering someone than through ownership —
ownership of a piece of our expanding economy,” Douglas said.
He reaffirmed his St. Kitts-Nevis Labour Party Government’s policy “to create wealth throug h the initiation, development and expansion of business enterprises, whether micro, small or medium-seize enterprises.”
The Prime Minister said that the provision of the $10 million in the Fund marks
the re-entry of the Stanford Financial Group.
“… to the ever expanding economic development machine that is currently driving the growth and development in St. Kitts and Nevis and is responsible for the creation of the new economy that is based on services as we transit out of sugar production,” Douglas said.
He said while the recent closure of the Sugar Industry has created significant challenges, it has at the same time presented opportunities for the advancement of the people, through much more productive endeavours.
“As our economy goes through an accelerated period of transition, this programme provides an ideal means by which our people can become empowered through their own creativity and through their ow n hard labour,” said Douglas.
The Fund is being facilitated by the Development Bank of St. Kitts and Nevis.
