Deputy Prime Minister Richards unveils the new Donor's Corridor at the CCCU headquarters.

Deputy Prime Minister, the Honourable Shawn Richards, extended congratulations to the executives of the Caribbean Confederation of Credit Unions (CCCU) on the opening of its new headquarters, and thanks it for placing confidence in the people and government of St. Kitts and Nevis by constructing the US$1.3 million building in the Federation while speaking at the opening Saturday.

The opening of CCCU’s new headquarters, located at the corner of Wilkin Street and St. Johnston Avenue, Fortlands, was attended by senior level government officials and a wide cross section of individuals from the financial sector including Governor of the Eastern Caribbean Central Bank (ECCB), Mr. Timothy Antoine.

“We welcome the opening of this building, which represents a new era for the CCCU and reflects the lofty ambitions, enterprising ethos and high standards that for so long have brought — and continue to bring — the best and the brightest from around the Caribbean, and indeed the world, to our Federation’s shores. Indeed, this magnificent structure becomes yet another fine jewel in the Federation’s crown as the financial capital of the Eastern Caribbean,” Minister Richards said.

The CCCU has oversight responsibility for 250 credit unions with a membership of just over 1.9 million, amassing total assets of approximately US$4 billion in 17 affiliated Caribbean countries.

Minister Richards said the administration is encouraged that the Caribbean Confederation of Credit Unions has demonstrated its willingness to work closer with the Government of St. Kitts and Nevis, a clear sign of the partnership and cooperation that exist between the Government and the credit unions and a goal of fostering enhanced relations with the CCCU and the financial market in general.

“For instance, Prime Minister Harris led the debate on the Credit Reporting Bill, 2018, which was passed unanimously in the National Assembly on Sept. 6, 2018. The Credit Reporting legislation supports the establishment of a credit bureau to improve the collection and sharing of credit information across the ECCU. This will facilitate the extension of credit to underserved segments of the population. Today’s opening of the CCCU’s new headquarters is therefore a bellwether of more progress to come.  Again, I thank you for choosing St. Kitts and Nevis to play this important role of host country for your operations,” Deputy Prime Minister Richards said.

Following the opening ceremony, Minister Richards helped to unveil the Donors’ Corridor inside the Caribbean Confederation of Credit Unions’ new headquarters building.