Government and BVI Finance Sign Cooperation Agreement

PRESS RELEASE – On Wednesday, 15 March representatives from the Government of the Virgin Islands and BVI Finance Limited signed a Cooperation Agreement to facilitate the promotion and development of BVI’s financial services industry.

The Cooperation Agreement was signed by Premier and Minister for Finance, Dr. the Honourable D. Orlando Smith, OBE and Chairman of the Board at BVI Finance, Kenneth Morgan during a private ceremony at the Office of the Premier.

Commenting on the signing, Premier Smith said, “Today is a significant day for BVI’s financial services industry as we transition to a true partnership between the public and private sectors.

“There are numerous challenges facing the industry and by signing this Agreement we commit to working together to ensure its future sustainability.”

The Agreement sets out the responsibilities of both parties in relation to achieving strategic objectives, agreeing on a business plan, reporting to Government and funding for the newly created entity.

According to BVI Finance Chairman of the Board, Kenneth Morgan, “By creating this new BVI Finance the government and the private sector acknowledge that we have to be nimble, creative and aggressive in promoting our services. By formally joining forces we expect that we can move more quickly and efficiently to promote and/or defend our industry.”

He added, “I thank the government for taking this initiative and for continuing to provide the major funding, this time along with private sector assistance which we hope will grow over time to cement the joint venture which we now are.”