Government has negotiated with the Caribbean Development Bank (CDB) to arrange for funding for a revolving fund initiative geared at benefitting young entrepreneurs in the British Virgin Islands.
This was revealed by Premier Andrew Fahie during a recent airing of the Honestly Speaking with Claude Skelton Cline radio programme where he said the initiative is to further boost entrepreneurship in the territory.
“We have been able to negotiate with the Caribbean Development Bank to put some money into the National Bank of the Virgin Islands for entrepreneurship. The next wave of how the people of the BVI, especially the young people are going to be able to move, is through innovation and entrepreneurship,” Premier Fahie stated.
He further said that a number of measures will be put in place to ensure accountability within the initiative. He said these measures will also prolong its existence.
“We are now trying to make sure that, unlike in the past, this money is more accounted for and to make sure that even when they get the money, in order to get the money, some specific training will have to be done. When the training is done and the money is received, there will be some monitoring of the businesses,” the Premier said.
“It is a revolving fund, so the success of your business or idea, leaves you to pay back the loan, and once you pay back the loan, more people of the Virgin Islands can be able to benefit from it,” he added.
With the financial services projected to experience a further decline in the territory, the Premier had stated in a recent session in the House of Assembly that government will have to explore a number of new sectors for the future development of the BVI.
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