Financing for St. Vincent
NO. 27/08-BDOctober 30, 2008 CDB TO PROVIDE FINANCING FOR STUDENT LOANS IN ST. VINCENT AND THE GRENADINES The Caribbean Development Bank (CDB) will provide a loan equivalent to USD10 million to the Government of St. Vincent and the Grenadines for sub-loans under CDB's Student Loan Scheme. The National Commercial Bank of St. Vincent and the Grenadines will be the executing agency for the loan which will be onlent to eligible persons who want to upgrade their skills and qualifications at the vocational, technical and professional levels. A portion of the loan will be targeted to specifically assist students from poor households who have the academic capacity but insufficient resources to qualify for assistance under the regular student loan scheme programme. A major objective of the project is to assist the Government of St. Vincent and the Grenadines in developing the country's human resources capacity through education and training in order to sustain and accelerate economic development. CDB views investment in education as critical to the strengthening of mechanisms for full participation in the development process.