MOU TO BENEFIT LOCAL BUSINESS

[dropcap]A[/dropcap]Memorandum of Understanding was signed on July 25, 2018 by the St. Lucia Development Bank (SLDB) and Export Saint Lucia (ESL), formerly known as the Trade Export Promotion Agency (TEPA). The goal of the MOU is to fortify the links between the two parties and enhance their relationship in order to stimulate economic growth.
The CEO of Export Saint Lucia, Ms. Sunita Daniel, described the day as “a momentous occasion that symbolizes the strengthening of two organisations; two organisations whose work programmes centre around the sustainability and growth of Saint Lucia’s business community, particularly small and medium-sized enterprises”.

Ms. Daniel explained that the agreement will be a platform to build additional relationships, exchange ideas and transfer technical knowledge. She said, “It will allow us to collaborate on projects where our agency skill-set can jointly aid our clients towards the realization of their goals.”

Ms. Daniel stated that ESL and SLDB will facilitate corporation among entrepreneurs, submit recommendations for financial assistance, and provide strategic advice and solutions regarding business financing, export development and other business matters.

Mr. Vincent Boland, the SLDB’s Managing Director, is confident this venture will allow entrepreneurs, especially young ones, to expand their business. ESL, he said, “has demonstrated their capacity to go in-depth into companies and identify the weaknesses and areas of opportunities. Now, with financing from the SLDB, we will be able to see them come to fruition.”

Mr. Boland added: “We are looking to set up professionals that people can come to develop their business, so that we can hold their hand and get them to where they want to be. I think this is the right opportunity for us to come together and grow.” He disclosed that the SLDB also intends to develop more MOUs with other partners, including Invest Saint Lucia.