As part of ongoing national economic reforms, the Government of St. Vincent and the Grenadines is preparing to bring a new Development Bank on stream to provide targeted financial support to local entrepreneurs, micro-enterprises, and diaspora investors.
The initiative was highlighted by senior government officials during Invest SVG’s “Home Is Where the Heart Is” diaspora outreach and investment conference in New York.
Speaking during a session on private sector development, Christo Primus, Head of the Private Sector Development Department in the Office of the Prime Minister, announced that the upcoming Development Bank will focus heavily on improving access to capital.
The institution will offer financing at highly concessional interest rates, specifically tailored to help small and growing businesses overcome startup and expansion hurdles. The bank is intended to complement an enhanced small grant program being structured under the Private Sector Development Department to support diverse subsectors across the economy.
Addressing conference attendees, Ambassador for Finance, Climate, and Investment Kevin Hope noted that World Bank enterprise surveys have consistently highlighted access to finance—alongside attracting skilled labor and tax structures—as one of the primary barriers to business growth in St. Vincent and the Grenadines.
Ambassador Hope explained that bringing the Development Bank on stream is a direct structural response within the national budget process to solve these long-standing financial bottlenecks. The goal is to lower financial entry barriers and streamline the overall environment for both domestic and diaspora investors.
The rollout of the Development Bank forms part of a wider suite of private sector reforms designed to modernize the business landscape. These measures include:
Legislative Modernization: Enacting the Small Business Act and establishing a Private Sector Council to ensure business leaders have a direct voice in policymaking.
Business Facilitation: Reducing the average time required to establish a business from five months down to five days, supported by a “one-stop shop” mechanism at Invest SVG.
Technical & Grant Support: Providing hands-on assistance from Invest SVG in business plan refining, grant writing, and navigating regulatory approvals.
