The Anguilla Development Board is this week celebrating thirty years of operation during which period it has demonstrated itself to be a vehicle and financier of national growth and prosperity.
According to a Radio Anguilla broadcast by Minister of Finance, Victor Banks, since the inception of the statutory institution it has financed approximately 2,400 projects in excess of EC$141 million. The projects included fishing, agriculture, manufacturing, tourism, housing and student loans.

Ministry of Finance, Development Board Directors and Staff outside Central Baptist Church. Pastor Cecil Richardson at left

“It has put in place a robust programme for staff development which has resulted in a qualified and well-motivated staff,” Mr. Banks said. “It has adopted a number of key sponsorships within the community to enhance wholesome national development and specifically in the important sector of human resource development. Since 1984 it has disbursed a total of 383 student loans for a total of almost EC$25 million, and all of this while consistently recording profits ranging from $0.569 million to 1 million since 2000.”

The Minister congratulated the present Board of Directors, Management and Staff for their hard work and dedication to the mission of the organisation in this thirtieth year of its existence. He took the opportunity to recognise the contributions of past Boards, Managers and Staff as well as Ministries of Finance which created the foundation for present successes.

He expressed appreciation to the many solid customers without whom the Board would not have been able to maintain its record of profitability over the past fifteen years. On behalf of the present Government, a major stakeholder in the institution, he applauded the vision of the Government of 1978 which ensured the passage of the enabling legislation in the Anguilla House of Assembly. He pledged the Government’s continued commitment to fully supporting the Anguilla Development Board in its noble mission.

In recalling the functioning of the Board over the years, and during the service of Franklin Connor as Financial Secretary, Mr. Banks spoke about loans made available by the Caribbean Development Bank and the UK Development Division for the financing of the loan scheme which has helped many Anguillans to develop various enterprises.
He spoke about the growth of the Development Board to a more commercial and efficient operation and the fact that, despite the services of the commercial banks, it has held its own in providing competitive opportunities in development lending.

Mr. Banks stressed that the Development Board had come a long way, having gone through a series of transformations to ensure it maintained its mission and its 2003 mission statement: to be “the leading most client-focused financier of national prosperity.” The Minister went on: “Since the twenty-fifth year milestone, and the Business Plan which was developed to usher it is, the Board has witnessed a hand over in leadership with the retirement of Mr. Fabian Proctor after 21 years of dedicated service, and the seamless succession of Mrs. Althea Hodge to head up the organisation after having served as Deputy Manager for many years. It is a credit to the institution that it has been able to establish a high level of motivation among its staff throughout this process.”

Mr. Banks disclosed a number of new initiatives being taken by the Board in pursuit of fulfilling its mission as follows: Change its name to the Anguilla Development Bank; build its own modern office accommodation; review and update the Development Board Ordinance to make it relevant to current and future economic environment; reduce the level of non-performing loans to less than ten percent; develop and maintain an efficient and effective management information system; invest in and continue to develop human resources to meet present and anticipated challenges; widen the scope of ADB lending programme to facilitate greater diversification in the loan portfolio composition; and aggressively market the ADB as a significant financier of national prosperity.

ADB Office with banner

The Minister of Finance said that in addition to its local initiative, the Board had undertaken to expand its regional relationships as a means of building a stronger network for the growth of the institution. In 2007 it became a founding member of the Association of Development Banks of the Eastern Caribbean, and in 2008 it was formally inaugurated as a member of the Association of Development Banks of Latin America and the Caribbean. “These regional initiatives will assist the Board to meet many of the challenges which emanate from commercial banks and other lending institutions becoming more involved in lending in areas once associated with development banking,” he explained.

“I encourage all Anguillians to inform themselves of the services available at the Anguilla Development Board by tuning in to the several programnmes being aired during this week of activities,” Mr. Banks urged.

The activities began on Sunday, August 16, with Directors of the Board, Management and Staff attending the divine service at the Central Baptist Church at Rey Hill conducted by Pastor Cecil Richardson, who welcomed them and extended congratulations and best wishes to the institution. The other activities included the broadcast by the Minister of Finance, 10/10 cricket at Coronation Park on Monday and Tuesday evenings; a public forum on Wednesday evening at the Teachers’ Resource Centre on the topic “Development Banking in Anguilla: 30 years after” and the concluding event – a Family Day on the lawn north of the airport parking lot on Saturday, August 22. There will be culinary, art and crafts as well as other displays by past and present borrowers of ADB. There will also be games for children and teams from various partner institutions.

“The Directors and staff of the Anguilla Development Board take this opportunity to thank all its borrowers for their patronage as well as to all the stakeholders who have contributed to ADB over the years,” the Manager, Mrs. Althea Hodge said in a statement.

| Printer-friendly page | Send this article to a friend |

World News