CDB approves US$3.7-million tertiary loan financing for St Lucia
/ Our Today
administratorSpecial student loan scheme for individuals from low-income households and other vulnerable groups
More affordable financing options will soon be available for students in St Lucia to pursue tertiary education following the approval of a US$3.7-million loan to the government from the Caribbean Development Bank (CDB).
The allocation will finance a line of credit for the St Lucia Development Bank (SLDB) to provide student loans at interest rates below current market averages. At least five per cent of the available amount will be allotted to a Special Student Loan Scheme for individuals from low-income households and other vulnerable groups.
The CDB has also approved a US$250,000 grant for an institutional strengthening programme at the SLDB. The intervention will increase the strategic leadership, credit management, and customer service capacity of the organisation.
US$4 million finance package
Daniel Best, CDB’s director of projects, states: “CDB’s investment of almost US$4 million will enable the St. Lucia Development Bank to fulfil its mandate, and it will support the Government of Saint Lucia in promoting and providing equitable access to tertiary level education. In fulfilling these objectives, we are continuing to facilitate socio-economic development.”
He added: “St. Lucia has numerous initiatives to substantially increase enrolment in post-secondary education and training and CDB is boosting these efforts by making resources available at attractive and affordable rates because given the cost of tertiary education, loan financing is the only option for some students.”
He explained: “At every level, the CDB understands that an adequately trained workforce is integral to socio-economic development and resilience, and we therefore support initiatives that increase access to tertiary education, especially for the financially disadvantaged.”
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