Corp-EFF described as a ‘bold initiative’

Lambert described CORP-EFF as a bold initiative
Lambert described Corp-EFF as a bold initiative

Edward Lambert, Principle Advisor to Dominica’s Prime Minister Roosevelt Skerrit has congratulated the Dominica Cooperative Societies League (DCSLL) for what he described as “a bold initiative” to establish the Corporate Enterprise Finance Facility (Corp – EFF) which was officially launched a few days ago.

The Corporate Enterprise Finance Facility Ltd was born out of the Dominica Cooperative Societies League’s efforts, to provide essential services to Credit Unions and other financial Co-operatives on the island and within the OECS, while keeping within the ambit of the law governing the industry.

Lambert, speaking on behalf of the Prime Minister, said that given the experience of CLICO and BICO, and the impact the collapse of these insurance conglomerates on both the credit unions collectively and their members individually, it was inevitable that an entity such as the Corp-EFF would emerge.

“Moreover, globalisation is bringing about a reconfiguration of the of both the workplace and the workforce in countries small and large, developed and underdeveloped. These forces are currently challenging the concept of job security and negatively impacting the capacity of honest and sincere borrowers of credit unions and other lending institutions to sustain their obligations repay their loans as contracted,” he said.

He commended Corp-EFF on its approach by including other credit union leagues within the Organisation of Eastern Caribbean States as equity participants.

“Your vision to become the sole provider of Loans Protection and Life savings insurance throughout the Eastern Caribbean, if realised, will contribute to strengthening our economic union of the OECS and provide you and governments with a more commanding voice in negotiations with external partners on matters relating to the development of our sub-region,” Lambert stated.

He continued, “We are therefore gratified that Corp – EFF has selected as one its areas of focus, the provision of liquidity support to non – financial cooperatives engaged in direct production ventures. As you activate this portfolio, let me suggest that you liaise closely with the Cooperative Division which has been shepherding that sector on an ongoing basis.”

Lambert believes that in the final analysis, the success of Corp – EFF will depend on the nature of the financial and economic environment in which the company has to operate.

“What I can say to you is that as we contemplate the large increase in government spending needed to carry out the massive reconstruction effort due to the tropical storm Erika, we remain aware of the urgent need to contain risks that existed even before the storm and that would jeopardise our development gains. In particular, fiscal policy settings will be tightened to put debt on a firmly declining trajectory; financial institutions need to strengthen their balance sheets, and gaps in competitiveness must be reduced. Government is strongly committed to putting in place policies to resolve this situation”.

“It is clear that the challenge before the Corp- EFF, the credit unions and government, is formidable. However, I can say unambiguously and unequivocally that we are determined to succeed. It is in this vein and in this spirit that I wish Corp- EFF success in its endeavours,” he remarked.

Former President of the DCSLL Dexter Ducreay is President of Corp-EFF and he explained that the Central Finance Facility aspect of Corp-EFF is designed to serve as the main provider of liquidity and development finance for credit unions operating locally & later in the OECS region. “With recent organizational changes occurring in the movement with the onset of Amalgamations, the League was faced with the challenge of future relevance to the movement. Thus, the development of specific services, designed to strengthen and satisfy shortfalls to Affiliates,” Ducreay said.

There are five key areas of focus which captures Corp-EFF’s service mandate. These areas include Insurance, Central Marketing, Money Service business, Debt Recovery, Purchase of Loans from Credit Unions and line of Credit Facility. Currently, three of the services are available to affiliates for participation. They include Insurance service which is available in the form of Loans protection and Life Savings coverage, Central Marketing Services which offers collective awareness and consultancy and Purchase of Loans which was born out of consideration of the Co-operative Societies Act #2 of 2011 sec. 121 subsection 5, to keep Credit Unions within the confinement of that law.

Ducreay said that “other services will become available in due time as Corp-EFF intends to maintain and expand on its mandate to develop and provide innovative solutions to Credit Unions and other Co-operatives on island and in the OECS region.”

corp-eff ribbon cutting
The ribbon being cut

corp-eff crowd

 

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10 Comments

  1. Peter Karam
    March 19, 2016

    something just does not add up, too many unanswered questions,

  2. Just Me
    December 1, 2015

    De same president in both organizations? Is that not a conflict of interest?

    • Tjebe Fort
      December 1, 2015

      I agree. I want to know if ACS by any chance have any loans from credit union? You all members of credit union have a vote how and where your money is invested, is your mopney you know, dont forget.

  3. November 30, 2015

    We say thanks. But…. keep all hands off our credit Union.

    • Tjebe Fort
      December 1, 2015

      I agree. Credit Union money must not be used for risky investment like that. It is wrong.

    • Just Me
      December 1, 2015

      I am with you 100% on that one

    • 1979
      December 1, 2015

      but u know that is the plan…and the reference to baico and clico …. smh

      • 1979
        December 1, 2015

        if realised, will contribute to strengthening our economic union of the OECS and provide you and governments with a more commanding voice in negotiations with EXTERNAL PARTNERS !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! on matters relating to the development of our sub-region,” Lambert stated.

        I’m already sick to my GUT

  4. Joe
    November 30, 2015

    Great Innitiative!!!!!!

  5. negrerio
    November 30, 2015

    Great News!

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