Small and medium size enterprises in Dominica stand to benefit from a new loan facility amounting to over $5 million.
The resolution authorizing government to borrow from the Eastern Caribbean Partial Credit Facility was approved in parliament on Monday.
“It’s an OECS regional facility passed in Parliament today, the resolution to have us access this fund,” Minister for Commerce, Enterprise and Small Business Development, Roslyn Paul said.
According to her, this will benefit micro, small and medium-sized enterprises (MSME’s) in Dominica.
“First and foremost we will be accessing this loan and I guess the small business owners are going to be happy because access funding has been a major challenge to a number of small businesses in Dominica, especially coming on the heels of Hurricane Maria where number of small businesses were affected,” she said.
Prime Minister Roosevelt Skerrit commended Paul and thanked the World Bank.
“The World Bank continues to be a true partner of Dominica. They have always been there with us, more so, since Hurricane Maria and we are grateful to the leadership of the bank,” he stated. “I want to give my absolute support. I want to express my excitement for this.”
He said this will go a long way in addressing some of the challenges which people who are in involved in small businesses may have in accessing additional financing.
Meantime, Attorney General Levi Peter said the country has taken action to get out of the EU’s Blacklist.
Government amended the offshore Banking Act in order to handle tax transparency.
“Government is committed to taking all the actions necessary to ensure that Dominica does not remain on the negative list and that Dominica is not deemed to be uncooperative in tax matters,” he said.
According to Peter, government is definitely not opposed to the principles of transparency.
He said the demands placed on small states with regard to these matters are onerous.
“Moreover, the varying standards and the frequent changes in standards take little account of the capacity constraints of small developing countries,” Peter stated.
He said Government will continue to do its best to respond as these demands are made.