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HomeNewsLocal NewsSKN PM says Development Bank student loan programme crippled due to debt

SKN PM says Development Bank student loan programme crippled due to debt

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by Eulana Weekes

St. Kitts and Nevis (WINN): “It has been a challenge to fully roll out our student loan programs, small business programs, etc,” said Prime Minister of St. Kitts and Nevis, Dr Terrance Drew, in a social media post.

 

In particular, the Prime Minister said the student loan programme is crippled due to the debt issue at the Development Bank of St. Kitts and Nevis. Drew confirmed that the cabinet approved $10 million to assist the program to aid the students.

 

Dr Drew highlighted another consequence of the Development Bank’s debt: “All financial institutions have refused to work with the Bank. This can limit the Bank’s ability to recover.”

 

The Development Bank is said to have a great debt of $333 million. Providing an excerpt from an ongoing financial audit, Drew shared that “over $22 million is completely untraceable.”

 

Meanwhile, the Prime Minister confirmed that the former Manager of the Development Bank of St. Kitts and Nevis has brought a case against the bank, which the bank has countered.

 

“The court will address the issues. There is too much money unaccounted for, and too many questions left unanswered to allow this to slide,” the Prime Minister declared.

 

According to the Prime Minister and Minister of Finance, the Bank is working diligently to rectify the debt issues by “utilising innovative good governance practices and aggressive marketing strategies”. He added that the Labour Party Administration is determined to save the Development Bank.

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