Minister of Finance and the Economy Dr. the Hon. Errol Cort on Wednesday hosted the second meeting between officials of the Minsitry of Finance and Economy, Bank of Antigua and Antigua and Barbuda Development Bank to further discuss modalities for operationalising the ABDB Fund for small business development.

Ministry of Finance officials meeting with members of Bank of Antigua and the Antigua and Barbuda Development Bank

A number of proposed procedures and mechanisms were considered and agreed to in principle, with final approval expected shortly after respective principals are consulted.

Ministry of Finance officials along with ABDB and Bank of Antigua representatives outlined that they are keen to see the bold initiative come to fruition in the shortest time possible. All parties pledged to take all actions necessary to ensure the Fund becomes operational in February 2005.

Under the programme, the Stanford Financial Group will establish a $10 million fund for the empowerment of new Antiguan and Barbudan entrepreneurs.

The funds will provide financing of up to $50, 000 to support micro and small business ventures owned by Antiguans and Barbudans. The Stanford Financial Group will also provide technical support and counselling for this project, which will operate through the Antigua and Barbuda Development Bank. (Ends)

Digital Photo by Maurice F. Merchant