{"id":237142,"date":"2025-05-16T07:54:37","date_gmt":"2025-05-16T11:54:37","guid":{"rendered":"https:\/\/antiguanewsroom.com\/?p=237142"},"modified":"2025-05-16T12:23:42","modified_gmt":"2025-05-16T16:23:42","slug":"pm-warns-banks-may-be-forced-to-contribute-more-to-education-from-record-profits","status":"publish","type":"post","link":"https:\/\/antiguanewsroom.com\/pm-warns-banks-may-be-forced-to-contribute-more-to-education-from-record-profits\/","title":{"rendered":"PM Warns Banks May Be Forced to Contribute More to Economy from Record Profits"},"content":{"rendered":"
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PM Warns Banks May Be Forced to Contribute More to Education, Agriculture from Record Profits<\/strong><\/p>

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Prime Minister Gaston Browne has warned that banks and other private companies may soon be required by law to contribute more meaningfully to national education, saying he is considering mandating that a portion of their profits go toward developing key social sectors.<\/p>\n\n\n\n

\u201cTwo banks in this country made over $110 million in profits last year \u2014 ECAB made $60 million and ACB over $50 million,\u201d Browne told Parliament during debate on the ABCAS Bill. <\/p>

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\u201cYou\u2019re telling me they couldn\u2019t cut a $100,000 cheque to Antigua State College? That\u2019s immaterial in the context of the profits that they make.\u201d<\/p>

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The Prime Minister said if the private sector does not step up voluntarily, legislation may follow.<\/p>\n\n\n\n

\u201cIf they\u2019re not doing it voluntarily, we must force them to do so as legislators,\u201d he said. <\/p>

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\u201cWe have to force them to make at least 5% of their profits available for funding farming, food security, or manufacturing. <\/p>\n\n\n\n

These are the kinds of revolutionary decisions we have to make in this country.\u201d<\/p>

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Browne proposed establishing a dedicated trust fund for the Antigua and Barbuda College of Advanced Studies (ABCAS)<\/a><\/strong>, suggesting an initial government contribution of $20 million that could yield $1.6 million annually in returns to support operations and maintenance.<\/p>

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He also recommended setting up an alumni fund to encourage consistent contributions from former students. \u201cIf I\u2019m called upon to do a standing order of $100 a month, I\u2019ll gladly do it,\u201d he said. <\/p>\n\n\n\n

\u201cSomeone like the Hon. Daryll Matthew can do $1,000 a month.\u201d<\/p>\n\n\n\n

Emphasising the need for financial independence in educational institutions, Browne said: \u201cWe don\u2019t want them waiting months for a special warrant. They must be able to operate seamlessly.\u201d<\/p>\n\n\n\n

The Prime Minister argued that supporting education was integral to building national resilience and advancing economic goals.<\/p>\n\n\n\n

\u201cWhat we\u2019re doing here is quintessential to the sustainable development of this country,\u201d he said. \u201cYou can\u2019t sustain economic growth without supporting intellectual development.\u201d<\/p>\n\n\n\n

His remarks came as Parliament approved the ABCAS <\/a><\/strong>Bill, which merges four tertiary institutions into one statutory body with the goal of eventually achieving university status.<\/p>\n\n\n\n

The Prime Minister\u2019s comments form part of a broader appeal for greater corporate social responsibility, particularly from institutions that benefit directly from the nation’s human resource pool.<\/p>\n\n\n\n

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PM Warns Banks May Be Forced to Contribute More to Education, Agriculture from Record Profits Prime Minister Gaston Browne has warned that banks and other private companies may soon be required by law to contribute more meaningfully to national education, saying he is considering mandating that a portion of their profits go toward developing key […]<\/p>\n","protected":false},"author":3,"featured_media":218376,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-237142","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\nABCAS: New Mandate for Banks' Contributions - Antigua News Room<\/title>\n<meta name=\"description\" content=\"Prime Minister warns banks about contributing to education and agriculture from record profits under the ABCAS Bill.\" \/>\n<meta name=\"robots\" content=\"index, follow, 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