US$ 9 Million Boost For Development Bank

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The Cabinet says it took a decision to re-capitalize the Antigua and Barbuda Development Bank (ABDB) to the tune of US$ 9 million

The $4 million dollars which the CARICOM Development Fund (CDF) will provide in the form of a grant, will be placed in the ABDB.

Additionally, the US$5 million dollars which will flow from Global Ports in the form of a grant, will also be placed in the ABDB.

The government blames the former UPP administration for bankrupting the development bank after “several imprudent loans that exhausted its capital base.”

It said a fishing vessel and a cotton-growing enterprise that both failed, consumed the bank’s capital without a single penny in repayment made to the ABDB.

“The re-capitalization of the ABDB will once again make resources available for legitimate uses,” the government says.

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6 COMMENTS

  1. “a fishing vessel”? Thought it was a ferry, for Montserrat-Antigua-Barbuda travel which suffered mechanical problems. Seems ALP can’t keep their own lies straight anymore.
    The cotton program was a successful pilot that showed 70% year on year yield increases. It was terminated due to bad mind, and then attempts were even made to revive it! Are we saying there is to be no research and development, to create new areas of growth and diversification in an “economic powerhouse”?
    Furthermore, how is the ABDB bankrupt again after the same ABLP claimed it was newly solvent, thanks to actions they took in their first term?
    Finally… is it that the ALP thinks we have short memories?
    80% of the loans on ABDB’s books were non performing, before 2004, as a result of “free money” given to ABLP supporters. The nonperforming percentage was brought down to the 40% range by Don Charles – a “bird man” that the UPP retained because he was indeed competent.
    ABDB was not at full health, but it was NOTHING like the rubble ALP made it before 2004.

    • The Boat never moved one bit- it did not encounter /have any mechanical problems.it was a Fresh water vessel that could not be used-so what lies can ABLP not keep straight.. There is no need for anyone to lie about something that is pellucid for all to see. You cannot create your own truth.You seem to be the one with the short memory,what did you guy’s do after 2004 to rebuild the bank since you claim it was met in Rubbles?? Drag it down more? because certainly the ABLP did not meet it in a viable position in 2014..So,giving that your claims are true,and the UPP met it in bad shape in 2004,with all your big talks,what was done for it from 2004-2014??

  2. Please, let’s focus on building new Antigua industry in areas such as technology, crypto, higher knowledge industries. Using the money to invest in fishing and cotton is just stupid in the 21st century. It’s really important that the ABDB think more strategically and more with a 21st century mentality. Maybe require that for every $1 the ADBD lends, it must be matched by a commercial bank or external investor – this way, the ADBD is not the only one risking money.

    • “Using the money to invest in fishing and cotton is just stupid in the 21st century.”…I don’t know how you can make such a statement when most countries GDP has and maintains a healthy balance from their Agricultural & fishing sector?.

  3. That place is a WASTE.

    Majority of the loans are Non Performing and are directly from Ministers, Ministers keep woman, Ministers Friends and the like. They are even a bunch of loans where first payment was never made and the borrowers are untouchable. Lets rewind to a time the ALP government took out a heavy loan just before election. It was never repaid. That bank has been dead over 15 years now.

    Government Ministers should NEVER EVER control or operate banks in any form or fashion. Now tax payers money are going to be used for more stupidness and funds will just disappear and swept under the carpet.

    You want drama, do an investigation into this place and I sure you can sell the documentary to Netflix.

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