Dominica Will Launch a $30-Million Financing Programme for Small Businesses
LONDON, July 22, 2020 /PRNewswire/ -- On July 28th, the Prime Minister of the Commonwealth of Dominica, the Honourable Roosevelt Skerrit, will deliver the annual budget address. It will contain the government's plans on sustaining infrastructure development, including hospitals, health centres, and houses; hurricane resilience measures; and post-pandemic education. On July 19th, PM Skerrit disclosed that one of the projects to be announced on Tuesday is a $30-million financing programme for small businesses.
In a live broadcast on Sunday, the Prime Minister also spoke about the digital economy – a new ministerial portfolio led by Senator Honourable Cassanni Laville. The plan seeks to facilitate digital services across public and private sectors, improving the quality of education and creating new opportunities for youths.
Implementing the digital economy reforms are contingent on telecommunications advancement. The Minister of State for telecommunications and broadcasting, Senator Honourable Oscar George, wants to speed up the transition to more affordable and accessible intra-island connectivity. Prime Minister Skerrit explains that his vision is to support young Dominicans through digital advancement, education, training programmes and financing.
Ahead of the budget address, PM Skerrit did make one major announcement: "We are going to be launching a three-year programme of financing [for] small businesses that will also include the passage of legislation to create the legal framework for the operation of small businesses where concessions, fiscal incentives are concerned, and in recognition to the small business sector in our country. So we'll be launching a three-year, $30-million initiative for the small businesses in Dominica. And those funds would be lent to the small business owners at 1%, and [are] to be managed by the AID Bank."
Dominica overcame the COVID-19 health crisis with only 18 fully recovered cases and no deaths. In May, the government rolled out its plans to tackle the economic impact of the pandemic, with major financing from the World Bank, the IMF and the country's own Citizenship by Investment (CBI) Programme.
Known as the best country for citizenship by investment, Dominica remained atop foreign investors' preferences when seeking second citizenship. The country's economic progress, political stability, good external relationships, a reputation for transparency and efficient CBI Programme processes attract investors. If they pass all the due diligence checks and make a qualifying investment, they earn all the same rights as native citizens, except for the right to vote.
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