Press Release
December 16, 2005
MIF APPROVES $840,000 TO STRENGTHEN SAVINGS AND LOAN SECTOR IN BARBADOS
Project to improve financial services to low and middle-income families
The Multilateral Investment Fund today announced the approval of an $840,000 grant to the Barbados Cooperatives Credit Union League to improve and strengthen the capacity of credit unions to provide financial services to low and middle-income families.
The project will assist with the design and application of risk management tools, develop new products and enhance marketing. Technical assistance and specialized training will be provided to the Registrar, the regulator of credit unions, to improve its capacity to apply risk-based supervision and to insure the safety and soundness of credit unions after a period of rapid growth and growing diversity and competition in the financial sector.
The Barbados Cooperatives Credit Union League (BCCULL), the central body representing the interests of credit unions that also provides its member organizations training and other services, will be strengthened and assisted in developing a strategic plan for carrying out the project.
BCCULL will guide its members in adopting an environmental policy that will reduce the environmental risks of investments and ensure that credit unions apply sound environmental management procedures.
Roughly 40 credit unions operate in Barbados, serving 100,000 members. Their rapid growth in the past five years requires an enhanced level of management technology and supervision.
INFORMATION
For more information, contact the project team leader, Alejandro Escobar, at (202) 623-3725, alejandroe@iadb.org
© 2005 Inter-American Development Bank. All rights reserved. Terms and Conditions.
December 16, 2005
MIF APPROVES $840,000 TO STRENGTHEN SAVINGS AND LOAN SECTOR IN BARBADOS
Project to improve financial services to low and middle-income families
The Multilateral Investment Fund today announced the approval of an $840,000 grant to the Barbados Cooperatives Credit Union League to improve and strengthen the capacity of credit unions to provide financial services to low and middle-income families.
The project will assist with the design and application of risk management tools, develop new products and enhance marketing. Technical assistance and specialized training will be provided to the Registrar, the regulator of credit unions, to improve its capacity to apply risk-based supervision and to insure the safety and soundness of credit unions after a period of rapid growth and growing diversity and competition in the financial sector.
The Barbados Cooperatives Credit Union League (BCCULL), the central body representing the interests of credit unions that also provides its member organizations training and other services, will be strengthened and assisted in developing a strategic plan for carrying out the project.
BCCULL will guide its members in adopting an environmental policy that will reduce the environmental risks of investments and ensure that credit unions apply sound environmental management procedures.
Roughly 40 credit unions operate in Barbados, serving 100,000 members. Their rapid growth in the past five years requires an enhanced level of management technology and supervision.
INFORMATION
For more information, contact the project team leader, Alejandro Escobar, at (202) 623-3725, alejandroe@iadb.org
© 2005 Inter-American Development Bank. All rights reserved. Terms and Conditions.
