CCCU OPENS NEW HEADQUARTERS IN ST. KITTS-NEVIS; GOVERNMENT THANKFUL FOR STRENGTHENED TIES WITH CREDIT SECTOR

BASSETERRE, St. Kitts, November 11, 2019 (Press Unit in the Office of the Prime Minister) – Deputy Prime Minister, the Honourable Shawn Richards, has extended congratulations to the executives of the Caribbean Confederation of Credit Unions (CCCU) on the opening of its new headquarters, and more importantly for placing their confidence in the people and government of St. Kitts and Nevis by constructing the US$1.3 million building in the Federation.

Deputy Prime Minister Richards was speaking at the opening of the CCCU’s new headquarters, located at the corner of Wilkin Street and St. Johnston Avenue, Fortlands on Saturday, November 9, 2019. The auspicious event was attended by senior level government officials, and a wide cross section of individuals from the financial sector including Governor of the Eastern Caribbean Central Bank (ECCB), Mr. Timothy Antoine.

“We welcome the opening of this building, which represents a new era for the CCCU and reflects the lofty ambitions, enterprising ethos and high standards that for so long have brought – and continue to bring – the best and the brightest from around the Caribbean and indeed the world to our Federation’s shores. Indeed, this magnificent structure becomes yet another fine jewel in the Federation’s crown as the financial capital of the Eastern Caribbean,” Minister Richards indicated.

The CCCU has oversight responsibility for 250 credit unions with a membership of just over 1.9 million, amassing total assets of approximately US$4 billion in 17 affiliated Caribbean countries.

The honourable minister further stated that there are clear signs of the partnership and cooperation that exist between the Government and the credit unions. As such, Minister Richards said that the Team Unity administration “is encouraged that the Caribbean Confederation of Credit Unions has demonstrated its willingness to work closer with the Government of St. Kitts and Nevis.”

The Government has been doing its part in fostering enhanced relations with the CCCU and the financial market in general.

“For instance, Prime Minister Harris led the debate on the Credit Reporting Bill, 2018, which was passed unanimously in the National Assembly on September 6th, 2018. The Credit Reporting legislation supports the establishment of a credit bureau to improve the collection and sharing of credit information across the ECCU. This will facilitate the extension of credit to underserved segments of the population. Today’s opening of the CCCU’s new headquarters is therefore a bellwether of more progress to come.  Again, I thank you for choosing St. Kitts and Nevis to play this important role of host country for your operations,” Deputy Prime Minister Richards added.

Following the opening ceremony, Minister Richards helped to unveil the Donors’ Corridor inside the Caribbean Confederation of Credit Unions’ new headquarters building.

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