Development Bank promotes human resource development through Student Loans Programme
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CDB’s Information Assistant, Collin Cunningham (right) interviewing former Student Loans Programme recipient Dr. Garfield Alexander of the Medical Associates in Basseterre
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BASSETERRE ST. KITTS (December 2, 2008) - The Development Bank of St. Kitts and Nevis, which has contributed to the human resource development of the country through its Student Loans Programme, is responsible for up to 75% of students who have had the opportunity to go out for studies over the last six year to ten years.
“Our Student Loans Programme portfolio has grown significantly over that time,” states Mr. Lenworth Harris, the bank’s General Manager. “In the last five years it has moved from around EC$20 million to over EC$75 million today, which is a significant growth by any stretch and that is just the portfolio growth.”
Speaking on Monday following a fact finding visit to the bank by the Caribbean Development Bank (CDB), Mr. Harris observed that the Student Loans Programme, which is administered by his bank, is facilitated largely by the CDB, the Social Security Board along with the bank itself using its own funds to keep the programme going.
“The demand on the Student Loans Programme is extremely high,” said the General Manager. “On an annual basis, well over 100 applications are seen and approved with loans averaging around EC$10-12 million dollars a year in approval for the student loans. In collaboration with the CDB, we have done quite a tremendous job in enhancing the human resources development of the Federation of St. Kitts and Nevis.”
Last week Thursday and Friday, CDB’s Information Assistant, Mr. Collin Cunningham, met and interviewed seven of the Student Loans Programme recipients who are now pursuing professional careers in St. Kitts.
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Mr. Lenworth Harris, General Manager, Development Bank of St. Kitts and Nevis
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According to the CDB official, the bank has in recent times started profiling projects that bankers lend money running for or giving grants for whatever the case maybe, instead of just relying on the lending bank’s annual reports.
“We want to give a people’s side to the whole thing,” said Mr. Cunningham. “So we are looking at the beneficiaries, or the people within whom whose life the project has impacted on. We speak with them, find out find out what they think about the project, how they have benefitted if at all and then we profile the project in our annual report.”
Among those interviewed were doctors, lawyers, and a Sandy Point-based photographer who not only benefitted from a student loan, but one who has also benefited from another business loan from the bank.
The CDB official said: “The photographer is an example of how people can develop themselves and that is why we are interested in how the people are actually benefiting.”
Asked if loans are only offered to those studying abroad, Development’s Bank General Manager noted: “Persons studying locally whether at the CFBC or other recognised learning institutions could also access the student loan funds. For vocational studies, whether in tourism, hairdressing or other crafts we provide student loans for human resource development.”
The bank, according to Mr. Harris, is satisfied with the Student Loans Programme repayment rate. “So far the repayments have been fairly good. The non-performing rate is around three or so percent, which is acceptable. It could be lower but it is acceptable,” he said.
