The Saint Lucia Development Bank was re-established by an Act of Parliament Act No. 12 of 2008 in July of that same year as a body corporate with a share capital of twenty million dollars ($20.0 million), divided into four million shares of a par value of five dollars each. The Bank was operationalized with an initial capital contribution from the Government of Saint Lucia of EC$12.0 million dollars and was formally launched on February 22, 2009 to coincide with the island’s 30th Anniversary of Independence. The Bank formally opened its doors for business on February 24, 2009.
Under Section 5(1) of the Act, the mandate of the Bank is: “to mobilize and provide finance for and promote and facilitate the expansion and strengthening of the economic development of Saint Lucia and foster the development of money and capital market in Saint Lucia and member states of the Organization of Eastern Caribbean States”.
The Act, under 5(2), also provides for the engagement in normal development banking activities, such as accepting deposits; negotiating and accepting loans and credits; making loans and credits for “development enterprises” in the areas of agriculture, fishing, forestry, manufacturing/industry, tourism, education, services and other areas deemed a development enterprise by the responsible Government Minister; providing technical assistance to development enterprises; and such other things considered necessary in the pursuit of socio-economic and capital market development in Saint Lucia and the sub-region.