Kingstown, April 21, 2026 – Honorable Senator Chelsea Alexander used her one-hour allocation in Parliament to press for the creation of a National Development Bank, arguing that small and medium-sized businesses remain locked out of financing and that a dedicated institution is needed to drive growth in key sectors.
Alexander reminded the House that St. Vincent and the Grenadines once operated a Development Bank, established in 2000 to support agriculture, fishing, tourism, housing, and industry. That institution was later merged with the National Commercial Bank in 2009, forming what is now the Bank of St. Vincent and the Grenadines. She said the merger diluted the development finance function, leaving high-risk sectors and early-stage entrepreneurs without access to credit.
She pointed to several local businesses as examples of enterprises that sustain the economy but struggle to secure loans. “Small and medium‑sized businesses are indeed the backbone of our economy,” Alexander told the House, adding that the government must act to support them.
The motion links the proposed bank to the administration’s four pillars of growth: agriculture, the blue economy, tourism, and the new economy. Alexander explained that farmers could use the bank to obtain modern equipment and tools, while fisherfolk could use it to finance vessels, storage facilities, and communication systems. In tourism, the bank would provide both financing and technical assistance. For young people in digital services and creative industries, she said, the bank would open access to startup capital that traditional lenders often deny.
Alexander also tied the proposal to national development goals, including poverty reduction and rural transformation. She noted that constituencies such as North Leeward, North Windward, and the Southern Grenadines have been designated as special development zones, and the bank would serve as a vehicle to channel resources into those areas.
She outlined the institution’s functions: direct funding, technical support, coordination of regional and international financing, and outreach programs, such as internships. “The establishment of the National Development Bank ensures that no sector, no community, and no citizen is left behind in our development,” Alexander said.
The motion calls on the government to review the current finance architecture and present a policy paper or legislative proposal for a modern framework.