IFC and ECCB Partner To Expand Financial Access for SMEs in Eastern Caribbean Currency Union

The International Finance Corporation (IFC), member of the World Bank Group, and the Eastern Caribbean Central Bank (ECCB), have signed a Memorandum of Understanding (MOU), that aims to expand access to finance for small and medium sized enterprises (SMEs) in the Eastern Caribbean Currency Union (ECCU), through a Secured Transactions Collateral Registry Program.

Through the MOU, the IFC and the ECCB will establish the groundwork for a common legal framework that will allow small and medium-sized business owners throughout the ECCU to use movable assets as collateral when seeking finance. These assets include: machinery, crops and accounts receivables. The objective is to create a centralized, shared registry in the region, following international standards established by the United Nations Commission on International Trade Law (UNCITRAL), that can be customized to each country’s particular case.