PRIME?MINISTER Freundel Stewart is urging CIBC First Caribbean International Bank to take the lead in providing start-up capital to the region’s young entrepreneurs.
Delivering the feature address at the renaming of the bank’s Warren’s headquarters Thursday, Stuart said inadequate seed funding had been identified as a major barrier to establishing a viable business by many young entrepreneurs despite their appropriate education and training.
These young business people were forced to start businesses which were “grossly undercapitalized,” Stuart said.
He implored the bank to join governments and business development agencies across the Caribbean to help release the creative energy of the region’s people to diversify and stimulate economies.
The CIBC First Caribbean International Bank headquarters building was renamed the Michael Mansoor Building in honour of the bank’s executive chairman who is stepping down in October. He is responsible for overseeing the extensive expansion of the regional bank starting with the CIBC/Barclays Bank merger.
While acknowledging the accolades of the evening, Mansoor said the need for enlightened leadership from the public and private sectors had become critical at this time of worldwide economic difficulties.
“Never before have the tangible opportunities and rewards for our courageous entrepreneurs and private sector sponsorship been greater,” he added.
He suggested no opportunity should be spared to “earn every single dollar” of export-led growth and to create a welcoming climate for Caribbean and international investors.
In addition, the veteran banking executive urged that greater effort be made to improve the marketing of regional tourism, sports and cultural products. He also suggested the time had come to draw more heavily on the expertise within the University of the West Indies in different areas for the new development thrust.
President and CEO of CIBC Gerald McCaughey flew in from Canada to offer words of appreciation for Mansoor’s stewardship and guidance of CIBC FirstCaribbean.
Among those at the ceremony were Minister of Finance Chris Sinckler, principal of the University of the West Indies Cave Hill campus, Sir Hilary Beckles, chairman of One Caribbean Media, Sir Fred Gollop and governor of the East Caribbean Central Bank, Sir Dwight Venner. (GC)
