Regional Governments To Rescue Ailing CLICO & British America Companies

   The Barbados government has agreed to pitch in US$5 million contribution to the establishment of a “Liquidity Support Fund”, which is to be used to provide financial support to the Eastern Caribbean territories that are at risk following the meltdown of several CL Financial firms like British America Insurance in the region.

The Eastern Caribbean will spend US$10 million and regional and international institutions have agreed to inject US15 million in financial support according to a document of a meeting held in Antigua on April 2, attended by Central Bank Governors of Barbados, Trinidad, Eastern Caribbean and Guyana, Barbados Prime Minister David Thompson with representatives of the OECS Secretariat and chaired by St.Vincent Prime Minister Ralph Gonsalves. Some Trinidad’s Ministry Of Finance officials also attended.

The Antigua agreement also indicates that Trinidad and Tobago has agreed to inject an initial $312 million (US$50m) to support the policyholders of Caribbean countries where British America and CLICO companies are on the brink of collapse.

Source: www.trinidadexpress.com

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One Response to Regional Governments To Rescue Ailing CLICO & British America Companies

  1. Pingback: Lawerence Duprey Ousted From CL Financial Board « Bajan Global Report

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