 Good morning, everyone, and welcome. Welcome to a long-awaited launch, the official launch of Agistionia program, the launch of the collateral registry. This is the common name, but the proper name is St. Lucia's security interest in movable properties registry, and this is four to five years in the making, a lot of consultation, and today is a wonderful day, a day that will make St. Lucia proud and stand out in the region. We want to ask everyone to stand. We're going to start with the National Anthem because this is an auspicious event, and we call on Mr. Shazie, Shaz to render the National Anthem. Thank you very much. I suddenly filled me with national pride, and remain standing please. We call on Miss Yanity, Edwin, who will now bless us and will do the opening prayer for us. Good morning to all. I bid you to please sign yourselves, Catholics, and otherwise assume your preferred posture as we pray together. Father, good morning. Thank you. Thank you for your grace that has brought us all here today, Father. Your grace that has seen this team, the teams that have collaborated to bring this new initiative into fruition, Father. Thank you. Thank you, Father Lord God, that we know it's by your grace they have made it here. Five years. Wonderful, Father. Thank you, Father Lord God Almighty, for the international team, the financial Lord God Almighty, the finances that came through Father that enable us to see Lord God Almighty a road forward, one forward for our nation's people. Lord, we thank you, Father, that the staff that will be implementing this initiative at the High Court would have Lord God the technical know-how, but as well as the soft skills, Father, the soft skills that would enable them to share, to teach those that would come through those Lord God local entrepreneurs, those budding Father God Almighty success stories on the way to Lord God, get through Lord God, the trepidation, the fear of this new asset, Father, this new financial instrument, Lord God Almighty, so that they too, like Lord Levin Spencer, like our Julian Alfred, like Darren Sammy, Father Lord God, they too, Lord God, would obtain heights, Father, that they once dreamed of. Thank you once again, Lord God, for making this a possibility, making this a success, and we pray you continue to give Lord God the grace to those Lord God innovators in our island, Lord God Almighty, to think of new things and new ways for our country to prosper and to succeed in excellence. Thank you again, and we bless Lord God, this entire proceedings in Jesus' name, amen. Amen. Thank you very much. Please have your seat. Thank you, Yanity, for this wonderful blessing. Now, because this event, as I said, is five years in the making, we have a number of people that we've invited and I would like to acknowledge and recognize in terms of the protocol. Let me recognize Honorable Dr. Eunice Hiller, Deputy Prime Minister, Minister for Tourism, Investment, Creative Industries, Culture, and Information. Thank you for accepting to be here today. We have a virtual audience as well, and we have His Excellency, Dr. Diddika Jules, Director General of the OECS. We have Justice Caddy St. Rose, Albertini, Commercial Court Judge. Honorable Alvina Reynolds is here, President of the Senate. Mr. Francis Fontenelle, PS Department of Finance and the Staff of Finance. Ms. Donalyn Vite, PS Ministry of Tourism and Staff of the Ministry of Tourism. Mrs. Sophia Henry, PS Ministry of Commerce and the Staff of Commerce. We have Ms. Janet Barnard, PS in the Ministry of the Public Service and Staff of the Public Service. Mr. Rodney Alcindor, PS Ministry of Justice and Staff. I'm looking at the gentleman. Is that you? Very well. Nice to make you acquaintance. Mr. Imran Williams, Director of Finance. Mrs. Sybil Welch, she's watching virtually, and she's a Senior Project Specialist with the ECCB. Ms. Ronke Amoy Ogun Solire, and she can't make it here, but she is viewing, and she's the Regional, IFC's Regional Manager for the Caribbean. We have Ms. Elaine McCackrin, and she is the Secure Transaction Specialist with the IFC. Ms. Nellisa Hines and Mr. John Wilson, IFC and their Secure Transactions Experts. Mrs. Lisa Floramontut, the Director of the NCPC. Mrs. Fiona Hingson, the Budget Director and former NCPC Director, I have to say this. Mr. Medford Francis, and he is the President of the St. Lucia Bankers Association and members of the Bankers Association, welcome. Mrs. Heidi Constantine Felix, and she's a Representative of USAID, CBER, and they're sponsoring some of the videos that you will see here today. Mrs. Diane Thomas Hunt from the St. Lucia Bar Association and members of the Bar Association. Mrs. Toila Lagau, Project Coordinator of the OECS Regional Tourism Competiveness Project, and staff of the project, and this project was a project that sponsored the Collegial Registry. Staff of DigiGov and Public Sector Modernization, Mr. Bota McNamara, viewing virtually, and he is the NCPC's legal consultant on the project. The IOS team, we have Mr. Robert Hans, Pedro Roussous, Sasha Kosic, Tia Alenia, and the rest of the team, thank you, I told them I'm in person today. We have the Collegial Registry Technical Committee, Ms. Asha Mitchell from the St. Lucia Cooperative Credit Union League and members of the League, Mrs. Gillian Vidal Jules, and Mrs. Tresha Cipal Edward from the Attorney General's Chambers, and Ms. Ernette Kangal Hollander who also worked closely on the regulations. Mr. Desmond Aswood from GITS, we have Mr. Daniel Francis, registrar of the Eastern Caribbean Supreme Court, and staff of the court as well. And we're coming to an end, Mr. Howard Wells. Mr. Howard Wells is the director of NIPP and the designer of the Collegial Registry logo that you see present on all the paraphernalia here. We have the senior public officers here with us and heads of department, the hard-working staff of the NCPC, former NCPC council members, specially invited guests from the Chamber of Commerce, the private sector, and our sponsors, the media, thank you for your presence, performers, ladies and gentlemen. I hope nobody goes through that protocol again. Okay. So good morning and welcome to the launch of the financial game changer for the MSME sector in St. Lucia in the region. My name is Glenn Simon and I'll be your chair of proceedings. I'm not your master of ceremonies, your chair of proceedings. And to give the official welcome, we call on Mr. Francis Fontenelle who is the PS in the Ministry in the Department of Finance. Let's welcome him. Good morning, everybody. And I want to take a cue from the not master of ceremony, but chair of the proceedings. And please allow me to adopt the protocol that has already been established. That notwithstanding, I would like to acknowledge the presence of Honorable Dr. Ernest Healier, our Deputy Prime Minister. I would also like to recognize our esteemed guests, our distinguished representatives, and everyone gathered here this morning as well as the persons who are joining us virtually. It is with immense pleasure and pride that I extend a warm welcome to each and every one of you gathered here today for this momentous occasion. It represents the historic launch of St. Lucia's first ever security interest in movable properties registry, more commonly referred to as the collateral registry. I am honored to stand before you on behalf of the Department of Finance and by extension the Government of St. Lucia and the people of St. Lucia to acknowledge the collective efforts and collaboration that have made this remarkable achievement possible. The development and launch of this registry have been a testament to the unwavering dedication and support of moral stakeholders, each playing a pivotal role in shaping this transformative initiative. We are profoundly grateful for the invaluable support and guidance provided by our esteemed partners, namely the International Finance Cooperation also referred to as the IFC, the Will Bank in collaboration with the Department of Tourism through the OECS Regional Tourism Competitiveness Project and the Government of St. Lucia via the National Competitiveness and Productivity Council. The expertise and wavering commitment and tireless contributions have been instrumental in laying the foundation for this groundbreaking endeavor. This collateral registry is nothing short of a game changer. It represents a critical step forward in fostering a more inclusive and robust financial ecosystem to our citizens and to our businesses. It will play a pivotal role in increasing access to credit, reducing the cost of borrowing whilst promoting a conducive business environment within St. Lucia and across the OECS region, ultimately stimulating growth and inevitably contributing to development. Its establishment not only underscores our collective commitment to enhancing the ease of doing business but also for promoting financial inclusivity. It is worth emphasizing that this security interest in movable properties registry is the first of its kind within the OECS region, with St. Lucia being the forerunner and the first to achieve this significant milestone. This is a testament to St. Lucia's leadership and innovation in advancing a legal framework that supports entrepreneurship. As we embark on this new chapter, I encourage all stakeholders, entrepreneurs, and businesses alike to take full advantage of this vital resource. This registry will undoubtedly streamline processes, unlock new opportunities, and serve as a critical enabler for businesses seeking to leverage their movable assets. Today, we lay the foundation for a brighter, more prosperous future for St. Lucia. I'm excited about the potential impact of this collateral registry and I look forward to witnessing the positive changes it will bring to our nation and the region in the years to come. By launching this collateral registry, we are opening doors for all St. Lucia's regardless of the background or circumstance to participate in the economic growth and prosperity of our beautiful nation. As we embark on this new chapter, let us remain committed to the principles of transparency, accountability, and fairness. Let us use the collateral registry, not only to expand access to finance but to build trust and confidence in our financial institutions. Let us continue to work hand in hand, leveraging innovation and collaboration to drive economic growth, fostering competitiveness, and empowering business within our region. Once again, I would like to welcome each of you and to extend my heartfelt appreciation for gracing this occasion with your presence. Together, let us celebrate this historic achievement and embrace the promising future it heralds for St. Lucia and the entire OECS region. I thank you. Thank you very much, Mr. Fontenelle. And you know the collateral registry we hear today and this is not a road, it's not a bridge, it's not infrastructure so you cannot see it. But this is as significant as any bit of infrastructure that is being created and rolled out in St. Lucia. We've been working on this for five years plus and so there's been the NCPC has had somebody as a driving force for this and you know you don't see people that do the hard work most of the time but today you're going to see this person, she's going to talk. And bring on the economist for at the NCPC, Ms. Sharma Mathre, but she was the project coordinator. Let's welcome her as we celebrate her hard work. She's going to give us the background leading up to this stage. Sharma. Good morning everyone. Permit me to adopt the protocol which has already been established. Let us take into consideration St. Lucia's high unemployment rate which has averaged an unprecedented 19.4 percent in the last five years. We have seen that some progresses have been made in ameliorating this economic challenge. Attempts have been made to encourage our youth to be job creators as opposed to job seekers. In this regard let us reflect on a young entrepreneur who has benefited from the various grant programs from the youth economy agency or SLDB's MSME loan grant program. They have successfully launched an entrepreneurial venture. However require a few thousand dollars to purchase and upgraded equipment as customer demand has increased. Moreover banks will not extend a line of credit because of a lack of the requisite collateral to qualify for a loan. Unfortunately family and friends have no money or property to assist. Today this is the challenge of aspiring entrepreneurs and small business owners in St. Lucia. In the meantime the rest of the world has moved in the direction of changing the definition of collateral to include equipment cars and contracts as viable security for loans. We have observed that several publications on St. Lucia's private sector for example an international development bank report published in 2014 stated and I quote access to finance is the most significant constraint to the development and expansion of businesses in St. Lucia and quote additionally the 2010 investment climate report stated that enterprise managers often view access to and the cost of financing as a serious obstacle to their enterprise operations and growth compounded to the fact that there has been significant decline in loans disbursed to the MS semi sector which has been attributable to high collateral requirements. That is for a number of years the preferred form of collateral has been in the category of real estate. The movable property accepted by lenders though not a new phenomenon however has been quite limited. In St. Lucia most of the assets held by MSMEs are in the form of vehicles machinery equipment and accounts receivables. This means that our small manufacturers service providers small retailers are often denied credit or cannot borrow to grow their operations. It is against this backdrop that the government of St. Lucia completed a comprehensive diagnostic analysis of the legislative environment for credit secured by movable property. The ensuing report reveals St. Lucia's limited financial infrastructure and a weak legislative framework has over the years restricted MSMEs access to credit. In order to address this development issue the government through the NCPC partnered with the World Bank and the International Finance Corporation to provide advisory services to support the establishment and a well functioning secure transactions framework with an accompanying online collateral registry. The government through the NCPC made a firm decision backed by years of hard work and dedication to move away from an archaic and costly system. We have therefore adopted a modern system which encourages a free flowing credit market that drives greater investment and thus economic expansion. This new secure transactions law is based on international best practice guided by the un-sectoral model law on secure transactions however considering the specific market conditions practices and institutions of St. Lucia. This reform project was an honorous one which included the coordination of several moving parts or components for example research consultation securing funding managing a bidding process awareness campaigns training presentations to cabinet etc. The drafting phase of the legislation comprised of years of meeting with stakeholders who would have been affected by this new legislative system. Also several reviews of the draft legislation was completed by the Staring Committee as well as other key stakeholders and end users. This was definitely not an easy nor overnight process at the same time ensuring that we secured funding for the accompanying registry and adhering to strict world bank procurement guidelines. This new system has resulted in change and so the entire public had to be informed of the major milestones achieved through the process. This project is a testament to the significant strides that the government of St. Lucia has achieved in creating a sound legal and regulatory system critical to leveraging the economic potential of movable collateral. This modernized infrastructure will therefore empower our lenders to undertake new and more lending products which rely on movables. In conclusion the success of this entire process not just rests within the establishment of the registry however the actions and behaviors of our lenders and the private sector is critical in achieving the intended objectives of this entire process. I therefore urge our creditors to embrace this new phenomenon which is now a global trend in the world financial system. Also to our private sector this is your opportunity to create value for your enterprise using assets which you own. We at the NCPC look forward within a year or two to provide reports on the successes of this new process and to make improvements as we go along the way. This project though challenging was really a pleasure to rule out. I saw this small project which commenced with just the drafting of a small law has blossomed into endless possibilities for lenders, borrowers, the private sector, the high courts, the general populace and now the OECS region. I know Fiona and now Lisa and myself was a bother to many persons in this room but it was all in the effort of seeing today come into fruition. I wish to thank everyone who has assisted us through this wonderful journey. I thank you. Now could I get a bigger round of applause for Sharma please. A lot of hard work and she had to condense five years into this short speech. The collateral registry will be housed with the high court and we have a dynamic gentleman that has embraced the collateral registry. He has understood it. He's training persons in it. He's now the person that she's the go-to person for the registry and has been integral in terms of the roll-off. Mr. Daniel Francis the registrar for the Eastern Caribbean Supreme Court. We invite him for remarks to give some remarks and he's going to speak on the integrity of the SIMPAR system. I say SIMPAR I don't know how what's the cleaner of the abbreviation for SIMPAR. And the improvements to the operations of the high court and if you look on our on the pages you will see the link to that particular site. Let us welcome Mr. Francis as he as well gives us his remarks on the launch. I know I have to raise the mic for him. Good morning everybody. Well first things first allow me to adopt the protocol that has already been established and unfortunately Mr. Chair I may be derogating from your directives on what I would speak on this morning regarding the registry system. So my remarks are going to be brief but very general and in the same sense very directed. The security interest in movable property registry is an electronic registry system for the registration of charges over movable property. That's it. That is the entire five years in one line right. Though through well through rather the registry's website clients may register amend continue and terminate security interests over movable property and simultaneously inform others that they have taken a security interest over an asset. Additionally any person may search for existing notices of security interests and instantly generate search results. That in and of itself is a testament to our progress. At present that is not possible with our current systems. It takes on average maybe two days to get that type of information out of the registry office if at all possible based on the nature of the security. So to move from a two day period to an instant product is testament to our achievements today. On the subject of the integrity of the system the system does not allow for very considerable or it limits rather to a great extent the human interaction in the system. It allows for the inputs of very controlled information and only allows for the product. Well it only produces very controlled information and all of that is centered around maintaining our data and maintaining the privacy and the rights and responsibilities of the registry as well as our users. We have created a system that ought ideally to be tamper proof or as close to tamper proof as possible. We have created a system that we have tried to allow for as little human interaction as I mentioned as possible again to preserve its integrity and we I think have created a system that will allow for each and every one of us to interact with it in a way that works best for us. How did we get here? The technical and wider staring committees guidance the input of many stakeholders and various forms of engagement we have gone from meetings seminars to training sessions to parish centers amongst other things. The unwavering commitment of IFC the constant engagement of all the technical and support personnel throughout the government of St. Lucia the wealth of experience of the EOS team these all came together to create our registry system. A state-of-the-art web-based platform housed within the registry office with and I like to add with a remote disaster recovery site and a backup system. It is three tiers of data protection and management in that sense so God forbid something will to occur at the high court the data is mirrored instantaneously at our disaster recovery site and then of course back to daily. That three-tier system ought to allow us to continue to function throughout any disaster and the aim as we look at regional expansion is to increase our backup and disaster recovery system so that we're not all located in one territory or they are not all located in one territory and therefore further strengthening our capacity throughout. The passage of the security interests in movable property act and regulations set the legislative framework for the implementation of the system and ushered in a new way of doing business for the registry office designed with increasing access to credit for St. Lucian's in mind. Financial institutions are encouraged to explore new forms of security arrangements and to consider movable collateral differently as we now strive to spur economic growth through this platform. The journey to get to this point has not been easy but through perseverance and effort we have made it to today and though this may be the end of the journey for some of us for me at least and by extension the persons at the high court this is only the beginning and I say on behalf of the registry of the Supreme Court we look forward to the future thank you. Now I like a round of applause a big round of applause for Daniel. Daniel when I first interviewed him told me he's a shy guy I don't think big you saw shyness there anymore he's been seasoned in this and while he was speaking I saw Nellisa from IFC and he laid looking if immense pride she this has been a long journey for them as well and so I could see that this is not just a relief but an excitement that we are at this stage but who really does the collateral registry security interest in movable properties touch and we have PS's in the room I see Ms Vitae it touches tourism it touches commerce it touches agriculture the banking sector everyone but we went out into the streets and we got some views of persons and we have a short video for you to show what the beneficiaries think about the same registry let's watch the screens. I wish for a new commercial convection oven to maximize efficiency and to make more deliveries thanks to the updated collateral laws I secured financing for my Trinidad exports I pledged my confirmed contract and in return I got finance to expand my office hire new staff and meet my regional clients demands my cooperative used my truck as collateral I secured a loan to significantly increase my delivery capabilities use your tools machinery vehicles or inventory to secure loans for small businesses it's revolutionary St Lucia security interest in movable property registry collateral registry increasing your financial access by using collateral for more information contact the St Lucia High Court at 468-750. It goes to show that you know this is a long process and these promos or PSAs are starting to run from today for the month and if we get more monies we'll run it for another month and then another month so I'm speaking to the persons in here could make that happen this in the bankers association have been integral in getting us to this place because if the financial sector was not confident that this will work for them it wouldn't happen and so mr. Medford Francis the president of the St Lucia bankers association here and he'll speak on the benefits of the security the collateral registry to the financial sector especially as it relates to serving the private sector let's welcome mr. Francis thank you mr. simon permit me to adopt the protocol that has been established but notwithstanding let me recognize our deputy prime minister mr. Ones Ile and the president of the senate mr. Alvina Reynolds the bankers association of St Lucia is pleased to have been part of this initiative to establish the collateral registry it is the first securities registry of its kind in the OECS and we are indeed proud that St Lucia served as the pilot country for this initiative made possible through technical assistance by our friends from the world bank and the international finance corporation for us the collateral registry and its enabling legislation the securities interest in movable properties bill enacted in parliament in october 2022 ushers in a new era in our quest to achieve greater financial inclusion and empowerment for individuals and businesses most importantly for many small medium enterprises financial inclusion means having access to finance but unfortunately for most of these businesses a major challenge is not having suitable assets that could be preferred as security for loans the security interest in movable properties bill and the collateral registry now affords these small businesses the possibility of using a wider range of movable assets as collateral this includes their inventory equipment furniture and vehicles the collateral registry also makes the process of registering a security interest in an asset much more cost effective and efficient in that it only costs ten dollars significantly less than the cost of a bill of sale or the cost of registering a mortgage debenture that includes movable assets the bankers association anticipates that removing the impediments of cost and reducing the time involved in taking security will lead to an increased demand for loans particularly by our small medium enterprises from the bank's perspective it affords us the opportunity to offer more innovative solutions to the financing needs of our sms it also gives us greater confidence to issue loans because we can more readily conduct searches for incumbrances on proposed assets to be used as security all done electronically within our respective institutions we are most encouraged by this because we understand the important role that SMEs play in creating employment enabling greater income equality and social inclusion and fueling economic growth if we are to use a 2016 Caribbean Development Bank report on micro small and medium enterprise development in the Caribbean entitled towards the new front share we know that SMEs are estimated to contribute in the region of 60 to 70 percent of GDP and I am and if I'm to also use an IFC 2017 study that revealed that up to 40 percent of MSMEs in developing countries have unmet financing needs then we can appreciate from these statistics the tremendous impact that an increased stream of financing to MS to the MSC MSM sector can have and this is the promise that the collateral registry offers for us therefore the security interest in movable properties legislation and the collateral registry will unlock the latent economic utility of assets that our SMEs are literally just sitting on although I have focused mostly on the positive implication for SMEs the benefits of the time and cost savings which the collateral registry offers will read down to the benefit of individuals on the personal lending front as well in terms of vehicle loans furniture household durables and other consumer loans we are therefore most excited about the overall impact on the private sector as businesses and households alike and in as much as we have lauded this achievement we recognize that the security interest in movable properties legislation would have to work in tandem with other critical financial sector legislation such as the banking insolvency legislation and the credit reporting regulations collectively these will serve to improve the quality of banks loans portfolios and so provide the leeway for them to lend more to the private sector I want to take the opportunity to find the world bank and the IFC for the technical assistance provided to send lotion on this project ios partners the consulting firm responsible for providing both the hardware and the software platform the high court for embracing this initiative and agreeing to serve as the administrative host of the registry they have provided excellent training and have really guided our financial institutions along this journey I want to also recognize mr. bottom mark namara who the legal consultant on the project who was always ready and willing to assist us in clarifying the fine details of the legislation and for guiding us along this journey and last and by no means least I want to thank the national competitiveness and productivity council for being the driver of the legislation and ensuring that the banks were fully on board with all of the provisions and ensuring that his implications were well known to us well ahead of the enactment of the establishment and the establishment of the registry I have already signaled to the ncpc that there are other pending financial sector legislation that we would like them to champion given the outstanding record in delivering on such initiatives and let me say thanks personally to miss Lisa more to miss shama my friend mr. glenn glenn simon of the ncpc for the very commendable work in bringing us to this juncture today I thank you all so here I thought we were going to be off the hook but the results of good work is more work so the lenders the persons who are actually going to support and be the ones providing new instruments what is really the benefit to the lender and we have another video where we went in and we spoke to the benefits to the lenders and we invite you to view the screen as we also share with you how the lenders are going to benefit hey there financial sector ever thought of supercharging your lending power introducing st lucas security interest in movable properties registry collateral registry no more just houses and land think cars machinery receivables intellectual property even inventory the benefits reduced risks increased lending and the diversified loan portfolio we're talking transparency innovation and a bigger happier customer base together let's drive economic growth create trust and welcome more clients collateral registry for movable assets the future of finance is moving are you st lucas collateral registry increasing your financial access by using movable collateral for more information contact the st lucas high court at 468 7500 so I hope you have extra lines because you'll be getting a lot of calls this is the first in the OECS region the security interest in movable properties registry and so dr. diddicas jules director general the OECS has lent his voice to this launch and he'd be speaking on the importance of adopting regional approach to secure transactions within the OECS and the underlining economic benefits to the region let's welcome dr. jules honorable ministers ladies and gentlemen distinguished guests the media it is an honor and my pleasure to extend congratulations and offer remarks on the official launch ceremony of st lucas first security interest in movable property registry the secured transactions and collateral registry program in st lucas focuses on the improvement of the financial infrastructure to facilitate access to credit by creating the conditions to make use of movable property as collateral for loans in a manner that is simple accurate readily accessible and less costly the new and modernized framework addresses a recurrent problem faced by the business sector of a lack of access to financing moreover this has been a long-standing issue not only in st lucas but throughout the entire OECS and the wider kaibyan region in our context it is known that poor access to commercial funding has been identified as a significant constraint to the expansion innovation and competitiveness of businesses in the region as such it would be important to replicate this reform project within the region as we all grapple with the common problem of slow business expansion due to that limited access to commercial lending in each member state why is this registry so important the establishment of a security interest in movable properties registry in st lucas as a member state of the OECS is a significant contribution to the OECS economic union in several ways one enhance access to credit by providing a legal and institutional framework for using movable property as collateral the registry facilitates greater access to credit especially for small and medium-sized enterprises and entrepreneurs this access is crucial for stimulating economic activity and growth within the union secondly increase investment and economic activity the registry's establishment instills confidence in both domestic and foreign investors knowing that their investments in movable assets are secured legally increases their willingness to invest thus boosting economic activity across the member states thirdly harmonization of financial practices the registry promotes harmonization of financial and legal practices across the OECS this harmonization is a fundamental aspect of economic union by ensuring that there are consistent and efficient business operations across the member states fourthly improve business environment by reducing risk associated with movable assets the registry improves the overall business environment a more predictable and secure environment is attractive to entrepreneurs and investors alike fostering a more dynamic and competitive economy within the OECS faithfully economic resilience and diversification the registry supports economic resilience by diversifying the types of assets that can be used for secure in credit this diversification can lead to a broader range of economic activities and reduce dependence on a few sectors making the OECS economies more resilient to shocks six facilitating regional integration this registry can be a step towards deeper economic integration among the OECS member states because it can represent a shared commitment to creating a more unified and efficient economic space facilitating cross-border trade and investment the establishment of this registry in san usha is an ideal opportunity for promoting economies of scale and lessening the fiscal burden of having to establish an identical registry in each individual member country the OECS region would stand to benefit from cross-country transactions among the member states that is the future implementation of a regional registry will enable the registration of liens and claims irrespective of the location of the the grantor or collateral for example in order to utilize boats fishing boats or pleasure boats as collateral potential creditors would be able to conduct a search in the regional collateral registry and eventually register a notice of a lien on the said boat in a regional centralized database such notice would maintain third party effectiveness irrespective of the location of the boat within the region lenders have considered boat financing risky due to the lack of predictability in the applicable regional framework and the lack of a registration system this new web-based registry system now lessens the risk of boat transactions and other similar types of movable property seventh is empowering small businesses and entrepreneurs by enabling small players to leverage their movable assets the registry democratizes access to finance this empowerment can lead to innovation job creation and more inclusive economic growth in summary ladies and gentlemen the security interests in movable properties registry is not just a legal or financial mechanism it's a tool that can significantly drive forward the economic integration and prosperity of the OECS making the region more attractive for investment more competitive in global markets and more resilient in the face of economic challenges the OECS commission has been involved in this project at various stages of implementation and we applaud the hard work and dedication of the government of st. Lucia in completing this comprehensive legislative framework and the accompanying registry we support your efforts and we look forward to seeing the positive changes realized because of the implementation of this new functional and modernized web-based registry scaled up to the regional level this registry can be a major contribution to the establishment of the OECS economic union a single seamless space in which we can grow and prosper we once again congratulate the government of st. Lucia and urge you to continue to make a difference in closing the gaps which impede our economic growth development and competitiveness thank you regional endorsement i mean it shows the hard work and the collaboration there and to have those words said by the director general of the OECS really gives us a lot of pride that we've done something and we've made a mark you've heard a lot about the IFC and the fact that the IFC has been involved I think each speaker has recognized the hard work of the IFC because they've been with us for the last from the inception and so we we did have Ms Ronke Amoni Agun Solire and she is the regional manager of IFCs regional manager for the Caribbean but she had an emergency she couldn't make the flight anymore and so in her place we have the modern competent person who has been with us for a long time on this project Elaine McCacken and she is the secure transaction specialist of the IFC she'll be speaking on IFC's working relationship with the government of st. Lucia and the futuristic role of IFC in creating future improvements to secure transactions in st. Lucia let's welcome Elaine I know I have to bring the mic down thank you Glen for those warm warm welcome and we're here we made it folks I mean come on so it is unfortunate that Ronke couldn't be with us today and so I have the great pleasure of standing in for her and I'm it's a very very proud moment I think on behalf of IFC and of course the team and we wanted to extend a great thanks to the backbone really of this project which was Fiona and Sharma and Lisa and Glen and and Daniel and so there's been a lot of people behind the scenes really making this happen so just a big round of applause and very grateful but now to sort of get to the official remarks so let me do that so honorable Dr. Ernest Helyer deputy prime minister and minister of tourism investment creative industries culture and information that's very long title distinguished guests ladies and gentlemen and colleagues and other protocols observed it is on behalf of IFC I am honored to stand here before you today as we mark a significant milestone in the financial landscape of st. Lucia the launch of the security interest and movable property registry is a testament to the collaborative efforts and shared vision of all of those across the eastern Caribbean who believed in the transformative power of inclusive financial systems that includes the national competitiveness and productivity council the OECS regional tourism competitiveness project the international financial financial corporation ourselves as well as several other organizations and individuals many of whom are all here today IFC a member of the world bank group is the largest global development institution focused exclusively on private sector development our vision is simple the private sector drives progress for over 60 years we've transformed this belief into reality throughout the developing world as pioneers in impact investing we fuel growth where it is needed most our strategic capital empowers visionary private sector players to bring sustainable solutions to scale while our expertise and our work with public sector builds successful business environments and creates opportunities for all yet our impact extends beyond dollars and policy reforms working together with the world bank we plant seeds of human potential in the world's toughest soil this in a world where economic development is intricately linked to financial inclusion st lucia's commitment to implementing this pioneering framework is both commendable and forward thinking at IFC we are proud to witness what our partnership with the government of st lucia via the national competitiveness and productivity council has achieved but we are most proud to witness the real world impact this initiative will have on the lives of individuals and businesses across this vibrant country and in due course across the entire OECS now the registry is not merely a bureaucratic procedure rather it is a catalyst for change and it provides a structure and transparent mechanism for businesses particularly small and medium-sized enterprises to access capital they need to thrive and expand fostering formalization competitiveness productivity the registry will especially benefit women owned businesses other small and medium-sized enterprises enabling them to circumvent the lack of title collateral and use the assets they do have to unlock access to formal credit markets crucially the implementation of this framework aligns with the broader vision of the OECS and the eastern caribbean central bank to promote economic integration and cooperation as st lucia takes the lead in this endeavor we envision a ripple effect across the entire region with other member states adopting a similar practice to enhance the ease of doing business and encourage cross-border investments the collateral registry a cornerstone of this framework is a tool that are not only safeguards lenders but also empowers borrowers by reducing the risks associated with lending it opens the doors for a more diverse range of individuals and enterprises to participate in the formal financial sector this inclusivity is not only a moral imperative but also a strategic move to unleash the untapped potential within our societies in closing let us recognize that today's launch is not just about paperwork and digital records it is about laying the groundwork for economic empowerment fostering innovation and ultimately contributing to a more resilient and vibrant st lucia and the broader caribbean we congratulate the government of st lucia on this momentous achievement and look forward to witnessing the positive impact it will have on the lives of the people across the region thank you um and on behalf of i of c it's been my pleasure to work with all of you over the last four years so thank you again thank you elaine um with all those interaction i've had to learn how to say elaine's name you know because it's not where you read it is not the way you say it and so macaquin we will see you again and also when you're setting up within the region and going across um we're available to go around with you as well stipends in order yes so mr timothy and one the governor of the eccb he has endorsed this as well he couldn't be here but he also um has allowed his senior project specialist mr bell welch to provide a remarks on this on on his behalf and she'll be speaking on she'll be providing a statement of support for the reform project and the rationale for implementation in the oasis ocs jurisdictions um let us get her video and listen to her remarks a new day is dawning in st lucia for medium small and micro enterprises and we give thanks for the journey ahead good day all allow me to acknowledge the presence of all government officials other distinguished invitees and stakeholders of the security interest in movable properties registry s i m pr i bring greetings on behalf of governor timothy nj and twine and the eastern caravan central bank the eccb and the entire eastern caravan currency union region applaud st lucia for today's official launch of its movable properties registry this is a clear indication of st lucia's ability and determination to support the development and expansion of medium small and micro enterprises and the wider private sector st lucia's significant success in establishing this registry will undoubtedly provide impetus to the work of other member countries in the eastern caravan currency union and strengthen the regional initiative for the launching of similar systems across the region so that the regional value chain of eccu private sector development will be provided an opportunity to thrive considerably as we're all very much aware private sector enterprise development is critical to the economists of the region facilitating employment expansion generating foreign exchange via exports of goods and services and supporting and stimulating overall economic growth and expansion we all agree that access to credit is crucial for private sector development and yet there's so much to be done to improve access to credit and financial inclusion in the eastern caravan currency union these still remain as major obstacles to private sector growth in the region that is why the eastern's caravan central bank has been partnering with eccu member countries and other key stakeholders including the international finance corporation ifc in advancing secure transactions reforms and establishment of a modern collateral registry in the eastern caravan currency union secured transactions reform addresses the constraints to lending through the unlocking of the collateral value of movable assets and increasing of the range of borrowing instruments for accessing credit consider that with this operationalization of st lucia's movable collateral registry borrowers would be able to more easily pledge their machines tools inventory crops accounts receivable vehicles vessels and future earnings as security for loans this provides an ecosystem more conducive to the improvement of financial intermediation an expansion of the number of eligible borrowers the promotion of entrepreneurship the reduction of risk to lenders and the deepening of financial markets notwithstanding these benefits we also recognize that progress is as much dependent on government reforms and infrastructure development such as what we are seeing now with this launch as it is dependent on changing attitudes and behaviors of medium small and micro enterprises financial institutions and the wider private sector to advance and manage the process of change corporation and active dialogue advanced by all constituents will be necessary as well as the adherence to rules and best practices in order to ensure the maximization of the utility of the registry by working cooperatively and collaboratively always moving forward iterating as needed to address obstacles and leverage opportunities we can change tomorrow's headline we can change the headline of today from the eccu medium small and micro enterprise sector growth snimed by a lack of access to financing to a headline of tomorrow that reads eccu medium small and micro enterprise sector is leading the economic development and rejuvenation of the region again we applaud you saint lusia this is celebration of your private sector and by extension the entire east and calving currency union private sector your achievement is a signal of the region's progress and progressive trajectory i thank you applause please thank you very much to the ecu cb for lending support and endorsing this activity and also endorsing the launch we will have a bit of entertainment at this point but before while they set up i want to bring on screen the logo just to identify the logo and we have a gentleman in the room that um is responsible for this logo and so at the end i'll have him to stand because he's a shy guy but he will be recognized publicly today the logo the logo incorporates the logo incorporates symbolic elements representing various aspects of the security interest in movable properties registry the the orange and green hands signify borrowers and lenders staring towards securing movable assets for financing the scales at the center symbolize legal frameworks pivotal for the collateral registry's function the flags of the oecs region represent unity and harmonization with st lusia's flags slightly larger emphasizing collaboration to fortify the registry the black circle signifies security confidence and the binding nature of the instrument reflecting the force of the legislative framework the inclusion of s i m p r abbreviation and the curve the security interest in movable properties registry enhances recognition and identification of the logo they all work together to form the security interest in movable properties registry logo and we have the creator of the logo mr howard wells we're gonna invite him to stand mr wells how it is quite talented and um by saying this i also become his agent so future logos we now have a bit of entertainment mr shaz and shaz and elmo they'll be performing for us a bit of entertainment a round of applause a big round of applause so shaz you could use your um your steel pan to get it alone yes you know that and elmo you as well you could use your instrument so we put this piece in here because this is creative and um we know and and i got a correction that today dr healer is not just the deputy prime minister he's the acting prime minister that's right i know he didn't want me to say it so he's also the acting prime minister but he also is a minister for the creative industry so this is the piece that just went on that's actually his his his baby so let us call on dr honorable dr unice healer for some remarks and endorsement let's welcome him please thank you chairman of proceedings president of the senate put in secretaries heads of departments distinguish invitees good morning i don't think i've been to an event where they've had so many remarks and presentations and it probably tells you just how important today is but the good thing about all the presentations unlike in parliament they were to the point and they were very concise so i think that's a very very very good sign but i want to endorse the comments made by every single speaker before me that today is a really special day and it signals an event that is transformational in nature and i don't want to go and repeat you know some of the characteristics and the value of what we're doing but i i want us to just reflect on a couple of points the first is that as minister and this project was funded under my ministry so there is a special delight that for one of the projects that we overseeing we were able you know to be part of this extraordinary achievement this morning and you know i am as minister and every time i got reports on the or tcp and its implementation i am more concerned about what's happening with the container park what's happening with you know the the developments in as it directly relates to tourism and every time i would as a ps about this line item collateral registry because we were not directly involved it seemed kind of distant from us but in reality it's really important for the economy of celusia and tourism in particular and if you reflect on what seems to be the primary achievement of this initiative which is to open up access to financing for micro small and medium enterprises and if you look at the economic history of our region and even the political economy of the the region this is probably what has been the the singular important ingredient that we have been missing that can really transform us and empower us in terms of the economic development of the region and if you go back to as far as slavery the immediate post emancipation period and the rise of the peasantry who slaves did not want to stay on the estates they went on squatter lands and started producing but they wanted to expand but they had no financing to expand and if you if you trace the rise of the peasantry throughout the region and you look at our economic history in this region we've always had the challenges small businesses ordinary people becoming major players in the economic landscape because they didn't have access to financing and if you again reflect on all the caribbean islands how very small groups of persons have dominated the economic landscape in terms of leading capital formation for businesses most of our people in this region have not had access to finance they may have had dreams and aspirations to become business persons but they've never really had access to financing of course it has improved and in recent years there's a lot more been put in especially pushed by the international financial institution to provide more money for small micro and medium size enterprises but we've had that fundamental problem and this is a valuable addition to resolving that problem creating the mechanisms where very small entrepreneurs can now get more financing for them to expand their businesses and and this is why this is so transformational and if you think of how many years since post-slavery where we've always had that problem of financing for smaller well ordinary people if we can say so so this this is really really important and transformational and as you listen to all the presenters explain to you how we can work in some instances you really start to appreciate if this works out the tremendous advancement that we can take in this region by like I think Dr. Jules said democratizing the access to to finance and putting in the hands of ordinary people greater capacity for them to advance themselves their families their communities and the country but even while I'm listening to some of the presentations I'm there thinking and let me forget all those technical stuff as a politician how can this really work and what are my fears and you think about it the master ceremony made a point and he said to shaz he can use his pans to get a loan shaz probably has about four chrome pans I think each one cost about 2000 us where shaz about 2000 us for chrome pan but if he uses that as collateral and for whatever reason he does not pay his loan and the banks take it what happens to his livelihood what happens the same stress in Cicera who has four machines and she uses it because she wants to reinvest or expand or do something else and for some reason she doesn't repeat a loan and she loses her four machines or two of them what happens have we started to think and that's not the securities registry issue this is an issue beyond that because this is necessary but it's not sufficient I'm always having to see to constituents who come to me and say they need some assistance to stock up their shops a lot of those little shops all over the place and I explain to them I really do not want to do it but of course at the end of the day you almost always do it not least because they threaten they'll ever vote for you again but the point though is you can you explain to them if I give you X amount you stock up for this season come January you spend all the money you didn't save some for you to restock in January you come back to me for more money to stock again because of how you manage the small enterprise and they have bills to pay water bills light bills their children what not so as the money comes in they spend it and it is that problem of how do we associate with this a proper education campaign to tell those individuals and teach them educate them on how to best utilize this so it does not become a negativity in their own lives and in their own business development because it can become I give you the example of the small shop owners somebody always wants some money to do a barbecue by the road and they need a few hundred dollars by some cases of of honey cane and and and chicken and then the following week you do not see them and you say well I didn't see you by X and Y place I didn't have money to buy more chicken because they've not they're not managing it well so how do we prevent shards from losing his pens so he can come and play here next year how so this is necessary but it's not sufficient it can be transformational but we must prepare our people to really use it as a tool of transformation a tool for transformation so I'm really excited with Registrage I believe we need to do this we have to do this if we're going to talk about empowering our people and creating an indigenous business class that can grow and really become and I think a statistic was given from the IFC or one of the other institutions about 50% you know I think it was Medford who presented it contributing to GDP you know of small businesses whatnot we need to do this but we need to do a lot more than this so my message to you today is the government's endosynthesis and I don't have to tell you about the philosophy of the government that I'm part of we believe in this from the youth economy agency where we are providing financing to young people to transform their hobbies into business enterprise so if as a young person there is something you love whether it's painting whether it's playing pan music you can come get the assistance to buy the pans and transform it into a sustainable livelihood from the grants given to MSMEs all of that from the community tourism agency and there'll be more to come we are deliberately looking to provide financing because we know and we believe that is through provision of financing we can empower people in a direct way it's not about just the social programs given out the assistance we need to empower people to be able to create sustainable livelihoods for themselves so philosophically this fits in perfectly in our view of economic development and how we want to see our country develop so NCPC there has there's a lot of work to be done to ensure that the vision the dream of this become the transformational tool can actually become a reality and we're not creating more headaches by having some stresses losing the the sewing machine and shards losing his pan and other such unfortunate incidents I see can happen so let us say congratulations and let us say thank you to all the institutions that work to make this a reality and let us continue to work to actually make it transformational thank you very much thank you very much Dr. Hiller and just to respond NCPC we're going to increase our productivity today we're responding directly to the the the minister we are working you have passed the bankruptcy and insolvency legislation not yet so this is the protection that's coming so we've thought about it and also the banks as well they are going to be prudent in their lending and so we're also going to be providing that education so we're going to protect Shazi his fans and the seamstresses and we're going to make sure that this is as you said transformational for St. Lucia thank you very much and thank you as well for always looking out to see what in it could be help improve the legislation there's always room for improvement and I've seen you gonna be with us for a while so thank you again round of applause so Dr. Hiller once more so we now come to the point of closing remarks and we bring on our director the director of the NCPC Lisa Flora Montute who has a number of people that she really wants to say thank you and she will close off the event let's welcome her thank you Glenn and good morning everybody please allow me to adopt the protocol that has been established in particular I would like to thank the deputy prime minister and minister of tourism industries creative industries and information and the honorable Alvin Reynolds the president of the senate it is my absolute honor and pleasure today to provide the closing remarks for the official launch of the collateral registry as we gather here today to mark the official launch of the security interest in movable properties registry I humbly welcome the opportunity to firstly thank each of you for being present and secondly to express immense gratitude to the many persons who have worked assiduously towards the implementation of this very critical reform it is indeed through much collaboration and the efforts of all partners and numerous stakeholders that we can finally realize this great achievement the establishment of this registry the first of its kind for the region presents great benefits for all private and public sectors as we continue to work collaboratively to unlock the potential of countless entrepreneurs and drive our nation's economic progress with this I would like to extend sincere appreciation to the following agencies and the hardworking officers aligned to each the list is very long so I want you to please bear with me as you saw from the list of the protocol list there are quite a few persons who made this project a success firstly I would like to thank our permanent secretary in the ministry of finance Mr Francis you have provided much support to this project and ensuring that the adequate resources were dedicated to ensure its completion I would like to thank the p.s. in the ministry of tourism Ms. Donan in Vitae and your hardworking dedicated and very efficient team at the OECS regional tourism competitiveness project thank you for seeing the value and importance of this reform project in ensuring that funding was provided for various activities and actions under this project the project the project coordinator of the ORTCP Ms. Toila Lago and Ms. Federica Joseph we thank you both for your commitment guidance and assistance through the World Bank's procurement process you must also recognize the efforts of Ms. Cheryl Mathery at the PCU the project coordinating unit sorry who from the very first stakeholder mission ensured that the funding support for the project and lent much time and effort in ensuring that this project actually commenced thank you Ms. Mathery to you and your team at the PCU to the team at the international finance corporation of the World Bank we say thanks to Ms. Elaine McHathryn, Ms. Nellisa Hines, Mr. John Wilson and Mr. Ishmael Ofani we thank you for your unwavering support and for providing guidance and expertise particularly in the difficult aspects of the project your commitment to this project was evident in the manner in which you as a collective actively provided solutions to arising challenges and ensuring that this was an engaging and inclusive process for all stakeholders involved as well as serving as much needed support system for the NCPC throughout the implementation process to the legal team who have worked diligently to see the passing of this legislation words are not adequate to say thank you Mr. Bouter McNamara who was tasked with the momentous assignment of drafting the legislation for the security interest in movable property bill thank you for your diligence and commitment through this process thank you to the incomparable team at the attorney general's chambers Ms. Jillian Vidal-Jules and Ms. Tricia Cipal-Edward along with Ms. Annette Kangal Lander we thank you for ensuring that the successful drafting and completion of the legislation and the regulations came to fruition to the members of the project technical steering committee thank you Mr. Desmond Astwood from the government IT services Mr. Franklin Chandler Ministry of Justice Mrs. Sherilyn Monroe's Gustave Public Sector Modernization Unit supported by the team with particular mention of Mr. Johanif Kodra and the team at DigiCov for your hard work on the integration of the payment portal and Mr. Daniel Francis thank you the registrar of the High Court sorry supported by your team with particular mention of Mr. Ryan St. Catherine was Ryan yeah Ryan was very instrumental in ensuring that a lot of the training was provided and Ryan is very young so I was very passionate about having him mentioned and highlighted and also the administrative support of Ms. June August thank you all for embracing the project and lending your time and effort to guiding the various phases of implementation facilitating the required training sessions and actively engaging in all other critical activities towards ensuring the overall success of the project the success of this project required delivery of a functional and sound operating system tailored to suit the needs of the solution environment and we could not have achieved this without the hard work of the very efficient and capable team at EOS partners to Mr. Robert Hans, Pedro Souce, Sasa Cossack, Tia Elena, Maasa Cossack and Elvira Cicigar this effort would not have been a success without the expertise efficiency and dedication of your team thank you to our stakeholders and implementation partners Mr. Medved Francis and Ms. Yasmin St. Mouth the members of the Senusia Bankers Association Ms. Diana Thomas Hunt and the members of the Senusia Bar Association Ms. Asha Michelle and the Senusia Cooperative Credit Union League Dr. Natasha Ward and the USAID CBER thank you for the support in ensuring widespread public outreach and media coverage for this project thank you for the support you have given to the project thus far and the commitment you have shown to ensuring a successful rollout in addition we thank we say thank you to Mr. Steven Lander from the Caribbean Development Bank thank you for being present with us today to the persons who have graciously consented to being a part of today's program I take this opportunity to express heartfelt thank you your remarks and deliveries today we're engaging and we are encouraged that your participation in this launch is testament to your overall support of this project initiative Honourable Dr. Hiller Deputy Prime Minister and Minister for Tourism Investments Creative Industries Culture and Information thank you for giving the endorsement on behalf of the government of Senusia and for always responding to my calls and my many messages despite your busy schedule your presence here is greatly appreciated Dr. Didikus Jules Director General of the OECS for providing the remarks on the importance of adopting original approach to secure transactions with the OECS and its underlying economic benefits Ms. Sibel Welch the Senior Project Specialist and Eastern Caribbean Central Bank thanks for your statement of support on behalf of the ECCB Ms. Ronke Amoni Ogotsilere IFCs Regional Manager for the Caribbean represented here by Ms. Elaine McCatherin we thank you for highlighting the futuristic role that your organization will take in creating further improvements to secure transactions in Senusia last and by no means least I must express my personal gratitude to the hard-working team at the National Competitiveness and Productivity Unit and my fellow colleagues within the Department of Finance who work on the front line and behind the scenes towards not only the success of these projects but contribute to the successful execution of activities relating to this launch event Mrs. Fiona Hingson the Director of Budget and my predecessor as the Director of the National Competitiveness and Productivity Unit we would like to thank you Fiona for your leadership during the drafting fees of the project Mrs. Hingson you have been very instrumental in ensuring that the various presentations were made to cabinet and was also influential in ensuring that the funding for implementation was secured under the ORTC to commence the development of this project thank you Mrs. Hingson for your continued commitment and your support Ms. Sharma Matherin my lead officer on this project thank you so much Sharma she has given her unwavering support from the onset she has been very passionate about this project and has dedicated much effort to ensure that all aspects were completed thank you so much Sharma yeah thank you for your commitment and your hard work Mr. Glenn Simon, Ms. Marina Suraj, Ms. Aja Payne that's my team for your hard work and incredible support Mr. Howard Wells we thank you for your for developing and designing the collateral registry logo to the team at the admin department Olivia Alfred, Lana La Force, Michelle Thomas, Koti Shaprin and Stacey Duncan and the IT team within the Department Finance thank you for your support Ms. Shanika Plummer-Antoine and your team at the Protocol and Consular Division within the Ministry of External Affairs thank you for your services your team's contribution to the success of today's proceedings is greatly appreciated Shar as Derivier and Elmo thank you for the wonderful rendition today I believe we can all agree that your performance was very enjoyable and well received thank you to the team at the national television network and members of the media thank you for providing coverage for this event as we move forward let us remember that the true value of the registry lies in the opportunities it will unlock the dreams it will nurture and the prosperity it will help create let us continue to work together harnessing the power of information innovation and partnership to build a brighter and more prosperous future for all thank you once again for your presence here today and for your dedication and support of our shared goal I thank you thank you Lisa I don't think we missed anybody in the room everybody was covered so for all those who may not have heard the names thank you very much and this brings us to the end of this very very important significant event milestone in St. Lucia's history and we invite you to have a little bit of entertainment on the outside while you enjoy some refreshments with us thanks again and have a wonderful rest of your day and with ntbc we always say have a productive day so we have refreshments on the outside please don't leave without getting