Governor of the Eastern Caribbean Central Bank (ECCB), Timothy Antoine, has
lavished praise on the Finance and Development Company, and its founders, the
Hadeed family, for the 40 years of support it provided for those who were
erstwhile shut out from the financial system of the day.
Governor Antoine was speaking Saturday night at a celebratory dinner held at
Sandals Resort to mark the 40 th anniversary of FDC, which had its genesis in
providing loans to a section of the society who, forty years ago, could not access
loans to purchase big-ticket items such as motor vehicles.
“I am delighted to be here in Antigua celebrating with you this momentous
milestone that you are observing. I must say that as a central bank that was crafted
by the people of the currency union, for the currency union, it is with great pride
that I recognize that FDC was crafted by the hands of Antiguans…for Antiguans
and Barbudans; that is worthy of celebration!” he declared.
Speaking metaphorically, the ECCB Governor observed that as individuals or as a
nation there are choices that can be made every day; individuals/society may
choose the darkness or they may choose to ‘light a candle’. He noted that when the
late founder of FDC, Sir Ramez Hadeed, aided by his brother Aziz Hadeed,
encountered a problem with limited access to the financial system by many in the
society, they chose to light a candle of hope through the creation of FDC…rather
than submit to the ‘darkness’ and despair.
“Forty years ago, they could have joined the lamentations about the exclusion of
Antiguans and Barbudans from the financial system or they could have lighted a
candle which was to increase access to the financial system through a system of
financial inclusion and empowerment; that’s what they did with FDC and the rest
if history,” the governor stated.
He told the audience that the story of FDC must be one to inspire and that is why
he made every effort to ensure that he was able to attend because of the profound
impact FDC has had on the lives of thousands of Antiguans and Barbudans.
For Governor Antoine, the story of FDC must be seen as having implications not
just for Antigua and Barbuda, but for the entire EC Currency Union. “I recognized
in coming here both in symbolism and substance, that this is a very important
occasion. We in this region, have to craft arrangements that work for us and I know
that too well, as the Governor of your Central Bank, because we came together to
craft an arrangement that works for us, the ECCB. This was at a time when many
thought that we could not make it as small islands. But by coming together we
have demonstrated that we can craft our own institutions and be successful at it,”
he remarked.
Another important point, noted by Governor Antoine, is that FDC has worked well
with governments across the political divide here in Antigua and Barbuda. This, he
believes is one of the key ingredients for the success of the financial institution.
