National Development Bank targeted for early 2027 

By Val Matthias. Updated 5:41 p.m., Sunday, September 20, 2026, Atlantic Standard Time (GMT-4). 

A proposed National Development Bank could be operational in Saint Vincent and the Grenadines by the first quarter of 2027, as the government moves to create a new source of financing for small and medium-sized businesses.

Head of the newly established Department of Private Sector Development, Christo Primus, gave the timeline while speaking at Invest Saint Vincent and the Grenadines’ “Home Is Where the Heart Is” event in New York on September 19.

Primus said legislation for the proposed bank has already gone through a first draft and is currently under review.

He said the government sees the institution as a response to difficulties businesses face in accessing finance, including medium-sized enterprises.

The proposed bank is expected to provide financing to businesses that may have difficulty securing loans through existing commercial lenders.

The 2026 Budget identifies the National Development Bank as a major part of the government’s private-sector development strategy. It proposes financing for micro, small and medium-sized enterprises, start-ups, youth-led businesses, agriculture, fisheries, agro-processing, tourism-related enterprises, creative industries and digital businesses. 

The government in a ministry of finance report has also identified EC$1.5 million for the capitalisation of the National Development Bank in its 2026 estimates, with the project listed for completion in 2028. 

Additional financial support has been discussed with Taiwan.Prime Minister Dr Godwin Friday said in August that Taiwan had committed at least US$2 million in grant funding to help capitalise the proposed bank, following his official visit to Taiwan.

He also said discussions were taking place on possible additional financing on concessional, or favourable, terms.

Primus said the development bank legislation is part of a wider effort to improve the environment for private-sector growth, alongside changes to business legislation and plans for a new Small Business Act.

For businesses and prospective entrepreneurs, the key question will be when the proposed institution becomes operational, how much financing it will have available and what requirements businesses will have to meet to access loans. For now, the legislation remains under review and discussions on some aspects of the bank’s financing are continuing.

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About the Author: This story was written and submitted by freelance journalist Mr. Val Matthias, a trained communicator with more than two decades in the media sector. All supporting materials for this story have been presented, vetted, and verified. Mr Matthias can be reached at [email protected]