Member of Parliament (MP) Christophe Emmanuel’s idea to explore the possibility of a development bank for the country (see related story) is a refreshing one. What makes it even better
is his not only suggesting such, but taking action by writing a letter to the Social Economic Council SER asking to conduct a study to that effect.
To be sure, SER as an advisory body to Government can undertake these kinds of efforts on its own, so the NA fraction member is not at the wrong address. Moreover, other elected representatives ought to follow his example and take initiative rather than always just calling on the Council of Ministers to do certain things.
Mention was made of the still-operational Development Bank of the Netherlands Antilles OBNA in which St. Maarten supposedly has NAf. 12 million without a single board member. The latter obviously needs to be addressed, but on the other hand one shouldn’t have to exclude the other.
After all, apart from OBNA Curaçao has its development cooperation bank Korpodeko. This financing institution established by the island’s social partners has assisted many small- and medium-size businesses with both investment money and knowledge over the years.
It would indeed be nice if the amount currently said to be parked at OBNA could be used as a basis for a similar local entity, but if not possible in the short term other revenue sources may have to be looked into for starting capital. A possible charge on fuel or electricity might not be bad options in light of the current oil prices, although these alternatives also were cited by the William Marlin Cabinet in plans for a Youth Employment Fund that would cover the cost of hiring youngsters with potential, but who lack experience, for one year.
The advantage of development banks is that they provide low interest loans that must be paid back, allowing the supporting of additional ventures. If successful, the businesses that benefit also create jobs and economic activity, resulting in tax income for Government and hopefully less spending on unemployment pay to make it a truly win-win proposition.
