Financial services stakeholders have argued that BVI Finance, the government-sponsored organisation that promotes the industry, would be more independent and responsive to the sector’s needs if it were privatised.
Apparently the Cabinet agrees, as it has approved the establishment of BVI Finance as a public-private partnership, Financial Services Implementation Unit Director Kedrick Malone announced at yesterday’s BVI Finance breakfast forum.
Mr. Malone said an interim board of directors headed by Premier’s Office Permanent Secretary Brodrick Penn is formulating a strategic plan for the organisation and is selecting members for its board.
The FSIU director said those steps should be completed by the end of the year.
BVI Finance will still receive most of its $1.3 million budget from public funds, according to Mr. Malone.
See the June 16, 2016 edition for full coverage.
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