Chairman of the Board of Directors of the state-controlled Grenada Development Bank (GDB), Pastor Stanford Simon has said that 2017 was another profitable year for the financial institution.
According to Simon, GDB for the second (2nd) consecutive year in the bank’s history was able to pay dividends to its sole shareholder, the Government of Grenada.
A cheque written in the amount of $53,766.00 was paid to government on September 11 and Simon said he is proud of this accomplishment.
“Thanks to the GDB’s continued improvement and financial performance, today for the second time in its 53 years history, the Bank is able to pay dividends to the Government. I am honoured to share in this momentous occasion as GDB continues to make advancements that would go down in the annals of history”, he said.
Simon is also quoted as saying that the continued improvement of the Bank’s performance can be largely attributed to a clear and well-articulated vision and strategic direction with 2017 marking the first of the Bank’s five-year Strategic Plan designed to steer the Bank to a more customer focused and development-oriented institution.
He reiterated that GDB continues to play a significant role in the sustainable development of the country by bridging existing gaps in all sectors including housing, tourism, business and education.
“Grenada Development Bank being able to pay dividends to Government is testimony that the Bank is more than meets the eye. As a matter of fact, our latest annual report will show that in 2017 the Bank disbursed approximately $20M, with most of this amount being circulated within the local economy aiding in the creation and sustenance of six hundred and forty-eight (648) jobs thereby stimulating economic growth and development in the tri-island state”, he said.
Simon added that the contributions being made to the Grenadian economy will only increase in the upcoming years, as the Bank will continue to fulfil its developmental mandate while simultaneously thriving to remain viable within the local financial environment.