WASHINGTON, CMC – The World Bank says the Organisation of Eastern Caribbean States (OECS) has benefitted from an initiative to strengthen accountability within the non-banking financial sector.

It said with credit unions being “key players’ within the nine-member sub-regional grouping, the “Strengthening the Accountability of the Non-Bank Financial Sector in the OECS” has benefitted from a US$455,000 grant from its Institutional Development Fund (IDF).

The bank said the project helped develop and implement medium-term strategic plans for oversight and regulation of non-banking financial institution and that it supported the development of comprehensive financial regulations and supervision manuals.
The Washington-based financial institution said the project also delivered a sub-regional training programme focused on financial and prudential reporting requirements for regulators and industry practitioners.