Banks Urged to Lend More for Domestic Development

Prime Minister Gaston Browne has urged banks to play a greater role in financing domestic economic development, saying their lending practices remain too conservative.

Speaking on the Browne and Browne Show, Browne criticised what he described as a preference for placing funds overseas and earning returns from securities rather than lending more locally.

He said banks should be less risk-averse and act as stronger catalysts for growth.

The Prime Minister contrasted his concerns about commercial lending with what he described as regular applications to the government’s entrepreneurial financing programme.

Browne said he was encouraged by increasing interest in starting businesses and wanted financial institutions to contribute more actively to that activity.

He did not identify particular banks or present lending figures during the programme, and no new regulatory measure was announced.