On Tuesday, 7 December 2010 the World Bank in collaboration with the Eastern Caribbean Central Bank launched two projects geared towards strengthening the Institute of Chartered Accountants of the Eastern Caribbean (ICAEC) and the accountability of the Non-Banking Financial Sector. Funding was provided by the World Bank in the amount of US$455,000 for each project.
The objectives of the projects are to:
• develop institutional and professional capacity in the areas of accounting and auditing in the ECCU, thus enhancing the sustainable growth of the private sector; and
• improve the regulatory oversight and provide normative basis technical assistance to the
local Non Bank Financial Institutions with a view to enhance stability of the financial
institutions in the ECCU and contribute to the sustainable growth of the private sector.
The projects are expected to last for three years and would benefit the ECCU member
countries by improving institutional accountability, transparency and corporate governance
thereby bridging existing gaps. One of the major deliverables of both projects will be
specialised training programmes for Single Regulatory Unit supervisors; and the development
and delivery of the International Financial Reporting Standards (IFRS) Focused Training
Module.
These training programmes will increase technical capacity and provide opportunities for higher levels of performance and efficiency.
These projects form part of ECCB’s commitment to regional advancement for sustainable
growth and development.
