Castries, St. Lucia, May 13, 2008—International Finance Corporation (IFC), a member of the World Bank Group, has announced that it will provide a US$20 million loan and advisory services to help Bank of Saint Lucia (BOSL) extend financing to corporate entities and expand access to finance for small and medium enterprises (SMEs) in St. Lucia.

Advisory services aimed at helping the Bank of St Lucia develop and implement its SME strategy will be provided under IFC’s Latin America and the Caribbean Micro, Small and Medium Enterprises (MSME) Finance Program. The program aims to increase the level of credit available to SMEs and micro entrepreneurs across the region by providing participating financial institutions with investment and advisory services designed to increase their ability to serve lower and middle income borrowers.

Robert Norstrom, Group Managing Director and General Manager of Bank of Saint Lucia Limited, said, “This commitment from IFC will assist the Bank of Saint Lucia in fulfilling its mandate to finance corporate entities while ensuring SMEs have access to funds to start or grow their businesses. The bank has been involved in corporate and development financing from its inception and will continue to guide and nurture its customers through the transition of their businesses from SMEs to larger enterprises.”

Kirk Ifill, IFC’s Resident Representative for the Caribbean, said, “IFC’s investment in the Bank of St. Lucia strengthens the existing relationship between our two institutions. It demonstrates IFC’s commitment to fostering private sector development in the region by supporting strong local financial institutions in their efforts to expand their credit operations.” BOSL joined IFC’s Global Trade Finance Program in 2007 as an issuing bank.

IFC’s strategy in the Caribbean focuses on providing support for the financial sector and capital market development, while stimulating local companies’ growth and improving their competitiveness. Promoting private sector participation in infrastructure is also at the core of IFC’s priorities. IFC will continue to address the needs of smaller economies through direct and regional investments, as well as advisory services and trade finance facility for local banks. Since 2000, IFC has provided and mobilized more than US$1.3 billion in financing for the Caribbean in sectors such as financial markets, infrastructure, information and communications, general manufacturing and services and health and education.

About IFC

IFC, a member of the World Bank Group, fosters sustainable economic growth in developing countries by financing private sector investment, mobilizing private capital in local and international financial markets, and providing advisory and risk mitigation services to businesses and governments. IFC’s vision is that poor people have the opportunity to escape poverty and improve their lives. In FY07, IFC committed US$8.2 billion and mobilized an additional US$3.9 billion through loan participations and structured finance for 299 investments in 69 developing countries. IFC also provided advisory services in 97 countries. For more information, visit www.ifc.org.

About Bank of Saint Lucia

Bank of Saint Lucia Limited was incorporated in June 2001 and is a wholly owned subsidiary of East Caribbean Financial Holding Company Limited. The Bank is the largest banking institution in Saint Lucia enjoying a 40% market share and offers a wide range of banking services including commercial banking, investment banking, development banking and convenience banking services.  Bank of Saint Lucia’s mandate includes, encouraging and mobilizing savings; providing credit facilities in various areas; fostering entrepreneurship; promoting economic development, facilitating capital market development and influencing financial sector and economic development.

At December 2007, the Bank had a total asset base of EC$1.6 with tier 1 capital amounting to EC$253 million. Net profit after tax was recorded at EC$33.7 million. BOSL is one of the leading banks in the Eastern Caribbean Currency Union area. A larger percentage of banking services is provided in the domestic market; however the Bank has strategically expanded its investment banking services into the wider Caribbean area, while emphasis is placed on differentiating its offerings in the market to support its future growth.  For more information, visit www.ecfh.com