Constituency Development Fund (CDF) Clarifies Relationship with Churches Credit Union

The Constituency Development Fund (CDF), through Assistant Director, Mrs. Pauline Scott-Blair, stated that it is not in discussion with any financial organisation for the overall management of the Constituency Development Fund, (CDF).
The matter was clarified today (January 20) during the Post Cabinet Press Conference where Mrs. Scott-Blair corrected an article in the Jamaica Observer (Jan. 20) which said that Churches Credit Union (CCU) was being considered to manage the entire funds of the CDF.
Mrs. Scott-Blair explained that the credit union and CDF were discussing a constituency revolving loan project for $6 million and not the entire Fund. “If the project is approved, constituents would be trained in small business management by the credit union and obtain small loans from which it is hoped they can build good credit and grow their businesses”.
“The revolving loan project was approved on March 3, 2009, and negotiations started with Churches to come to an agreement that is amicable to both parties. At present, a draft agreement is with the Solicitor General.
The article also states that Churches Credit Union could be managing the entire $1.2 Billion of the fund for this year. There is absolutely no agreement with Churches or any other financial institution for the overall management of the Fund,” said Mrs. Scott-Blair.
Now in its second year, Mrs. Scott-Blair said that the CDF executed loans of $2.36 billion in year one. The 2009-2010 fiscal year so far has seen project approvals for $823 million. Disbursements of more than $727 million have been made.
The CDF is an entity of the Office of the Prime Minister. Each of the sixty constituencies is allocated $40 million per year for development projects.