St Vincent to sell NCB

St Vincent and the Grenadines prime minister Dr. Ralph Gonsalves has defended the decision of his administration to privatize the state-owned National Commercial Bank (NCB).



According to Dr. Gonsalves, every government since independence in 1979 had considered selling the financial institution.



He told a news conference that his ruling Unity Labour Party (ULP) had been waiting for the right moment to divest shares.



The main opposition National Democratic Party (NDP) has criticised the decision to sell 51 per cent of the NCB to the East Caribbean Financial Holding Company Limited.



The NDP says the prime minister did not inform the Parliament about the sale as a condition for a multi-million dollar loan from the Caribbean Development Bank.