Public Officer kills idea of Diaspora Bank

Economist, Dr Thompson Fontaine is disappointed that the Labour Party Government did not did take advantage of the opportunity to establish a bank for the Diaspora in Dominica.


The idea first surfaced at a symposium in New York in 2001 and shortly after, Mr Fontaine and a few other potential investors came up with the initial capital to take the banking project to its next step.

“The concept was simple, we would go to the people in the Diaspora and tell them that instead of saving their money in some trust and Bank of America why don’t you save a portion of that money in Dominica.

“Our focus in this bank would be on small business development. We would equip the bank with technical people who would be able to assist people with business plans. People were very excited about it,” Fontaine disclosed on a radio programme 'The Hot Seat.'

However, according to the Economist based on the International Monetary Bank in Washington, some high ranking public officer within the government system killed the idea and did not act on it.

“It died because they did not act on it….somebody within the government system decided it was not a good idea and it died.

“I am disappointed because there are people out there who are not interested in doing things to assist this country but yet you have some public officer who decides he is not interested and it dies. It’s frustrating,” he said.