The financial position of the Sugar Industry Diversification Foundation (SIDF) was made public by Chief Executive Officer, Mr. Terrence Crossman, at the formal launch of the office on Wednesday, May, 30, 2012. Speaking to public and private sector invited guests at the St. Kitts Marriott Resort, CEO Crossman quoted from the financial statements audited by PricewaterhouseCoopers as he disclosed that the annual income of the SIDF as at December 31, 2010 was EC$156,147,489. Of this amount, 98.5% represented contributions from applicants approved for citizenship by investment by the Citizenship by Investment Unit of the government. He further revealed that the 2010 income increased by 710% from 2007.
Crossman pointed out that the SIDF’s total annual assets grew from EC$17,607,362 in 2007 to EC$139,861,074 in 2010, an increase of 694%. Cash and term deposits accounted for the largest percentage of assets – forty percent. Since its inception in September 2006, the SIDF has invested significantly in the economic and social development of the Federation. To date, a total of EC$154,598,551 has been disbursed to fund projects in ten different sectors, some of which are tourism, agriculture, construction and training.
The formal launch was planned primarily to inform the public about the investment made by the SIDF to assist the government in diversifying the economy. An exploratory working session followed which brought together representatives of the private and public sectors to identify areas of sustainable economic activity within existing or new industries. Additional information about the SIDF including the audited financial statements from 2007 to 2010 is available on the new SIDF website which was also launched at the event.