We also had an opportunity to speak with the Chairman of the Board of Directors of the Development Finance Corporation.
We asked him about the Development Finance Corporation (Amendment) Bill 2022, which was passed at the most recent House and Senate Meetings. The government says that this amendment will make the DFC more competitive with other lending institutions. But, in exchange for more trust to authorize bigger loan products, there are also more strict measures to hold the decision-makers at DFC accountable for the institution's funds.
We asked Henry Anderson about that the expected changes that this law will bring:
Henry Anderson - Chairman, DFC Board of Directors
"The DFC back then did not have the governance structure it has now. So, just by the - even if you didn't pass the bill, the law that's in place for the DFC creates one of the best governance structures in the entire region actually. So, it has all the safeguards and the internal things that you would require for proper governance, and we have to follow it. What we actually did, is that we recommend that you put penalties into it, but again, the focus of the DFC is the grow the economy, right. If you're a crook, and you have someone who's a thief, then they may try, and that would take some masterful collusion. So, I don't foresee something like that happening because the people who are there on the board represent the Accounting Association, the Tourism Association, ATLIB. So, you have entities that are there that look out for the benefit of the country, so - and we don't have any kind of political interference. I can say that. The DFC functions as a financial institution, a world-class governance structure."
