WORKING TOWARDS A HIGHLY SUCCESSFUL, DIVERSE AND SUSTAINABLE ECONOMY FOR THE FALKLAND ISLANDS
FIDC was established in 1983, in response to the recommendations made in the Shackleton Report (1982). FIDC acts as the national economic development agency for the Falkland Islands and is tasked to develop the commercial sector of the Falkland Islands by being one of the principal partners delivering the Economic, Rural and Tourism Development Strategies. FIDC is a quasi-autonomous government-funded body, which currently operates with an annual budget of approximately £1.2m per annum.
The FIDC Ordinance was amended in 2013 and implemented on the 1st July 2015, however as of this Business Plan’s drafting it is yet to be implemented. The 2013 Ordinance defines FIDC’s future purpose as follows;
To help drive sustainable economic growth and assist in the creation of new jobs and opportunities, FIDC provides various forms of support and assistance to the Falkland’s business community. In the 2013/2014 financial year alone FIDC provided over £1.1m in business loans to 14 individuals and businesses. In the same financial year FIDC provided £90,000 in business, development and infrastructure grants to 40 recipients. FIDC will continue to support local businesses at all stages of growth, from start-ups to larger and more-established companies.
For more information regarding FIDC's and its Business Plan you can download our approved Business Plan here;
FIDC LOANS POLICY
FIDC's newly formed Loans Policy has now come into effect. The Corporation is empowered to give financial assistance to individuals, commercial enterprises or other organisations that, in line with its objectives, will contribute either directly or indirectly to the economic development of the Falkland Islands.
In its business plan FIDC has identified the objective “To provide business support and mentoring across traditional, emerging and new industries of the economy by providing assistance and incentives, such as grants, loans, business advice and projects.”
A fundamental principle is that FIDC is committed to responsible lending and will only lend amounts which will not burden borrowers with an unacceptable level of debt or repayments.
FIDC's Loans Policy can be downloaded by clicking on the following link;
Joint FIDC & FIG Camp Workshops
Due to the wintery weather the Camp Workshops have been cancelled for safety reasons. We would like to apologise for the inconvenience but they will be rescheduled as soon as possible.