Business

Sustainable Investment a Win-Win for Private and Public Sectors

During this year’s Caribbean Investment Forum (CARIF), key figures from the Caribbean and global business community emphasized how sustainable investment translates to economic wins for the private and public sectors.

The event, hosted by New Energy Events with co-title sponsors CIBC and KPMG, featured prominent speakers including Dr. Damie Sinanan from the Caribbean Export Development Agency, Giuseppe Mancinelli from the United Nations Office for Project Services (UNOPS), Kirstin McCarthy from Sandals Resorts International, and Jeremy Superfine from Orchid Development.

Dr. Damie Sinanan, Executive Director of the Caribbean Export Development Agency, highlighted the role of government regulation in promoting sustainable practices in the private sector.

“Government has to play a facilitative role. They have to make it easy for businesses to invest and easy for investors to come in. Governments encouraging investors and encouraging businesses to invest more heavily in sustainability can happen through tax breaks, incentives, or regulation. These are things that governments have to do in order to drive sustainability in the region, and it has to be partnerships between the government and the private sector that is of absolute importance.

He added, “No one can do it alone. The private sector has the drive. The private sector has the resources, but government has to work with them to make sure and facilitate that process.”

Giuseppe Mancinelli, Deputy Director of Latin America and the Caribbean at UNOPS, added that challenges for the public sector include environmental vulnerability, access to finance, and implementation capacity. “You can have the best idea, you can get the financing, but then you have to implement the project,” he said.

Mancinelli also noted partnership as crucial. “It’s not just the UN, but the government and the private sector. It is a collective responsibility. “The moment we’re able to have this partnership, it is better in terms of innovative solutions and knowledge sharing,” he said.

Bringing these concepts to life, Jeremy Superfine, Chief Operations Officer at Orchid Development, showcased how sustainable urban planning through projects like Cricket Square illustrates the profitability and viability of green building practices. Kirstin McCarthy, Corporate Director of Sustainability at Sandals Resorts International, detailed how the company’s sustainability initiatives go beyond environmental conservation to enhance community engagement and business success.

She said Sandals Resorts International’s efforts are not just about conservation but about actively enriching the communities where it operates, proving that environmental responsibility is integral to corporate success.

The discussion, moderated by CIBC Caribbean’s Executive Director of Corporate Banking and Sustainable Finance, Corporate and Investment Banking, Gillian Charles-Gollop, concluded with a robust commitment from attendees to further integrate sustainable practices into their business models and economic development strategies. The widespread commitment affirmed the crucial role of sustainable investment in securing a resilient and prosperous future for the Caribbean. (PR)

CAPTION: CIBC Caribbean’s Executive Director of Corporate Banking and Sustainable Finance, Corporate and Investment Banking, Gillian Charles-Gollop, moderated a panel discussion on sustainability development in the Caribbean with industry leaders Giuseppe Mancinelli, Kirstin McCarthy, Dr. Damie Sinanan, and Jeremy Superfine.

Business

GALA DINNER CELEBRATES 40TH ANNIVERSARY

The Light & Power Employees Co-operative Credit Union Ltd. (LPECCUL) marked an impressive milestone on Saturday night, hosting a memorable 40th Anniversary Gala Dinner at the Accra Hotel. The evening was a celebration of history, resilience, and growth, honouring LPECCUL’s four decades of commitment to financial empowerment and community service in Barbados.

Guests arriving at the gala were greeted with the warm sounds of steelpan music by Ms. Allana Goodridge, a graduate and former junior member of the credit union, who set an elegant tone for the evening. The festivities were expertly guided by Master of Ceremonies Paula Palmer, who delighted the crowd with a mix of exciting prizes and giveaways sponsored by Stade’s Distillery Visitor Centre.

A highlight of the evening was the special achievement award presentation by Mr. Anton Lovell, CEO of Co-Operators General Insurance Company Limited. Mr. Lovell recognised LPECCUL for its outstanding success and commended the longstanding partnership between the two institutions, underscoring the strength of their collaboration.

The evening’s keynote speaker, Lt. Col. Trevor Browne, a founding member of LPECCUL, delivered a compelling speech on the origins of the credit union. He shared insights into its formation, early challenges, and eventual growth, citing the various business ventures and investments made over the years. Lt. Col. Browne emphasized the importance of credit unions in Barbados expanding their focus to attract and support younger members, highlighting the value of investing in youth-led businesses as a way forward.

Closing the event, LPECCUL President Sheena Edwards delivered a heartfelt Vote of Thanks. She expressed deep appreciation to the evening’s special guests, including representatives from credit unions across Barbados, eight of LPECCUL’s original 40 founding members: Anthony Seale, Charles Holder, Donald Hoyte, Oliver Jones, Ian Bridgeman, Julie Alleyne, Keith Burnett and Lt. Col. Trevor Browne, and former company manager Curtis Smith. She also extended her gratitude to the dedicated LPECCUL staff, The Light & Power Employees Co-operative Credit Union Ltd.whose hard work and commitment have been instrumental to the credit union’s enduringsuccess.

The 40th Anniversary Gala Dinner was a celebration not only of LPECCUL’s history but also of its ongoing mission to inspire financial independence and support the community. As LPECCUL continues to innovate and expand its services, the credit union remains committed to fostering financial success for all members.(PR)

Business

Barbados To Host Regional Economic Conference

Local, regional, and international economics, finance, and development experts will gather in Barbados from November 6 to 8, 2024, for the 55th Annual Monetary Studies Conference (AMSC).

The event, which the Central Bank of Barbados is co-hosting with the Caribbean Economic Research Team (CERT), will be held under the theme: “Macroeconomic Management in an Era of Polycrises.”

“We are living at a time when our islands face multiple issues, ranging from high debt levels to climate change, to an aging population to geo-political tensions such as the ongoing Ukraine-Russia war and the Israel-Hamas conflict,” Director of Communications, Information, and Outreach at the Central Bank, Novaline Brewster, said.

“Each of these on its own would represent a challenge. Combined, they could threaten the stability of our economies and the livelihoods of our citizens. The AMSC gives us an opportunity to bring together some of the leading minds to share their insights and offer research-based approaches to addressing these various crises.”

Ms. Brewster revealed that to complement the more technical sessions, on the second day of the conference, November 7, at 4:00 p.m., American economist Professor Jeffrey Sachs will deliver the 37th Adlith Brown Memorial Lecture, the topic for which will be the same as the conference’s theme.

“In addition to the Adlith Brown lecture, we will be hosting a panel discussion entitled: “The Role of Central Banks in Facilitating the Mobilisation of Regional Investment for Development Support” on the final day, November 8, at 10:15 a.m. The panel for that event will comprise several of our regional central bank governors,” she revealed.

Both the panel discussion and the lecture will be livestreamed on the Central Bank of Barbados’ Facebook page and YouTube channel.

Central Bank of Barbados will host the 63rd gathering of this group as Barbados’ Governor, Dr. Kevin Greenidge, is the current Chair of the committee. (PR/GIS)

Business

Barbados to Host Regional Economic Conference

Local, regional, and international economics, finance, and development experts will gather in Barbados from November 6 to 8, 2024 for the 55th Annual Monetary Studies Conference (AMSC). The event, which the Central Bank of Barbados is co-hosting with the Caribbean Economic Research Team (CERT), will be held under the theme “Macroeconomic Management in an Era of Polycrises.” “We are living at a time when our islands face multiple issues, ranging from high debt levels to climate change to an aging population to geo-political tensions such as the ongoing Ukraine-Russia war and the Israel-Hamas conflict,” said Novaline Brewster, Director of Communications, Information, and Outreach at the Central Bank. “Each of these on its own would represent a challenge. Combined, they could threaten the stability of our economies and the livelihoods of our citizens. The AMSC gives us an opportunity to bring together some of the leading minds to share their insights and offer research-based approaches to addressing these various crises.”

The three-day conference will feature sessions related to financial development and financial stability, adjusting to climate change, digital innovations and transformation, regional integration and governance, and regional economic development. Brewster revealed that to complement the more technical sessions, on the second day of the conference, November 7, at 4:00 p.m., American economist Professor Jeffrey Sachs will deliver the 37th Adlith Brown Memorial Lecture, the topic for which will be the same as the conference theme. “In addition to the Adlith Brown lecture, we will be hosting a panel discussion entitled “The Role of Central Banks in Facilitating the Mobilisation of Regional Investment for Development Support” on the final day, November 8, at 10:15 a.m. The panel for that event will comprise several of our regional central bank governors.” Both the panel discussion and the lecture will be livestreamed on the Central Bank of Barbados’ Facebook page and YouTube channel.

The Annual Monetary Studies Conference, the oldest academic conference of economists in the Caribbean, is held in a different territory each year to coincide with the second of the Bi-Annual Meetings of the CARICOM Committee of Central Bank Governors. Central Bank of Barbados will host the 63rd gathering of this group as Barbados Governor Dr. Kevin Greenidge is the current Chair of the committee.