Business

Barbados To Host Regional Policy Meeting October 8 – 10

Barbados will serve as the host nation for the upcoming Regional Policy Meeting organised by the Caribbean Policy Development Centre (CPDC) from October 8 to 10.

This event, funded by the Open Society Foundations (OSF) and the European Development Fund (11th EDF), will be held at the Crane Hotel in St. Philip.

Minister of Labour, Social Security and Third Sector, Colin Jordan, will deliver the feature address during the opening ceremony on Tuesday, October 8, at 9:00 a.m.

The Meeting will see regional policymakers, civil society organisations, and international partners gathering to tackle the Caribbean’s most pressing challenges, including sovereign debt, food and nutrition security, and to chart a new course for governance, development, and climate resilience, all aimed at improving the lives of Caribbean people.

Speaking about the important timing of the upcoming meeting, Officer in Charge at the CPDC, Richard Jones, stated: “Now it is of paramount importance as Caribbean nations face a convergence of complex challenges that threaten to derail sustainable development and the well-being of their citizens. At this critical juncture, the region grapples with persistent poverty, rising inequality, food insecurity, and the existential threat of climate change.”

According to data provided by the CPDC, small economies, burdened by the legacy of colonial extractive practices, remain vulnerable to external shocks, such as global price fluctuations and natural disasters. Climate change, in particular, presents a grave risk, with increasing hurricanes and rising sea levels threatening entire economies, especially those reliant on tourism and fisheries. The Caribbean loses an estimated three per cent of its GDP annually, due to natural disasters, underscoring the urgent need for robust, coordinated regional responses.

To address these critical issues, the Regional Policy Meeting will feature an impressive lineup of regional and international thought leaders who bring deep expertise in policy, development, and advocacy, including:

Jwala Rambarran, former Governor of the Central Bank of Trinidad & Tobago, who will address the urgent need for financial stability and reforming international financial institutions.
Grace-Ann Cornwall, Social Development Professional, will provide insights on empowering vulnerable groups and NGOs across the region.
Christon Herbert, CPDC Policy Officer, will lead discussions on climate resilience, insurance solutions, and disaster risk financing.
Meghna Abraham, Director of Open Society Foundations, will highlight the importance of international solidarity in achieving sustainable development goals.
Jeremy Stephen, economist and development finance expert, will present innovative approaches to debt relief and financial stability.

Other key speakers will be Assistant Secretary-General CARICOM Single Market and Trade Ambassador Wayne McCook; Director and Senior Research Fellow, Sir Arthur Lewis Institute of Social and Economic Studies, The University of The West Indies, Cave Hill Campus, Dr. Don Marshall, and Florida-based International Consultant on Food and Nutrition Security and Sovereignty, Dr. Tigerjeet Ballayram.

Agenda – “The Main 8”

Over the three days, the meeting will drill down into eight critical policy areas under the theme “Forging Ahead”, which addresses the eight most urgent challenges threatening progression in the region:

Sustainable Development
Reform of International Financial Institutions
Debt Relief and Financial Stability
Empowerment of Vulnerable Groups
Capacity Building for NGOs
Food and Nutrition Security
Climate Resilience
Good Governance

Mr. Jones, stated: “These areas are not only crucial but also interconnected. For example, the Caribbean’s food security is directly impacted by climate change, while sovereign debt threatens the region’s ability to invest in resilient infrastructure; we will therefore focus on comprehensive solutions that encompass a range of considerations.”

Noting that progress was already underway by the CPDC in many of these areas, he added: “By building on existing projects and facilitating high-level discussions, the Meeting seeks to generate momentum for collaborative action on food security, financial mechanisms, and policies that prioritise the empowerment of vulnerable communities, ultimately fostering a more resilient and equitable Caribbean.” (PR/GIS)

Business

WORLD BANK TECHNICAL ASSISTANCE MISSION OCT 7-18

Central Bank of Barbados Partners with the World Bank to Modernise Local Payments System

During April to July 2024, the Central Bank of Barbados engaged in extensive discussions with financial institutions, the World Bank, and other key stakeholders to assess and enhance the local payments market an infrastructure. Following these talks, the World Bank conducted a thorough review of Barbados’ legal and regulatory payments framework and evaluated the Real Time Payments (RTP) system. As a result, the Central Bank, in collaboration with the World Bank, has launched the Barbados Payments System Modernisation Project.

To advance this initiative, the Central Bank will host a World Bank Technical Assistance Mission from October 7–18, 2024. The mission will provide updates on the project’s progress and gather feedback on the next steps. Key areas of focus will include legal and regulatory support, oversight, instant payments system interoperability, payments system usage, and digital financial literacy. (PR)

Business

Annual Education Awards Ceremony

Light and Power Employees Co-operative Credit Union Limited (LPECCUL) Celebrate

The Light and Power Employees Co-operative Credit Union Limited (LPECCUL) recently hosted its annual Education Awards and Trevor Browne Scholarship ceremony; this event recognises academic excellence and promotes the importance of education within the community. This year, nine junior saver members who would have sat the Common Entrance Examination were awarded. Each student received prizes and cash vouchers. While the Trevor Browne Scholarship, was awarded to Melissa Austin, who is currently pursuing a degree in Physical Therapy in the Faculty of Medical Sciences at UWI Mona Campus.

The highlight of the event was an inspiring keynote address delivered by Lt. Col. Trevor Browne, a founding member of LPECCUL, who shared his insights on the importance of education and personal development. His words were echoed by the President, Sheena Edwards, who emphasized the credit union’s ongoing commitment to supporting the educational aspirations of its junior members and their families. Additional remarks were given by other board members and members of the management team, all underscoring the role of financial literacy and good budgeting practices in shaping the future of the next generation.

Lt Col Trevor Browne presents scholarship

In addition to the presentations and speeches, the students received valuable guidance on financial literacy, underscoring the Credit Union’s philosophy of promoting financial empowerment from a young age. The event aimed to equip students with knowledge and tools to manage their financeswisely, as they move forward in their academic journeys.

Once again, congratulations to this year’s awardees for their performance in the Common Entrance:

Teyen Bostic – The St. Michael School

Maria Gill – Christ Church Foundation School

Neymar Gill – Graydon Sealy Secondary School

Rommaldo Holford – Queen’s College

Nathan McKenzie – The Lodge School

Remy Nurse – The St. Michael School

Akil Priddee – Challenor School

Jaylan Priddee – Deighton Griffith School

(PR)

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.