Business

CIBC Caribbean Leads in Sustainable Finance

CIBC Caribbean’s lead in sustainable finance has been highlighted through its words and in its actions at this year’s Caribbean Investment Forum (CARIF). During the two-day event in Miami, Florida, representatives of the bank steered impactful conversations on various topics as well as revealed its US$500 million achievement in sustainable finance activities.

CIBC Caribbean’s Director of Investment Banking, Isabel de Caires, revealed that in 2023 alone, CIBC Caribbean has arranged more than US$1 billion in transactions, and to date, has arranged more than US$500 million in sustainable finance with commitments in excess of US$300 million.

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.

She said, “As a proud sponsor of CARIF and as a Caribbean bank, CIBC Caribbean is committed to the sustainable development and economic growth of our region.”

During CARIF 2024, Isabel de Caires spearheaded a session on revitalizing tourism through sustainable infrastructure. The discussion focused on the use of local resources such as geothermal facilities and reverse osmosis systems, resilient development practices to withstand natural disasters, and the need for innovative financial instruments to support growth.

CIBC Caribbean’s Director of Corporate Banking for the British Virgin Islands and Cayman Islands, Gemel Sobers (L), conducted an insightful interview with the Cayman Islands’ Chief Officer of Ministry of Planning, Agriculture, Housing, and Infrastructure, Eric Bush (R).

The necessity of resiliency in tourism projects, especially considering natural disasters, was underscored along with the need for sophisticated financial instruments to support sustainable development in the region. The importance of private sector collaboration rather than government reliance was a key theme which stressed the need for clear governmental policies and frameworks that support private investment.

CIBC Caribbean’s Director of Corporate Banking for the British Virgin Islands and Cayman Islands, Gemel Sobers, conducted an insightful interview with the Cayman Islands’ Chief Officer of Ministry of Planning, Agriculture, Housing, and Infrastructure, Eric Bush. The dialogue covered strategic national development planning and initiatives focused on transportation, housing, food security, and climate resiliency in the Cayman Islands. Ranging from approaches to road design and construction to public housing and food security, Bush outlined efforts towards, and opportunities related to, Cayman development.

The CARIF 2024 “rise and shine” morning session titled Regional Energy Connection: Political Commitment, Technical Support, Financing, and The Infrastructure Need was co-hosted by CIBC Caribbean’s Executive Director of Corporate Banking and Sustainable Finance, Corporate and Investment Banking, Gillian Charles-Gollop, and the Caribbean Development Bank’s Acting Division Chief, William Ashby.

A more intimate morning session titled Regional Energy Connection: Political Commitment, Technical Support, Financing, and The Infrastructure Need was co-hosted by CIBC Caribbean’s Executive Director of Corporate Banking and Sustainable Finance, Corporate and Investment Banking, Gillian Charles-Gollop, and the Caribbean Development Bank’s Acting Division Chief, William Ashby. It addressed the challenges and opportunities in developing renewable energy interconnections across the Caribbean.

Charles-Gollop later moderated a panel discussion on sustainability development in the Caribbean. The session highlighted the economic benefits of sustainable investments. The panel comprised of Giuseppe Mancinelli (United Nations Office for Project Services), Kristin McCarthy (Sandals Resort International), Dr. Damie Sinanan (Caribbean Export Development Agency), and Jeremy Superfine (Orchid Development). Each panelist emphasized the importance of sustainable practices to mitigate climate risks, diversify economies, and reduce reliance on fossil fuels, among other factors.

During CARIF 2024, speakers from CIBC Caribbean highlighted the bank’s commitment to mobilizing resources and expertise to bolster development projects that not only promise high economic returns but also prioritize environmental sustainability and community resilience.

Isabel de Caires added that, “This conference represents a unique opportunity to exchange ideas, to show and share best practices, and develop actionable plans to support critical and sustainable infrastructure development.”

CIBC Caribbean’s leadership at CARIF 2024 underscores its pivotal role in shaping a sustainable development agenda that not only promotes economic growth but also addresses the pressing need for community-focused and environmentally sustainable initiatives across the Caribbean. (PR)

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.