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Government of Barbados announced at the Summit for a New Global Financing Pact

The Government of Barbados forms a coalition of multilateral banks and organizations to develop resilient infrastructure and to drive new social and nature capital investments, building on its Resilience and Sustainability Facility at the IMF.

The Government of Barbados announced at the Summit for a New Global Financing Pact in Paris an integrated package of innovative initiatives to accelerate its transition to net zero, boost resilience, enfranchise workers, and draw in private sector investment while prudently managing public debt levels. These initiatives build on the ongoing climate policy reforms, supported by the Resilience and Sustainability Facility with the International Monetary Fund, which are expected to play a catalytic role in mobilizing private and public sector financing for climate projects.

This package of initiatives reflects unprecedented cooperation and a new “system approach” between the Government, its Resilience and Sustainability Facility (RSF) at the International Monetary Fund (IMF) and Barbados’ long-standing financing partners; Inter-American Development Bank (IDB), World Bank Group (WBG), Development Bank of Latin America and the Caribbean (CAF), European Investment Bank (EIB), and Green Climate Fund (GCF). 

Barbados is highly vulnerable to the impacts of climate change, and it needs to invest heavily to protect its citizens from hurricanes, flooding and droughts, and to preserve its natural capital. It is committed to achieving sustainable public debt levels, meaning that the government has limited borrowing capacity for public investments. To meet these challenges, it has identified four complementary approaches together with its financing partners.

A New Blue Green Bank

In a first of its kind, the Government of Barbados has decided to use US$10 million from the fiscal space created by the RSF as capital for a new Blue Green Bank.

This capital will support five times that lending amount. It will pave the way for other partners, including GCF, CAF and IDB, to support the Blue Green Bank through technical support or capitalization, with GCF proposing to its Board in July to become a co-founding partner in the bank.

Once established, The Blue Green Bank will help finance over US$250 million of green investments in affordable homes, hurricane-resilient roofs, the electrification of public and private transport, and other Paris-aligned investments.

More Resilient Infrastructure Through New Low-Cost, Long-Term Loan Instruments from Development Finance Institutions

Low-cost and long-term financing instruments from the EIB, CAF, IDB, GCF and RSF will support Government investment in resilient water and waste treatment infrastructure, flood and coastal protection and support its efforts to transform state owned enterprises and enfranchise workers.

The EIB has made available US$18 million of grants from the European Union (EU) to support climate-resilient water, sanitation, and clean ocean projects across the Caribbean to back a US$165 million loan facility.

The GCF will offer up to US$1.5 million in grants per project for end-to-end project preparations, innovation, and transformational impact, and to prepare investment proposals for further GCF funding.

Better and More Affordable PPPs

Barbados’ multilateral financing partners will strengthen project preparation support to attract private investment in Private Public Partnerships (PPP) to build more resilient infrastructure. The IDB will support and help develop the Government’s capacity and expertise in PPPs.

The World Bank Group’s Multilateral Investment Guarantee Agency has made available investment guarantees to help reduce the cost of private sector financing.

The World Bank Group’s International Finance Corporation will support Barbados in developing the first large-scale onshore wind project in the country and enhance the resilience of the grid.

Developing New Non-Debt Investments in Nature and Social Capital

The Government of Barbados is working with its development partners to build on the success of the 2022 Blue Bond with IDB and The Nature Conservancy, which released approximately US$50 million of new financial resources for marine conservation. Particular focus is on a new generation of instruments to support investments in nature and social capital.

Together, these initiatives will help Barbados meet its resilience objectives and protect its citizens, whilst helping transform the economy and protect its pristine natural environment.

Quotes

  • Prime Minister Mia Mottley of Barbados commented, “Alongside new capital, innovative instruments, partnerships and new ways of working together are critical if we are to overcome the challenges posed by climate, pandemics and debt. These new, integrated, initiatives announced today are embodiment of what can come out of new cooperative ways of working together.”
  • Kristalina Georgieva, Managing Director of the International Monetary Fund, said, “We welcome Barbados’ initiatives to catalyze private climate finance, and the related push to bring together multiple partners in pursuit of a common goal. The Fund is fully committed to supporting our members’ efforts to meet their climate goals—including through the Resilience and Sustainability Facility – and we look forward to our continued partnership with Barbados as the government takes steps to green the economy.”
  • Ilan Goldfajn, President, Inter-American Development Bank Group, said, “The IDB has long been one of Barbados’ closest and most committed development partners. We are delighted to take advantage of this opportunity to collaborate with the IMF and other partners to build on our successful recent blue bond issuance, and promising experiences across the region with project preparation and structuring to help catalyze new and larger volumes of private financing for resilient climate smart investment. These and other innovative financing and support mechanisms will be crucial to help Barbados meet the challenges of a rapidly changing climate.”
  • Sergio Díaz-Granados, Executive President of CAF asserted that as a home-grown development bank owned by the countries Latin America and the Caribbean, CAF understands the myriad challenges faced by small islands, like Barbados, as a result of the effects of climate change.  “CAF is committed to doing its part in channelling increased resources and is very pleased to join forces with other development partners to mobilize dedicated financing that will help to strengthen the resilience of our member countries.” 
  • Werner Hoyer, President of the European Investment Bank, commented that, “We have no time to lose to support countries like Barbados that are already facing the devastating consequences of climate change. Following Prime Minister Mia Amor Mottley’s call to action, we are delivering swift and targeted support. We will start offering extended loan tenors to lower and middle-income countries, and are seeking to provide natural disaster risk clauses in our loans to ensure the most vulnerable communities can recover and rebuild following a crisis. As the EU Climate Bank, alongside our Team Europe partners, the EIB is constantly working to increase the impact of its climate lending and support for vulnerable countries like Barbados.”
  • Henry Gonzalez, Executive Director ad interim of the Green Climate Fund stated, “The Blue Green Bank will transform the financing landscape in Barbados and catalyse new finance for sustainable climate investments. GCF has provided technical and financial support in developing the concept, and our Board will consider making a substantial investment in the new Bank at its meeting next month.” (PR/GIS)
  • Makhtar Diop, IFC Managing Director, said, “Barbados is redoubling efforts to bolster its climate resilience and become a low-carbon leader. IFC will continue to work closely with the country and collaborate with other multilateral institutions to accelerate the flow of private capital in support of Barbados’ ambitions.”

Business

Young Upcoming Executives Spend Time with Regional Executives 

Eleven eager young men with aspirations to become executives or entrepreneurs when they grow up, had a unique opportunity recently when they visited and sat with the most senior executives at the regional head office of CIBC Caribbean.  

The semi-finalists and finalists in the 2025 Mr. Executive Challenge had the opportunity to meet and ask questions of the members of the executive suite of the bank. 

Mark St. Hill chats with the students as he welcomed them to the Job Shadow Day at the bank, to his left is Donna Wellington, Chief Country Management Officer.

The students, representing their respective secondary schools, met with Chief Executive Officer, Mark St. Hill; Chief Financial Officer, Carl Lewis; Chief Risk Officer, Patrick McKenna; Chief Auditor, Khadija Bourne; Chief Country Management Officer, Donna Wellington; Deputy Chief Information Officer, Infrastructure, Neil Matthews deputising for the Chief Information Officer Esan Peters; Managing Director, Transformation Governance and Control, Doug Williamson; and Head of Country Barbados, Kemar Polius. 

The students engaging with Michelle Whitelaw – Director Personal and Business Banking as they visit the Warrens branch

St. Hill welcomed the young men to the bank, congratulating them on being a part of what he considered to be an excellent initiative, explaining that they had left a serious impression on him when they met at the entrepreneurship graduation ceremony a few weeks ago. He urged them to ‘Live your dreams and go for what you want to do.’ He congratulated all of them saying, “You have shown that you are a cut above the rest”

Kemar Polius, the bank’s new Head of Country for Barbados and Joseph Taitt-Small of Alleyne School engaged in active conversation just prior to lunch

The CEO said 70% of the bank’s workforce, and 50% of its leadership is female, noting “that is why it is important for the bank to be involved in programmes like this one, where males are encouraged to step up”.

The various executives also gave inspiring and reassuring words to the students, Donna Wellington explained that the day will serve to open their eyes to the many careers available to young men in the bank. She explained that while people normally think only of counting money in a branch, there are so many other careers in technology, marketing, risk, legal, human resources, and property management. She therefore urged them to “embrace, learn what you can, we want to open your eyes to what is possible.” 

Barbados’ new Head of Country, Kemar Polius shared with the students that he never saw himself sitting in a board room like the one they were in, and working at this level in a bank, but he was given an opportunity which he grabbed with both hands and made the best of it. He encouraged them to do the same. 

The general direction from the other Executives was for the young men to focus on what they wanted to do, examine every opportunity given and recognise that life is not a straight line. 

Mark St. Hill chats with the students as he welcomed them to the Job Shadow Day at the bank, to his left is Donna Wellington, Chief Country Management Officer.

Neil Matthews, in addition to his post at the bank is also a Lieutenant Commander of the Barbados Defence Force and has been coopted to head the Cyber Security and Drone Units to help protect the country from cyber-attacks. He said that as a teenager, he never envisaged himself being in this position, but people recognised some value in him and pushed him to achieve and he has never stopped learning.  He added that he would be back in ‘school’ to do a course from the following day.

Coordinator of the Mr Executive Challenge, Winston Cumberbatch, explained how the students reacted “For weeks they had been looking forward to the Job Shadow with great anticipation. However, none of them could have envisioned what actually took place. They were totally blown away by the level of interest, hospitality and inspiration that the CIBC Executives gave.”  

Following that eventful meeting with the executives, the boys were taken on a tour of the bank’s departments where they were able to meet staff members who explained the duties and operations of their departments and answered many questions from the curious young men, as they sought to understand the areas and the opportunities there. 

They visited the Treasury department, where the team explained the department that manages the bank’s financial resources – the cash in circulation, capital management on a regional level.  This department is the one that makes sure there is cash available when and where it is needed. The young men quizzed this team on how they managed the foreign exchange with the amount of shopping that Barbadians do online with Amazon and Shein, and they also wanted to know if the bank had adopted AI as yet. 

The Compliance team told them about the three areas under their portfolio – AML (Anti Money Laundering), Compliance and Advisory Sanctions. The next stop at HR (Human Resources) was where they had a chat with Jacintha Hinds, Officer, Human Resources, who shared her passion for HR and answered their many questions about qualifications and the issues that affect how people behave. 

Other departments which the students enjoyed visiting were the Legal department, Corporate and Investment Banking, before they went on a tour of the Warrens branch across the street, following which they sat down to a sumptuous lunch with the executives in the company’s board room.

The afternoon session saw them visiting the Marketing, Communications, Engagement and Technology units before they left and headed home, full of information which they can now process for their own careers. 

In wrapping up the session, Coordinator Winston Cumberbatch added “The operations knowledge imparted during the tour of the office and the bank, along with the questions that followed, made the occasion an educational engagement of the highest order, which could not have been possible in the classroom.  As Coordinator, I am extremely grateful to CIBC Caribbean for going beyond their financial support to offer such a life changing experience to these well deserving young men from eleven of our secondary Schools.” (PR)

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New Chief Executive Officer For Fair Trading Commission

The Fair Trading Commission announced the appointment of Brian Reece as Chief Executive Officer.

Mr. Reece  joined the staff of the Commission as Director of Utility Regulation in August 2023. In that role he was responsible for managing the strategic goal of ensuring the efficient and safe provision of regulated utility services in Barbados.  This included the supervision and leadership of a team of professionals focused on the National Renewable Energy Transition.

Mr. Reece is an Attorney-at-Law and holds an MSc. Environmental Engineering from the University of Manchester and LLB (Hons) from the University of the West Indies along with the Legal Education Certificate from the Norman Manley Law School.  He is also a Member of the Institute of Environmental Management and Assessment.

Mr. Reece has twenty years of industrial experience, along with the Chairmanship of national regulatory advisory committees. (PR/GIS)

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Yantai Eyes Barbados for Zero-Carbon Island Collaboration

By Deanzer Roberts

In a passionate appeal for international partnership in the fight against climate change, Director of the Yantai Zero-Carbon Island Development Center, Hu Yibing, has outlined a bold vision for green and sustainable development during his remarks at the Zero Carbon Island Cooperation Conference held at the Accra Beach Hotel this week.

Speaking before a number of key stakeholders and development partners, Hu extended greetings from the coastal city of Yantai, China—proudly dubbed “Coastal Wonderland” and known for its striking natural beauty and forward-thinking environmental strategies.

“China fully understands the concerns of Barbados and other small island developing states in the field of climate change,” said Hu, echoing sentiments recently shared by Chinese President Xi Jinping during a meeting with Prime Minister Mia Amor Mottley. “Our purpose here is to promote green and low-carbon cooperation and contribute to the sustainable development of the island.”

Hu described Yantai’s landmark Changdao International Zero-Carbon Island project as a shining example of what’s possible when policy, innovation, and community unite. The island—already boasting net-zero greenhouse gas targets for 2035—has banned outside vehicles, transitioned heating from coal to electricity, and ensured that 100% of new buildings meet green standards. The initiative has already eliminated over 20,000 tons of coal usage annually, cutting carbon emissions by 52,000 tons.

Efforts also extend to marine and land ecosystems, with restored algal fields and seagrass beds, cleaner waters, and increased biodiversity—including a rise in migratory bird species. Waste management, aquaculture restructuring, and green tourism models have also played key roles.

The conference also spotlighted the International Zero-Carbon Island Cooperation Initiative, launched by Yantai during COP29 in 2024, with the support of 32 co-initiating global stakeholders. The initiative aims to unite island regions through shared green goals, ranging from renewable energy solutions to marine science collaboration and vocational training.

Hu revealed that Yantai is now taking another bold step by proposing the world’s first international organization focused solely on zero-carbon island cooperation. This new body, headquartered in Yantai, would be open to membership from NGOs, academic institutions, research bodies, and private enterprises worldwide—including those in Barbados.

“This organization will strengthen resilience to climate disasters, ensure island energy security, and support economic and social development through low-carbon industries and technologies,” Hu explained. Over 20 institutions and enterprises have already confirmed their participation.

Extending an invitation to Barbados, Hu emphasized the shared environmental destiny of island nations and regions. “Those who share the same aspirations will not regard mountains and seas as a distance,” he said. “Despite the distance, China and Barbados share a clear sea and blue sky.”

As Barbados continues to carve out its place as a climate leader in the Caribbean, the alignment with Yantai’s zero-carbon vision may offer meaningful pathways for collaboration—both in policy and practice.

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