The Central Banks of Barbados and The Bahamas have agreed to a partnership to set up a pilot payment system platform to facilitate trade between the region and Africa.
Prime Minister Mia Amor Mottley made the announcement recently, as she addressed the official launch of the Afreximbank CARICOM Office at Hilton Barbados Resort, Needham’s Point, St. Michael.
Ms. Mottley told the gathering and those tuning in virtually that the programme would allow African and regional traders “to be taken on the basis of settling net differences rather than having to look for hard currency for every single transaction”.
She explained that the CARICOM Multilateral Clearing Facility (CMCF) was established in the late 1970s as a centralised payments clearing and settlement accounting system that allowed CARICOM member states and firms to use local currencies to settle transactions, among other things.
However, the operations ended by 1983 and the Prime Minister insisted that a replacement facility was needed in the region to settle trade transactions with each other.
“I refer to the CARICOM Multilateral Clearing Facility only because had we had an entity such as Afreximbank at the time, to underwrite that facility, it might not have become dormant 30 years ago,” Ms. Mottley proffered.
She insisted that the opening of the bank was linked to Government’s Reclaiming Our Atlantic Destiny (ROAD) project, while pointing to the opportunities to be had by pursuing trading outside of traditional North Atlantic countries.
“For all of our independent life, our dealings focused on North Atlantic countries, everything went north. We determined that as we moved in the second or third generation of our independence that we were certainly old enough, with enough grey hair, to say for ourselves with whom we would want to trade, relate and be among,” Ms. Mottley stated.
The Prime Minister publicly thanked the President and Chairman of the Board of Directors of Afreximbank, Dr. Benedict Oramah, for his assistance during the COVID-19 pandemic via the African Medical Supplies platform.
“This speaks not just to the passion but also the fact that the numbers and opportunities can work for both of us. This can be your platform for taking a far greater role in not just the Caribbean but the Americas, a must that will see you move from the $33 billion in assets to $60 billion by 2030,” Ms. Mottley underlined.
Meanwhile, Dr. Oramah spoke about the investments in the region, including a $200 million renewable energy project in St. Kitts, and others in tourism and hospitality, financial services, and creative industries.(PR/GIS)
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)
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)
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.