Carib Scope

分类： business

  • CDB providing grant funding for region’s cultural and creative industries

    CDB providing grant funding for region’s cultural and creative industries

    BRIDGETOWN, Barbados – The Caribbean Development Bank (CDB) has announced a significant funding initiative of US$190,000 through its Cultural and Creative Industries Innovation Fund (CIIF) to support regional events and conferences. This strategic investment aims to enhance the growth and global competitiveness of the Caribbean’s cultural and creative sectors.

    Established in 2017, the CIIF program focuses on fostering innovation, collaboration, and sustainability within the creative industries across CDB’s 19 borrowing member countries. The current grant call targets events scheduled between March 1, 2026, and February 28, 2027, that address critical development priorities for the region’s creative economy.

    Eligible activities must concentrate on policy dialogue facilitation, capacity building for micro, small, and medium enterprises (MSMEs), sector data enhancement, market intelligence development, trade promotion, and cultural heritage preservation. The bank will award six grants ranging from US$20,000 to US$50,000 to qualified applicants.

    CIIF Coordinator Malene Joseph emphasized the initiative’s significance: ‘This grant call supports home-grown activities that unlock pathways for creative Caribbean talent and businesses. Beyond facilitating policy dialogue and building data-driven insights, CIIF enables creative MSMEs through targeted financial support.’

    Application eligibility requires formal registration as business support organizations, non-governmental organizations, universities, community-based organizations, or government agencies serving the creative sector. Applicants must demonstrate at least three years of experience in hosting industry events and provide co-financing covering minimum 10% of the total project budget. The submission deadline is January 31 of the upcoming year.

  • Billionaire Lee-Chin weighs sale of NCBFG stake to settle debt, shares down 23% YTD

    Billionaire Lee-Chin weighs sale of NCBFG stake to settle debt, shares down 23% YTD

    KINGSTON, Jamaica — Prominent Jamaican-Canadian investor Michael Lee-Chin is evaluating the potential divestment of his controlling interest in National Commercial Bank Financial Group Limited (NCBFG) to address pressing debt obligations. This strategic consideration emerges as his Barbados-based company, AIC (Barbados) Limited, faces an immediate US$94 million bond payment, with total outstanding bond obligations amounting to US$297 million.

    In accordance with an agreement with noteholders, Lee-Chin has initiated a 45-day resolution period commencing December 31 to structure repayment of both principal and accrued interest. The process aims to facilitate orderly settlement arrangements for the due amount.

    “I’m conducting a comprehensive structural review of all available alternatives,” Lee-Chin stated during a telephone interview with Observer Online, while opting not to elaborate further. “All options remain under consideration, including full repayment, and I have allocated 45 days to reach a resolution.”

    An official release from his office outlined potential strategies, ranging from complete debt liquidation to addressing the current payment, with the partial or full disposal of his NCBFG shareholding identified as a viable pathway. Lee-Chin currently serves as chairman of the diversified financial services conglomerate.

    Any disposition would constitute a substantial block transaction. Recent NCBFG quarterly disclosures reveal AIC (Barbados) Limited maintained 46.24% ownership of the group’s issued shares as of September 30, 2025. Earlier regulatory filings dated March 31, 2025, indicated Lee-Chin and his affiliated entities collectively controlled 52.15% of NCBFG, with AIC (Barbados) specifically holding 46.74% at that time.

    The billionaire is collaborating with financial advisors and key stakeholders to determine “the most appropriate and sustainable course of action,” according to the statement. Lee-Chin expressed confidence that the undertaken measures would yield favorable outcomes while reaffirming his commitment to fulfilling all financial obligations.

    Market analysts anticipate a decision regarding the preferred approach within the forthcoming fortnight, substantially preceding the 45-day deadline. A transaction involving Lee-Chin’s substantial shareholding would represent a significant event for NCBFG’s market structure.

    The company’s shares have experienced downward pressure, concluding at J$39.05 on the Jamaica Stock Exchange with 3.35 million shares traded recently. At this valuation, Lee-Chin’s 52.15% stake—based on 2.58 billion issued shares—approximates J$52.6 billion (US$335 million), substantially exceeding the total bond debt. This current price reflects a considerable decline from historic peaks when shares reached an intraday high of J$249 and closed at J$219 in July 2019. Year-to-date, the stock has depreciated 23.16%.

    Lee-Chin established his fortune primarily through Portland Holdings Inc., his investment holding vehicle. His stewardship of NCBFG, which encompasses banking, insurance, and wealth management services across the Caribbean region, has constituted a foundational element of his business legacy.

    Additional developments will be communicated as appropriate.

  • Supreme Ventures announces intended strategic divestment of Evolve Loan Co

    Supreme Ventures announces intended strategic divestment of Evolve Loan Co

    KINGSTON, Jamaica — A significant strategic realignment is underway in Jamaica’s financial sector as Supreme Ventures Limited has entered preliminary negotiations with Dolla Financial Services Limited concerning the divestiture of Evolve Loan Co’s loan portfolio and select digital assets.

    The proposed transaction, announced Wednesday, forms part of a deliberate capital optimization strategy designed to enhance balance sheet efficiency for Supreme Ventures. The move aims to reduce credit risk concentration while improving risk-adjusted returns, all while maintaining strategic exposure to the portfolio’s future performance.

    This divestiture will catalyze a fundamental operational transformation for Evolve Loan Co, shifting it toward an asset-light business model. The restructured entity will concentrate strategically on loan origination services, digital platform enablement, and developing fee-based revenue streams—a transition expected to boost capital returns while mitigating balance sheet vulnerabilities.

    For acquiring entity Dolla Financial Services, this acquisition represents a strategic expansion that significantly scales operations and fortifies its lending infrastructure. Company CEO Kenroy Kerr emphasized that the transaction “meaningfully expands our microcredit footprint and reinforces our commitment to inclusive financing,” anticipating substantial positive impact on the company’s loan book balance and growth trajectory.

    Supreme Ventures will maintain financial exposure to future value creation through retained 15% equity ownership in Dolla Financial Services Limited. Executive Chairman Gary Peart characterized the move as reflecting “disciplined capital allocation and a clear focus on shareholder value,” strengthening immediate financial positioning while preserving long-term upside potential through a more scalable operational structure.

    Final transaction details remain under negotiation pending regulatory approval from the Bank of Jamaica.

  • From Remittances to IP: The Dominican Republic’s Next Economic Play

    From Remittances to IP: The Dominican Republic’s Next Economic Play

    Beyond the sun-drenched resorts and bustling construction sites lies the Dominican Republic’s most potent economic force—a global network of nearly three million diaspora citizens generating transformative potential that remains largely untapped by domestic policymakers.

    While official narratives celebrate record tourism and resilient remittances, the country faces a critical development crossroads. The World Bank acknowledges the nation’s exceptional growth—tripling the Latin American average over two decades—but warns this progress stems from factor accumulation rather than productivity gains. With climate vulnerability ranking among the world’s highest and human capital potential stagnating at 50%, traditional growth models are hitting their limits.

    The statistics reveal both promise and paradox: $10.76 billion in annual remittances represent 8.6% of GDP, dwarfing the global average of 5%. Yet this substantial flow merely scratches the surface of what the diaspora represents—a distributed national asset comprising engineers in New Jersey, fintech specialists in Madrid, and logistics experts in Panama operating within advanced economies.

    This global Dominican network represents what development economists call ‘the multiplier effect’—potential co-authors of a new economic paradigm based on intellectual property, digital infrastructure, and knowledge exports rather than traditional sectors. Their combined capabilities in software development, data science, and international business operations could catalyze the productivity revolution the country desperately needs.

    However, systemic barriers prevent this transformation. Political establishments accustomed to celebrating remittance figures as success metrics resist redefining economic contribution beyond cash transfers. The concept of diaspora-originated IP as legitimate exports threatens existing power structures built on physical assets and traditional foreign direct investment.

    Strategic recommendations emerging from expert analysis include:

    1. Formal recognition of software, algorithms, and digital platforms as strategic export categories
    2. Creation of diaspora co-investment vehicles targeting IP-intensive ventures rather than real estate
    3. Corporate innovation mandates connecting domestic firms with diaspora technical expertise
    4. Institutional representation for diaspora operators in economic planning entities

    The path forward requires acknowledging that the most valuable Dominican exports may not emerge from free zones but from collaborative networks spanning Santiago, Queens, and Barcelona. This distributed innovation model represents not just economic opportunity but a fundamental reimagining of national development in an increasingly digital global economy.

  • Regional service set to get off the ground next year, SBA hopeful

    Regional service set to get off the ground next year, SBA hopeful

    After years of developmental delays and financing challenges, the long-anticipated regional ferry service connecting Caribbean nations is poised for potential realization in 2026. The Small Business Association (SBA) has emerged as a pivotal supporter of the Connect Caribe initiative, positioning the project as a cornerstone of its strategic export development agenda.

    Dr. Lynette Holder, CEO of the SBA, confirmed the association’s formal involvement as a logistics management coordinator through its subsidiary agency. The ferry system, conceived as a multipurpose platform prioritizing trade facilitation, initially targets routes between Barbados, Trinidad and Tobago, Guyana, and Suriname, with subsequent expansion planned for Saint Lucia and other Organisation of Eastern Caribbean States (OECS) territories.

    The SBA has proactively identified export-ready enterprises—including agricultural processors, small-scale manufacturers, and service providers—while establishing connections with strategic partners in destination markets. This preparatory work aligns with the association’s 2025-2028 strategic framework, which emphasizes export development and sustainability as fundamental pillars.

    Despite demonstrated readiness among small businesses and identified vessels, Ambassador Andre Thomas, Chairman and CEO of Connect Caribe, acknowledges that securing adequate capital remains the primary obstacle. The project requires approximately $50 million in funding, with recent negotiations involving the Caribbean Development Bank aimed at accelerating financial resolution.

    Thomas confirmed infrastructure development has commenced and stakeholder engagement continues actively, though he characterized the process as ‘comparable to climbing Mount Everest’ in complexity. The initiative has garnered strong support from business leaders including Lalu Vaswani, Chairman of the BCCI Customs and Trade Facilitation Committee, who emphasized the ferry’s potential to revolutionize regional trade dynamics by enabling smaller-scale shipments that bypass container vessel requirements.

    The proposed service addresses critical gaps in Caribbean transportation infrastructure, potentially reducing dependence on costly air freight and limited shipping options while fostering intra-regional commerce among smaller enterprises unable to leverage conventional container-based export models.

  • Report Claims Crucial Canadian Tourism To The Caribbean Is Down — Here’s Why That Matters

    Report Claims Crucial Canadian Tourism To The Caribbean Is Down — Here’s Why That Matters

    A significant transformation in Canadian travel behavior is creating substantial economic headwinds for Caribbean destinations, according to industry analysis. Recent data reveals a pronounced decline in Canadian visitors across multiple Caribbean nations throughout 2025, with decreases ranging from moderate to severe depending on the location.

    Industry publication Travel and Tour World documented substantial reductions in Canadian arrivals, with Dominica experiencing the most dramatic downturn at 36.5% fewer visitors during the first half of 2025 compared to the same period last year. Other affected destinations include Antigua and Barbuda, Barbados, Costa Rica, Jamaica, Cuba, and the Dominican Republic, all reporting declines between 1.5% and 18%. The trend extends to St. Vincent, Grenada, Saint Lucia, Bonaire, and Anguilla, confirming a regional pattern rather than isolated incidents.

    Multiple factors contribute to this tourism redistribution. Canadian travelers are demonstrating altered preferences, increasingly selecting destinations beyond traditional American and Caribbean options. Economic considerations including domestic inflation pressures and cost-saving measures have made expensive vacation packages less appealing. Additionally, political developments in the United States following the 2025 presidential inauguration have further influenced Canadian travel decisions regarding neighboring destinations.

    The timing presents particular challenges for Caribbean economies that traditionally rely on Canadian visitors seeking warm-weather retreats during winter months. Despite successful recovery efforts after Hurricane Melissa in October 2025—Jamaica notably welcomed 300,000 visitors post-hurricane—residual caution appears to persist among some travelers.

    This tourism redistribution carries significant implications for Caribbean hospitality sectors and regional economies. Industry observers are monitoring whether decreased demand from Canadian travelers might result in more competitive pricing for other visitor demographics or alternatively trigger economic challenges for tourism-dependent communities. The long-term adaptation strategies that Caribbean destinations employ to attract Canadian visitors back to the region remain under careful observation.

  • Why 2025 was the best year in history for the ultra-wealthy

    Why 2025 was the best year in history for the ultra-wealthy

    The year 2025 has marked an extraordinary pinnacle in global wealth accumulation, with billionaires experiencing unprecedented financial growth driven by technological innovation and strategic market movements. According to Forbes, this historic surge has been propelled by skyrocketing AI valuations, landmark public offerings, and the continued dominance of tech magnates like Elon Musk.

    A remarkable trend emerged in youth entrepreneurship as prediction markets platform Polymarket achieved a $9 billion valuation, temporarily granting 27-year-old founder Shane Kaplan the title of world’s youngest self-made billionaire. This record was swiftly surpassed weeks later when AI enterprise Mercor secured funding at a $10 billion valuation, elevating its three 22-year-old co-founders to become the youngest billionaires in history, overtaking Mark Zuckerberg’s previous milestone.

    The competition extended to female billionaires as Taylor Swift’s reign as youngest self-made female billionaire since 2023 ended when 30-year-old Scale AI co-founder Lucy Guo claimed the title in April. Shortly thereafter, 29-year-old former Brazilian ballerina Luana Lopes Lara achieved billionaire status following her startup Kalshi’s $11 billion valuation.

    Throughout 2025, wealth creation occurred at an astonishing pace of approximately one new billionaire daily, totaling over 340 newcomers from diverse regions including the United States, China, India, Russia, and unexpectedly from smaller nations like Saint Kitts and Nevis and Albania. The global billionaire count now stands at 3,148 individuals—a 50% increase from five years prior—with collective wealth reaching $18.7 trillion, representing a $10 trillion growth since 2020. The average billionaire net worth climbed to $5.9 billion.

    This concentration of wealth has translated into significant political influence. In the United States, 135 billionaires contributed substantially to the 2024 presidential election, funded inauguration ceremonies, and participated in White House renovation projects. Several have assumed governmental roles, constituting the wealthiest administration in American history. Notable appointments include Jared Isaacman leading NASA and Czech agricultural entrepreneur Andrej Babiš becoming prime minister, signaling a new era of billionaire governance.

    Elon Musk demonstrated the most dramatic wealth expansion, commencing the year with $421 billion and successively breaking the $500, $600, and $700 billion barriers by December. His fortune grew by $333 billion through Tesla and SpaceX valuations—exceeding the total net worth of Larry Page, the world’s second-richest person. Similarly, Oracle co-founder Larry Ellison achieved the largest single-day wealth gain in recorded history on September 10 when Oracle shares surged 36%, adding nearly $100 billion to his net worth within 24 hours.

    The artificial intelligence sector proved particularly fertile for billionaire creation. Founders of large language model companies, including DeepSeek, Anthropic, and CoreWeave, joined the billionaire ranks alongside entrepreneurs providing AI infrastructure such as data centers, GPUs, cloud services, and specialized tools. Wealth generation extended beyond AI to cryptocurrency firm Circle, design platform Figma, ballistic protection manufacturers, satellite technology companies, and AI-driven gaming enterprises.

    Total new billionaire wealth reached $876 billion within twelve months, with approximately 40% originating from American entrepreneurs. However, this wealth wave spanned 32 countries, including Albania where Samir Mane became the nation’s first billionaire. Two-thirds of new billionaires are self-made, featuring eleven under age 30—a global record—while the remainder inherited fortunes, including heirs to Jim Irsay, Giorgio Armani, and the Medline family.

    Most notably, billionaire wealth has demonstrated remarkable resilience. Eighty-five percent of billionaires maintained their status from the year’s beginning, with four-fifths entering 2026 with net worth equal to or exceeding their 2025 valuations, confirming that the era of extreme wealth concentration is not merely continuing but accelerating.

  • Linger president-commissaris EBS en Felicia Zerp CFO

    Linger president-commissaris EBS en Felicia Zerp CFO

    PARAMARIBO – Suriname’s national electricity provider NV Energiebedrijven Suriname (EBS) has implemented a comprehensive leadership overhaul effective December 24th, following an extraordinary Shareholders’ Meeting convened at the utility’s headquarters. The restructuring introduces a newly constituted Board of Commissioners and appoints a fresh Chief Financial Officer.

    Minister David Abiamofo of Natural Resources, acting as authorized representative for the State of Suriname as majority shareholder, formally executed the appointments. The proceedings were supervised by NH Energy Director Valerie Lalji, with EBS General Director Leo Brunswijk and other senior management personnel in attendance.

    The revamped Board of Commissioners now features Dean Linger as President-Commissioner. The board’s composition includes Jonathan Wesenhagen, Jerrel Macintosch, Subhash Goerdat, Leon Brunings, and Madhavi Bholasingh. Notably, former President-Commissioner Kenneth Profijt returns to the board as a regular member. This reorganization sees the departure of Clifton Lienga and Radha Rosiek from the supervisory body.

    Simultaneously, Felicia Zerp assumes the role of Chief Financial Officer, succeeding Leslie Rahan who concludes his tenure on December 31st upon reaching retirement age.

    Minister Abiamofo addressed significant challenges confronting the energy sector during the assembly, emphasizing the critical need for financing new electricity generation capacity and accelerating the transition toward sustainable energy solutions. He further stressed the societal importance of establishing fair and transparent electricity pricing structures.

    The newly inaugurated Board of Commissioners has received immediate directives to conduct a comprehensive quick-scan assessment. This preliminary evaluation aims to provide crucial insights into EBS’s current financial viability and operational performance metrics. Minister Abiamofo concluded proceedings by expressing formal appreciation for the contributions of outgoing commissioners and retiring CFO Leslie Rahan.

  • CDB and the government of Canada announce historic $27.5 million funding to upgrade Belize’s power infrastructure

    CDB and the government of Canada announce historic $27.5 million funding to upgrade Belize’s power infrastructure

    In a landmark financial collaboration, the Caribbean Development Bank (CDB) and the Government of Canada have unveiled a comprehensive $27.53 million funding package to revolutionize Belize’s electricity infrastructure. The initiative, designated as the Power VIII Project, represents the most substantial financial arrangement ever extended by CDB to Belize Electricity Limited (BEL) and marks the first instance of non-sovereign, unsecured financing provided by the development bank.

    The innovative funding structure comprises a $24.2 million loan drawn from CDB’s Ordinary Capital Resources, complemented by a $3 million grant from its Special Funds Resources. This financial backing receives additional support through Canada’s Supporting Resilient and Green Energy (SuRGE) Initiative, demonstrating international commitment to sustainable energy development in the Caribbean region.

    Alexander Augustine, Portfolio Manager at CDB, emphasized the strategic importance of this venture: “The Bank is proud to support Belize’s transition to a smarter, more climate-resilient grid. This project directly aligns with our priorities for digital infrastructure, energy security, and climate resilience. BEL has demonstrated the institutional maturity and financial capacity required for non-sovereign-guaranteed financing.”

    The ambitious three-year implementation plan will see the nationwide deployment of 115,000 advanced smart meters, supported by cutting-edge communication systems and data analytics capabilities. This technological overhaul will enable enhanced real-time monitoring, improved outage management, precise voltage regulation, accurate billing systems, and seamless integration of renewable energy sources, particularly solar power.

    Ricardo Martin González, Canada’s Chargé d’Affaires to Belize, affirmed his nation’s commitment: “Canada is pleased to support Belize’s efforts to modernize its electricity grid through this important partnership. By contributing through the SuRGE initiative, we’re helping advance cleaner, more reliable, and climate-resilient energy infrastructure that will benefit communities across the country.”

    BEL’s CEO, John Mencias, welcomed the development as a testament to the longstanding partnership between the institutions, noting that collaboration dates back to the early 1970s. The project will additionally benefit from a $330,000 SuRGE grant and $7.05 million in matching funds from BEL, creating a total investment package that signals strong confidence in Belize’s energy development trajectory.

  • CalvinAir Expands Fleet with Pilatus PC-12, Broadening Charter and Medical Airlift Services

    CalvinAir Expands Fleet with Pilatus PC-12, Broadening Charter and Medical Airlift Services

    In a strategic move to diversify its service capabilities, regional aviation leader CalvinAir Helicopters has officially integrated a fixed-wing Pilatus PC-12 aircraft into its operational fleet. This expansion marks a pivotal evolution from a purely rotary-wing service to a comprehensive air transport provider.

    The state-of-the-art turboprop, configured for eight passengers with VIP amenities, introduces unprecedented range and capacity to the carrier’s offerings. With a cruising speed of 300 mph, superior payload capacity, and enhanced operational range, the PC-12 enables CalvinAir to execute longer-distance charters and critical medical airlift missions with greater efficiency.

    CEO Mark Fleming characterized the acquisition as a transformative development. ‘Integrating the Pilatus PC-12 fundamentally enhances our service portfolio,’ Fleming stated. ‘This aircraft isn’t merely an addition; it’s a strategic asset that allows us to address longer-range corporate charter demands while simultaneously amplifying our emergency medical response capabilities across the Eastern Caribbean.’

    The aircraft’s operational value has already been demonstrated through a recent medical evacuation from Antigua and Barbuda. The PC-12 successfully transported Kimroy Williams, a local taxi driver suffering from a severe spinal condition, to Trinidad for urgent specialized surgery, a mission underscoring the aircraft’s critical role in regional healthcare logistics.

    This fixed-wing addition complements CalvinAir’s existing fleet of three luxury Airbus H130 helicopters, creating a mixed-fleet structure optimized for varied mission profiles. The company reaffirms that all operations will continue to adhere to the highest standards of safety, reliability, and customer service that define its brand.

    This fleet expansion signals CalvinAir’s commitment to addressing the growing and evolving transportation needs of both private and corporate clients, while strengthening vital emergency support infrastructure for the region.