Carib Scope

分类： business

  • Labour Force Shrinks by 13,000. What’s Really Behind It?

    Labour Force Shrinks by 13,000. What’s Really Behind It?

    In newly released labor market data from Belize, a seemingly contradictory economic trend has emerged: the national labor force has contracted by more than 13,000 workers over the 12-month period ending in June 2026, even as the official unemployment rate has edged downward. The findings come from the latest quarterly Labor Force Survey published by the Statistical Institute of Belize (SIB), the country’s central statistics agency.

    According to the SIB report, the national unemployment rate fell slightly from 2.1% to 1.9% over the survey period. But this small improvement does not reflect widespread job growth, officials explain. Instead, the falling rate is driven almost entirely by thousands of Belizean workers exiting the labor force entirely, rather than unemployed workers securing new positions.

    Christian Orellano, the SIB’s manager of censuses and surveys, broke down the demographic shifts driving the contraction. The largest declines in labor force participation are concentrated among adults aged 25 and older, with two key groups accounting for most of the exit. Women between the ages of 25 and 34 have left the workforce in large numbers to take on family care responsibilities, while workers aged 55 and older have exited through retirement. These two demographic shifts have combined to shrink the overall pool of active workers significantly.

    Diana Castillo, SIB’s director general, clarified the mathematics behind the falling unemployment rate amid a shrinking labor force. Unemployment is calculated as a ratio: the number of unemployed workers (the numerator) divided by the total size of the active labor force (the denominator). In this case, both figures have decreased over the past year, but the number of unemployed workers has fallen at a faster percentage rate than the total labor force. That mathematical shift produces a lower official unemployment rate, even without broad job growth.

    The conflicting data has sparked debate among economic observers over whether Belize’s low official unemployment rate signals a genuinely strengthening economy, or if it is just a statistical quirk masking underlying labor market shifts driven by workers dropping out of active employment. Local news outlet will air a full in-depth breakdown of the survey findings and expert analysis during its 6 p.m. newscast the same day to address these questions.

  • Elon Musk is No Longer a Trillionaire

    Elon Musk is No Longer a Trillionaire

    Just two weeks after making history as the world’s first person to reach a $1 trillion net worth, Elon Musk has fallen below the iconic trillion-dollar threshold, driven by a steep correction in SpaceX’s publicly traded shares and new regulatory constraints on a large block of his Tesla stock.

    Musk notched his place in the record books on June 12, when SpaceX’s long-awaited $75 billion initial public offering pushed his estimated total wealth to $1.1 trillion. In the days following the IPO, roaring investor demand sent SpaceX shares climbing, pushing Musk’s peak net worth to an unprecedented $1.45 trillion earlier this month.

    That momentum has reversed sharply in recent trading. From its post-IPO high, SpaceX’s stock has tumbled roughly 31 percent, wiping out hundreds of billions of dollars in the company’s overall market capitalization and carving a massive chunk out of Musk’s personal fortune. The aerospace firm makes up the largest single share of Musk’s current wealth, so its stock volatility has an outsized impact on his net worth calculations.

    The drop in SpaceX valuation was not the only factor behind Musk’s fall from the trillionaire club. Last week, the billionaire surrendered $7.1 billion worth of Tesla shares to cover exercise costs for stock options granted under his controversial 2018 Tesla compensation package. After a high-profile court battle over the approval of the package, the converted shares are now classified as restricted stock. Under the terms of the agreement, Musk will forfeit these holdings if he steps down from his role as Tesla’s chief executive before January 2028, meaning they cannot be counted as fully liquid, unrestricted assets in his net worth calculation.

    As of market close on Tuesday, independent estimates put Musk’s total net worth at approximately $962 billion. Even with the decline, Musk retains his title as the world’s richest person by a substantial gap, with his nearest competitor trailing by hundreds of billions of dollars.

    Market analysts have long pointed out that the vast majority of Musk’s wealth is held in equity stakes in his two flagship companies, rather than cash or liquid low-volatility assets. This structure means his net worth is extremely sensitive to swings in public market sentiment, with billion-dollar gains or losses occurring in days in response to stock price moves. Many market watchers expect further volatility in Musk’s net worth going forward, as both SpaceX and Tesla continue to face shifting investor demand and industry headwinds.

  • Tobacco exports generate $1.359 billion for Dominican Republic in 2025

    Tobacco exports generate $1.359 billion for Dominican Republic in 2025

    Santo Domingo – The Dominican Republic’s iconic tobacco sector has delivered another year of solid expansion, closing 2025 with total export revenue hitting $1.359 billion. This marks a $19 million year-over-year increase, reaffirming the industry’s standing as one of the nation’s most valuable export-focused sectors.

    Industry leader Iván Hernández Guzmán shared new details on the sector’s broad economic footprint, noting that it currently supports more than 122,000 direct jobs across the country and maintains an annual output of roughly 330,000 quintals of raw tobacco. Currently, 130 tobacco and tobacco-derived product companies operate within the nation’s free zone regime, with 93% of these facilities concentrated in the country’s northern agricultural heartland.

    Long-term trend data underscores the sector’s consistent momentum: since 2019, total tobacco exports have surged 41%, pulling in a wave of new private investment and driving dramatic job growth. The total direct workforce has expanded from just under 97,500 workers in 2019 to more than 122,000 entering 2026.

    Hernández attributed the sector’s sustained growth to targeted government support programs designed to strengthen smallholder producers and boost global market access. These initiatives include hands-on technical assistance for farmers, free distribution of improved tobacco seeds and seedlings, support for land preparation, advanced pest control frameworks, and sustained international marketing campaigns that highlight the quality of Dominican tobacco.

    He went on to reaffirm that tobacco remains the Dominican Republic’s third-largest export category, trailing only gold and medical devices in total export value. Meanwhile, premium Dominican cigars continue to hold an unrivaled global reputation for craftsmanship and quality, anchored by world-renowned brands including Arturo Fuente and Davidoff that dominate the global premium cigar market.

  • Colonial City restoration aims to preserve heritage and tradition

    Colonial City restoration aims to preserve heritage and tradition

    SANTO DOMINGO — One of the Americas’ most historically significant urban landmarks is in the final stretch of a large-scale revitalization effort, with completion on track to meet original timeline targets, project leaders announced this week.

    The Comprehensive Program for Tourism and Urban Development of the Colonial City of Santo Domingo (Pidtuccsd) confirmed that ongoing renovation works across the UNESCO-recognized historic district are slated to wrap up construction by October, with an official handover and public launch scheduled for December.

    During a scheduled media tour of the work zone, government and project authorities walked journalists through the advanced progress of more than two dozen separate restoration initiatives. The projects touch every corner of the Colonial City, from public streetscapes and centuries-old residential structures to iconic historic buildings, religious temples and regional cultural centers.

    The core goal of the entire overhaul is to elevate the visitor experience for millions of domestic and international tourists who travel to the district each year. Founded in 1502, the Colonial City holds the distinction of being the first permanent European settlement established in the Americas, making it a landmark site of global historical importance.

    Speaking for the Dominican Republic’s Ministry of Tourism, lead architect Amín Santos outlined the framework of the multi-project renovation, which falls under the umbrella of the city’s broader comprehensive tourism and urban development strategy. Santos explained that 28 distinct projects have been active concurrently on site, with an original 18-month execution window mapped out when work first got underway.

    Launched in February 2023, the revitalization initiative has now reached an overall completion rate of 86.8%, putting it solidly on pace to hit the October completion target. During the media tour, Santos also shared detailed visual documentation of the district’s transformation, showcasing side-by-side before-and-after comparisons of restored streets, cultural landmarks and historic churches across the Colonial City.

    Once completed, project leaders expect the upgraded infrastructure and restored historic sites to drive increased tourism revenue, boost local small business activity, and preserve the district’s unique cultural heritage for future generations.

  • Alibaba vecht Amerikaanse militaire blacklisting aan

    Alibaba vecht Amerikaanse militaire blacklisting aan

    Chinese e-commerce multinational Alibaba Group has launched a federal lawsuit against the U.S. Department of Defense, challenging the agency’s recent decision to blacklist the firm as a supposed Chinese military-linked enterprise. The company has flatly rejected the designation, arguing it lacks any credible factual or legal foundation.

    Alibaba confirmed the legal filing in a statement released Tuesday, noting the case has been submitted to the U.S. District Court for the Northern District of California, located in San Jose. At the core of the company’s challenge is its denial of any institutional or operational ties to the Chinese military, emphasizing that it operates as an independent, publicly traded commercial entity with no military connections.

    “The [DoD’s] decisions are completely devoid of factual and legal basis,” Alibaba stated in its court filing. “Alibaba is governed by an independent board of directors, none of whom hold any military affiliations. Our core product and service lines focus exclusively on consumer retail, supply chain logistics, and enterprise information technology – we do not produce weapons, provide defense services, or support intelligence operations.”

    The controversial designation dates back to June 8, when the U.S. government added Alibaba to its blacklist of companies alleged to collaborate with the Chinese military. The firm was joined by other major Chinese technology and manufacturing corporations, including electric vehicle giant BYD and search engine leader Baidu. This blacklisting forms part of a broader Washington-led strategy to curb the global expansion of Chinese tech firms, rooted in long-standing U.S. national security concerns.

    Under new restrictions that took effect June 30, companies included on the list are barred from supplying any goods, services, or proprietary technology to the U.S. Department of Defense. Starting in 2027, the Pentagon will also be prohibited from awarding any contracts to these firms, even through third-party intermediaries. The restrictions carry significant commercial stakes, as U.S. federal government contracts represent valuable, high-revenue business opportunities for global corporations.

    When the designation was first announced, an Alibaba spokesperson reaffirmed the company’s position, saying: “Alibaba is not a Chinese military enterprise, nor is it part of any national military-civil fusion strategy. We will utilize all available legal avenues to push back against attempts to wrongly misrepresent our company.”

    The Chinese embassy in Washington has also publicly condemned the U.S. move as discriminatory. “Chinese companies operating overseas strictly abide by the laws and regulations of their host countries,” an embassy spokesperson noted. “The United States must end this wrongful practice and ensure a fair, non-discriminatory business environment for Chinese enterprises operating globally.”

    The Pentagon justifies its blacklisting of Alibaba by claiming the company supports China’s military-civil fusion strategy, through alleged ties to China’s Ministry of Industry and Information Technology. Alibaba has repeatedly denied these claims in full.

    The legal challenge comes at a moment of escalating bilateral friction between Washington and Beijing over technology trade and market access, as Western governments have grown increasingly vocal in scrutinizing the role of large Chinese firms in global digital and technology infrastructure. Legal analysts note the court’s ruling in this case could set a major precedent, shaping not only Alibaba’s future access to U.S. markets but also the broader framework of U.S. regulatory policy toward Chinese multinational companies operating internationally.

  • Inflatie stijgt naar 11,4 procent; prijzen in mei met 1,3 procent omhoog

    Inflatie stijgt naar 11,4 procent; prijzen in mei met 1,3 procent omhoog

    Preliminary official data released this week confirms that Suriname’s annual inflation rate reached 11.4% in May 2026, according to the country’s Central Bureau of Statistics (ABS). The latest consumer price tracking also shows that overall consumer prices rose by a monthly average of 1.3% between April 2026 and May 2026, pushing the national Consumer Price Index (CPI) up from 947.4 points in April to 960.0 points at the end of the measurement period.

    ABS collected all price data for the May report between May 4 and May 29, 2026. When breaking down monthly price shifts across categories, the communications sector recorded the largest proportional jump, with prices climbing 14.4% over April’s levels. Fresh produce also saw dramatic monthly growth: fruit and vegetable prices rose 16.3% in May alone, pushing the annual increase for this essential consumer category to 32.5% year-over-year.

    Other food categories also posted noticeable monthly upticks. Prices for fish, seafood and shrimp rose 2.9% compared to April, while soft drinks, bottled water and juices saw an identical 2.9% monthly increase. Other general food goods recorded a 2.5% monthly price hike in May.

    On an annual basis, the most staggering price growth has hit healthcare services. Medical and paramedic services have surged 124.2% since May 2025, far outpacing all other measured categories. Other sectors with double-digit annual inflation include communications equipment and services (17.5%), out-of-home beverages (17%), pet care supplies and services (15.5%), and processed fish products (14%).

    ABS officials emphasize that the headline 11.4% average inflation rate does not reflect uniform price growth across all consumer goods and services. Out of the 316 goods and services included in the national CPI basket, price movements in May ranged from a 39% price decrease to an extreme 600% price increase, demonstrating widespread unevenness in cost pressures across the Surinamese economy.

    The 12-month moving average inflation rate, which smooths out short-term monthly volatility by comparing the average of the last 12 months to the preceding 12-month period, hit 10.7% in May. This result extends a gradual upward trend in average inflation that has been observed across Suriname over recent months.

  • SEOGS groeit uit tot breed zakelijk platform rond energieontwikkeling

    SEOGS groeit uit tot breed zakelijk platform rond energieontwikkeling

    The sixth iteration of the Suriname Energy, Oil & Gas Summit (SEOGS) officially launched on Tuesday at Roeli’s Event Venue in Wanica, marking another milestone for the country’s fast-growing energy sector. This year’s flagship international gathering has attracted an unprecedented scale of participation: 260 exhibiting organizations, 233 expert speakers, 1,200 international delegation members, and an expected total attendance of roughly 14,000 visitors over the four-day event.

    What began as a niche trade show focused exclusively on oil and gas has evolved into far more than a specialized industry exhibition. Across three large exhibition halls, companies and institutions from across the globe showcase their latest products, services, cutting-edge technologies and long-term development plans for the regional energy market. The summit has become a core hub for forging new business partnerships, exchanging innovative industry insights, and finalizing concrete commercial agreements.

    Beyond traditional oil and gas segments including extraction, transportation, storage, logistics and refining, the 2026 summit features a growing presence of companies from adjacent and supporting sectors, creating a far more diverse exhibition landscape than ever before. Attendees can explore offerings ranging from legal and banking services, hospitality, on-site medical support and emergency first aid, to helicopter transport services, physical and digital security solutions, communication infrastructure, data storage, advanced monitoring technology, industrial robotics and artificial intelligence. Local Surinamese producers of fresh food and beverages also have a prominent spot at the event, highlighting the growing local integration of the offshore energy sector.

    Anand Jagessar, CEO of Staatsolie, Suriname’s state-owned oil and gas company, told reporters on site that SEOGS has grown increasingly targeted as offshore oil and gas developments move from planning phases to concrete operational projects. “More discoveries and new offshore developments are coming online, such as the Gran Morgu project. And now Petronas has announced it will move forward with a major gas development here,” Jagessar explained.

    He noted that this accelerating project pipeline has drawn a growing number of contractors and supporting service providers to establish operations in and around Suriname’s energy sector. This growth has also spurred the development of concrete logistics hubs, including ports purpose-built to support offshore industry operations.

    According to Jagessar, the economic spillover from the expanding energy sector is now being felt across a much broader swath of Suriname’s domestic economy. “A large volume of locally produced food and beverages is already being supplied to offshore operations. As more developments move forward, the opportunities become clearer, and local businesses are stepping up to seize those chances,” he said.

    The Staatsolie chief emphasized that sector growth is creating opportunities not just for established businesses, but also for Suriname’s younger generation. Young people can now pursue targeted education and training to prepare for in-demand roles in the future oil, gas and energy industry, he added. “There are now real opportunities for young people to get involved and pursue focused studies. That makes for a very bright future ahead,” Jagessar said.

    Reflecting this focus on youth, one full day of the four-day summit is dedicated exclusively to young people, designed to build a connection between current economic growth and the country’s future workforce.

    During the opening ceremony, speakers from Suriname and across the globe highlighted the critical importance of building a robust regional oil and gas industry. Discussions covered not just investment and production targets, but also international collaboration, knowledge sharing, and the urgent need to ensure projected economic prosperity translates to tangible benefits for all of Suriname’s society.

    The event was officially opened by Suriname President Jennifer Simons, Vice President Gregory Rusland, Minister of Foreign Affairs, International Trade and Cooperation Melvin Bouva, and Minister of Oil, Gas and the Environment Patrick Brunings. With the expanded scale of this sixth edition, SEOGS has cemented its position as one of the most important business platforms in Suriname, centered on energy development, offshore activities, and the broad range of cross-sector economic opportunities these developments bring to the country.

  • DSB boekt recordwinst van bijna SRD 789 miljoen en keert dividend uit

    DSB boekt recordwinst van bijna SRD 789 miljoen en keert dividend uit

    Leading Surinamese financial institution De Surinaamsche Bank (DSB) has delivered robust financial results for the 2025 fiscal year, posting a net profit of 788.9 million Surinamese dollars (SRD), representing a 44% year-over-year increase that outpaces prior performance expectations. The strong bottom-line growth, announced Tuesday during the reconvened session of a previously adjourned Annual General Meeting of Shareholders, adds more than 242.6 million SRD to the bank’s 2024 net profit of 546.3 million SRD, cementing the lender’s solid position in Suriname’s evolving financial sector.

    Following board approval tied to the 2025 results, DSB will distribute a total dividend payout of 161 million SRD to shareholders, equal to approximately 4.27 SRD per outstanding share. The majority of the annual profit, however, will be retained to boost the bank’s total equity, which now stands at 4.24 billion SRD. This capital buffer is intended to strengthen DSB’s overall financial standing and create flexible capacity for targeted strategic investments in coming years.

    Bank leadership emphasized that the 2025 financial metrics reflect sustained, healthy organizational growth across all core business segments. DSB’s loan portfolio expanded by 40% compared to 2024, while total client deposits and entrusted funds grew 19% to reach 35.56 billion SRD. Operational efficiency also improved, with the bank’s efficiency ratio dropping from 53% to 49% — a shift that signals more streamlined, cost-effective operations. Additionally, DSB’s solvency ratio reached 20.9% for the fiscal year, far exceeding the 11.25% minimum regulatory requirement set by Suriname’s central banking supervisor.

    Beyond financial performance, the annual general meeting focused heavily on DSB’s ongoing service modernization and digital transformation efforts. In 2025, the bank rolled out multiple key digital initiatives, including full automation of the personal loan application process, upgrades to its online banking platform, and the launch of DSB Buddy, a new virtual assistant to handle customer inquiries and digital service requests. DSB also collaborated with the Central Bank of Suriname and other domestic financial institutions to speed up interbank payment processing for consumers and businesses across the country.

    The meeting also addressed updates to corporate governance and leadership. Shareholders approved the expansion of DSB’s executive management team with the appointment of Raveen Koelfat as the bank’s new Chief Commercial Officer (CCO). They also endorsed the nomination of Stanley Mathura to the bank’s Supervisory Board, a move that remains pending formal regulatory approval from the Central Bank of Suriname.

    Looking ahead to 2026, DSB has outlined a clear strategic agenda centered on further digital service upgrades, enhanced customer experience, the development of innovative financing products, and strengthened information security frameworks. A key priority for the year is achieving the international ISO 27001 certification for information security management, a milestone that will align the bank’s data protection practices with global best practices. With its strong 2025 performance building a solid financial foundation, DSB says it is well-positioned to continue its growth trajectory and reinforce its leading role in Suriname’s banking sector.

  • Island economy Taiwan moves into global top four for competitiveness

    Island economy Taiwan moves into global top four for competitiveness

    Against a backdrop of rising geopolitical tension and accelerating global economic fragmentation, small open economies are redefining what it means to compete on the world stage. In a striking shift that underscores this new paradigm, Taiwan has secured its highest-ever position in the International Institute for Management Development (IMD)’s annual World Competitiveness Ranking, jumping two spots to claim fourth place among the 70 global economies evaluated for 2026.

    Released by the Switzerland-based leading business and international management research body, the 2026 ranking places only three economies ahead of Taiwan: Singapore, which retains the top spot, followed by Hong Kong in second and Switzerland in third. Rounding out the 2026 top 10 are the United Arab Emirates, Denmark, Ireland, the Netherlands, Sweden, and the United States, which landed in 10th place — an outcome that highlights Taiwan’s outperformance of far larger, more populous advanced economies. When ranked by population size, Taiwan is one of the smallest economies to break into the top 10 bracket, a feat that aligns closely with the core findings of this year’s IMD report.

    This year’s analysis upends long-held assumptions about what drives national competitiveness. The IMD concludes that in the current global economic climate, competitive advantage is no longer primarily determined by the total size of an economy or low production costs. Instead, it hinges far more heavily on less tangible, governance-focused factors: institutional credibility, clear and predictable regulatory frameworks, and robust capacity to absorb unforeseen economic shocks. As geopolitical rifts and supply chain disruptions continue to roil global markets, the report finds that economies with mature legal systems and trustworthy, stable institutions have consistently gained a competitive edge over their peers.

    Taiwan’s climb from sixth place in the 2025 ranking was fueled by broad-based improvements across all four core competitiveness pillars that the IMD measures: economic performance, government efficiency, business efficiency, and infrastructure. Strong year-over-year GDP expansion and robust export growth served as key near-term drivers of the jump in ranking. Taiwan’s representative to Switzerland, Wang Szu-wei, attributed the sustained upgrade to a confluence of structural gains: the repatriation of Taiwanese businesses, skilled talent, and overseas capital back to the island, paired with rapid growth in high-value manufacturing, expanded investment in research and development, and breakout progress in the domestic artificial intelligence sector.

    The report’s findings carry broader implications for small economies and island nations beyond Taiwan, including small developing states like Saint Lucia. For smaller economic entities seeking to carve out stable footholds in the increasingly fragmented global system, the 2026 ranking makes clear that prioritizing strong institutional foundations, pro-business regulatory environments, and adaptive capacity to respond to shifting global conditions has become far more critical than relying on traditional advantages tied to size or low labor costs. In an era of constant economic volatility, the report confirms that intentional investment in governance and resilience can help even the smallest economies outperform much larger global rivals.

  • Credit union leaders hail deposit insurance ‘fairness’

    Credit union leaders hail deposit insurance ‘fairness’

    After 15 years of persistent advocacy from the credit union sector, Barbados has enacted a historic piece of financial reform that will level the playing field for cooperative savings institutions by extending government-backed deposit insurance to credit union members, industry leaders have confirmed. The Protection of Depositors Bill, which cleared the House of Assembly this week, marks a fundamental shift in the country’s financial landscape, ending a decades-long discrepancy that offered full deposit protection only to customers of commercial banks.

    Kemar Cumberbatch, president of the Barbados Co-operative and Credit Union League, the umbrella body representing the nation’s credit unions, called the new law a long-awaited victory for millions of ordinary savers. Speaking to reporters outside the legislative chamber, he emphasized the far-reaching impact of the reform, noting that the sector already counts more than 200,000 members across the island – a figure that makes up over 90 percent of Barbados’ total population and manages $1.7 billion in assets under management.

    For more than a decade, credit union stakeholders have lobbied successive governments to close the protection gap that left members’ savings without the same government-backed safety net enjoyed by commercial bank account holders. “It’s been 15 years of advocacy to get deposit insurance and parity with commercial banks, and we and our membership are extremely happy with this outcome,” Cumberbatch said. While regulators from the Financial Services Commission and Barbados Deposit Insurance Corporation work through the final logistics of onboarding participating institutions, the exact number of credit unions joining the scheme is still being finalized, and Cumberbatch declined to share further details on that process until preliminary administrative work is complete.

    The core benefit of the reform, Cumberbatch explained, is that it creates a fair savings ecosystem for all Barbadians, and adds a critical layer of security for both domestic members and the large Barbadian diaspora community that sends remittances and investment capital back to the island. In the event of a credit union failure or sudden bank run, members’ deposits will now be fully protected, a guarantee that has long been standard for the commercial banking sector. “This is absolutely pivotal for our membership,” he said. “It gives diaspora members and anyone sending money home peace of mind that their funds are protected, just as they would be if they held them in a commercial bank.”

    Cumberbatch moved to address lingering concerns that the new regulatory requirements tied to deposit insurance could disproportionately harm smaller credit unions or lead to mass closures of community-focused institutions. He stressed that any future sector consolidation would be voluntary, with small institutions encouraged to partner with larger peers to better serve their local communities, rather than being forced out of the market. “Our core mantra is people helping people, and regardless of deposit insurance rules, we are always focused on becoming stronger to meet our members’ needs,” he said. “We do not anticipate any negative fallout, and any restructuring that does happen will ultimately benefit all members of the sector.”

    Beyond just protecting existing savings, the new law unlocks new opportunities for credit unions to invest in key national development priorities, including renewable energy projects and affordable housing. The legislation includes provisions that allow credit unions to allocate capital to sectors they were previously barred from investing in, a change that Cumberbatch says will draw more investment from the diaspora, who now have the security of knowing their funds are protected.

    Early signs already point to growing diaspora interest in returning capital to Barbados following the reform, Cumberbatch revealed, after a recent international roadshow found significant appetite for investment among overseas Barbadians. “We’ve already seen interest, because when we held our diaspora roadshow recently, many people there were willing to send significant sums back home,” he said. “Now that deposit insurance is in place, we expect it will be much easier to convince them to follow through.”

    For domestic savers, the law opens new pathways to build long-term, generational wealth by participating in green and climate-focused investment projects. Cumberbatch noted that two of the country’s largest credit unions are already developing green bond loan programs to help members invest in renewable energy initiatives, and the sector stands ready to support any legally compliant opportunity that benefits its membership. “Our purpose is to serve our members, help them save, and enfranchise them to build wealth,” Cumberbatch added. “Now that this reform is in place, we are ready to deliver even more value for every one of our members across Barbados.”