Senator Dwayne George, leading a delegation from the Ministry of Finance, represented Antigua and Barbuda at the 2025 Annual Meetings of the International Monetary Fund (IMF) and the World Bank in Washington, D.C. The high-profile event brought together finance ministers, central bank governors, and policymakers from around the world to deliberate on pressing economic issues, policy frameworks, and strategies for sustainable development. Antigua and Barbuda’s active participation highlighted the nation’s dedication to responsible economic governance and its engagement with the global financial community. During the meetings, Senator George and his team championed the cause of Small Island Developing States (SIDS), shedding light on critical challenges such as climate resilience, debt sustainability, and access to concessional financing. The forum also provided a platform to explore technical assistance and capacity-building initiatives aimed at bolstering national development and economic stability. By engaging in these global discussions, Antigua and Barbuda reinforced its presence on the international stage and strengthened ties with key global partners and institutions. The delegation’s efforts underscored the country’s commitment to addressing the unique vulnerabilities of SIDS while fostering collaborative solutions for shared economic challenges.
分类： business
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Financing secured for Castries–Gros Islet highway expansion
The Government of Saint Lucia has achieved a significant milestone in its infrastructure development agenda by securing $33 million in financing for the expansion of the Castries–Gros Islet Highway. This critical project aims to address persistent traffic congestion and enhance road safety along one of the island’s most heavily traveled routes. The funding was secured through two separate loan agreements with international development partners, marking a pivotal step forward for the nation’s transportation network.
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GOB to Acquire Fortis’s Hydropower Plants and BEL Shares
In a historic move, the Government of Belize (GOB) has finalized a groundbreaking agreement with Canadian energy giant Fortis Inc. to acquire its entire electricity sector assets in Belize. This includes Fortis’s three major hydropower plants and its 33.3% ownership stake in Belize Electricity Limited (BEL). Prime Minister John Briceño is set to announce the deal in the House of Representatives on Friday, where he will introduce a Bill seeking parliamentary approval for the acquisition. The proposed legislation will authorize the purchase of Fortis’s hydropower facilities on the Macal River, which consist of the 25-megawatt Mollejon Plant, the 7 MW Chalillo Plant and Reservoir, and the 19 MW Vaca Plant. Collectively, these facilities generate over one-third of Belize’s annual electricity supply. Commissioned between 1996 and 2010, these plants have been pivotal in Belize’s renewable energy infrastructure. The government aims to complete the acquisitions by November 15, 2025, with funding allocated through a special budgetary appropriation. Post-acquisition, the government plans to issue domestic equity and debt offerings to recoup the initial investment. Financial specifics of the transaction will be disclosed when the Bill is presented. The existing power purchase agreements between the hydropower plants and BEL extend to 2050 for Mollejon and Chalillo, and to 2060 for Vaca. David Hutchens, President and CEO of Fortis Inc., expressed his congratulations to the Belizean government, highlighting Fortis’s long-standing partnership and operational success in Belize since 1999. The new entity, Hydro Belize Limited, will be headquartered in San Ignacio, Cayo District, under the leadership of CEO Kay Menzies. The company’s 48-member team will be entirely Belizean, with an Interim Board chaired by Ambassador Lynn Young, a seasoned professional with experience at both BEL and Fortis Belize. Advisors to the government included NERA Consulting UK, Hallmark Advisory, Marsh LLP, and Sukhnandan Consulting LLC.
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Dominica Hotel and Tourism Association to gov’t: stop hike in visitor fees immediately
The Dominica Hotel and Tourism Association (DHTA) has voiced strong objections to the government’s recent implementation of steep visitor site fees, calling the move abrupt and poorly executed. While the DHTA acknowledges ongoing discussions with the government regarding sustainable funding for marketing and natural attraction maintenance, it criticized the lack of consultation and timing of the fee increases, which have surged by over 300% in some cases. The association argues that this approach disrupts collaborative efforts, risks harming local businesses, and could lead to confusion among international partners, ultimately undermining confidence in Dominica as a tourism destination. The new fee structure, effective October 1, 2025, ranges from US$20 for a single-day pass to US$50 for weekly access to eco-tourism sites. Finance Minister Dr. Irving McIntyre defended the changes, stating they are necessary to support eco-tourism infrastructure and marketing efforts, with additional fees for visitors set to take effect in January 2026. However, the DHTA highlights that these increases disproportionately affect stayover visitors, who contribute significantly to the local economy, while cruise visitors continue to pay minimal fees, creating an unfair imbalance. The association has called for an immediate suspension of the new fees to allow for transparent planning and equitable solutions, reaffirming its commitment to working with the government to ensure a sustainable future for Dominica’s tourism sector.
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Grenada Co-operative Bank Your Financial Future 2.0 Summit
Grenada Co-operative Bank Limited (GCBL), the nation’s sole indigenous commercial bank, took center stage as the Legacy Partner of *Your Financial Future 2.0*, a transformative financial wellness summit held on October 9, 2025. Organized by GoBlue Consulting, the event aimed to equip Grenadians with practical tools and expert insights to enhance their financial literacy and security. The summit featured a series of engaging sessions led by industry leaders, including GCBL’s Managing Director, Larry Lawrence, who delivered the opening keynote titled *The Wealth Within: Rewiring Your Money Mindset*. Lawrence delved into the psychology of financial behavior, shedding light on the mental and emotional factors that shape how individuals manage their finances. Jennifer Robertson, Executive Manager of Risk, led a breakout session titled *Crush the Debt Cycle: A Practical Reset*, offering actionable strategies to overcome debt. Dr. Aaron Logie, Executive Manager of Finance and Wealth Management, participated in a panel discussion on smart financial strategies tailored to today’s economic landscape. Tanya K Lambert, Corporate Secretary and Executive Manager of Legal, contributed to a panel on wills, trusts, and legacy planning. Beyond knowledge-sharing, GCBL seized the opportunity to engage with both current and prospective customers, showcasing its products and services while gathering valuable feedback on financial needs. Ericka Hosten, Manager of Marketing and Customer Insight, emphasized the bank’s commitment to community development, stating, ‘Financial education is a cornerstone of our outreach. We aim to empower our citizens with the tools they need to achieve financial wellbeing.’ The summit underscored GCBL’s dedication to fostering financial literacy and resilience among Grenadians.
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LIAT Air to expand its services to Dominican Republic
ST JOHN’S, Antigua (CMC) — LIAT Air, a regional airline headquartered in Antigua, has announced the launch of new flight routes to Santo Domingo and Punta Cana in the Dominican Republic, starting in December. This strategic expansion underscores the airline’s dedication to enhancing regional connectivity and fostering economic and cultural ties across the Caribbean. The inaugural flight to Santo Domingo is scheduled for December 12, followed by the Punta Cana route on December 15.
Hafsah Abdulsalam, LIAT Air’s Chief Executive Officer, emphasized the significance of this move, stating, ‘Our entry into the Dominican Republic aligns with our mission to connect the Caribbean. These routes address the increasing demand for seamless travel between key destinations and reinforce our commitment to supporting tourism, economic growth, and cultural exchange.’ She also highlighted the airline’s renowned warm and friendly service, inviting travelers to experience it firsthand.
Santo Domingo, the Dominican Republic’s capital and commercial hub, is a vital destination for business travelers, government officials, and students. Meanwhile, Punta Cana, celebrated for its luxurious resorts and stunning beaches, is a prime choice for leisure travelers. LIAT Air’s new routes aim to cater to a diverse clientele, including Caribbean nationals, international tourists, and regional professionals.
The airline, jointly owned by the Antigua and Barbuda Government and Air Peace Caribbean Limited, views this expansion as a pivotal step in strengthening its regional network. The new flights are expected to facilitate not only passenger travel but also the movement of goods and services, fostering trade and collaboration between markets. This initiative reflects LIAT Air’s broader vision of building a robust, accessible, and interconnected Caribbean network.
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Cooper: Saudi funding will be shifted to Grand Bahama International Airport
In a significant development for Grand Bahama’s economic revival, Deputy Prime Minister Chester Cooper announced yesterday that the Saudi Fund for Development (SFD) has agreed to redirect funding initially designated for the George Town and North Eleuthera airports to the Grand Bahama International Airport. Cooper hailed this decision as a critical step forward for the island’s recovery efforts. The exact amount of SFD’s financial commitment remains undisclosed at this time. Speaking at the Exuma Business Outlook, Cooper revealed that the reallocation followed successful negotiations with Saudi officials regarding airport projects across the Family Islands. While the George Town and North Eleuthera airports have secured full funding through alternative sources, the freed-up Saudi funds will now support the redevelopment of Grand Bahama’s airport, a project deemed essential for the island’s recovery from hurricanes and economic stagnation. This announcement comes a month after Cooper disclosed that the long-awaited $200 million airport redevelopment had stalled due to private partners’ inability to secure financing. The project has been a government priority since Hurricane Dorian devastated the island in 2019, rendering the airport inoperable for months and necessitating temporary terminals. The Davis administration has emphasized the construction of a hurricane-resilient international airport as a cornerstone of Grand Bahama’s tourism and logistics resurgence. The government acquired the facility in April 2021, but demolition delays have persisted despite repeated assurances. Cooper also highlighted progress on the Beaches Exuma project, now projected to exceed $150 million, up from its initial $100 million valuation. Final agreements are expected by mid-November, with the project set to revitalize the former Sandals Emerald Bay site, boosting employment, marketing reach, and international visibility for Exuma. However, the project’s timeline has faced uncertainties, with construction estimates ranging from six to fifteen months. Beyond tourism, Cooper outlined plans for new housing subdivisions in Moss Town and George Town, alongside discussions with an international city-planning firm to redesign George Town’s center, including relocating the port to free up waterfront space for civic and commercial development. He emphasized the need for expanded housing stock to support inclusive growth. Additionally, Cooper confirmed plans for new schools, a multi-purpose youth center, and a government services complex to enhance public service accessibility. While acknowledging delays in hospital upgrades, he noted the recruitment of additional doctors and nurses from Ghana, with three recently stationed in Exuma.
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Carib Brewery, Angostura announce increased prices
In a significant move impacting the local beverage industry, Trinidad and Tobago’s leading alcohol producers, Carib Brewery and Angostura, have announced substantial price increases across their product lines. This decision comes in response to the government’s recent doubling of excise duties on spirits, beer, and tobacco, as outlined in the 2026 national budget. Finance Minister Davendranath Tancoo revealed on October 13 that excise duties on spirits have surged from $79.25 to $158.50 per litre of pure alcohol, while beer duties rose from $5.14 to $10.28 by gravity. Cigarette excise also doubled to $10.52 per pack of 20, effective immediately. Excise duty, a tax levied on domestically manufactured goods, directly affects local producers like Carib Brewery and Angostura before similar adjustments are applied to imported products. Carib Brewery announced on October 16 that its new prices would take effect immediately, describing the move as a ‘responsible and measured response’ to the government’s fiscal policy. The company emphasized its efforts to minimize price hikes, adjusting only where necessary. Notable increases include Carib, Stag, and Pilsner rising to $13 per bottle from $10, while Royal Extra Stout now costs $15, up from under $10. Heineken and Guinness have jumped to $22 from under $16. Non-alcoholic beverages like Malta and Shandy have also seen price increases. Angostura, meanwhile, announced its price adjustments would take effect on October 17, citing the need to ensure business continuity and maintain its workforce of over 537 employees. The company expressed support for the government’s fiscal sustainability efforts while reaffirming its commitment to product quality and international market presence. The price hikes have sparked mixed reactions among consumers, with some criticizing the timing amid economic challenges, while others remain unfazed. Bar owners anticipate further price adjustments as new stock arrives. Finance Minister Tancoo defended the excise duty increase as a measure to boost revenue and promote responsible consumption, noting that the last major revision occurred nearly a decade ago. Both Carib Brewery and Angostura have pledged to continue supporting the local economy and maintaining product quality despite the new tax burden.
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JNCB announces interest rate and fee adjustments starting December 1
KINGSTON, Jamaica — In a strategic move to adapt to the shifting economic environment, Jamaica National Commercial Bank (JNCB) has unveiled plans to revise interest rates on savings and fixed deposit accounts, alongside an overhaul of its service fee structure. These changes are set to take effect on December 1, 2025. The bank emphasized that the adjustments follow a meticulous and periodic review process designed to ensure competitive returns and sustainable value for its customers. JNCB has urged its clientele to familiarize themselves with the forthcoming modifications by accessing detailed information on the bank’s official website at jncb.com/fees. This proactive approach underscores JNCB’s commitment to aligning its offerings with the dynamic financial landscape while prioritizing customer satisfaction.
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Budget: new ideas, old strategies
In the aftermath of Finance Minister Davendranath Tancoo’s budget presentation, reactions have been mixed, with some praising it as a ‘people’s budget’ while others remain sceptical of its long-term viability. The budget, which shifts financial burdens from the working class to banks, insurance companies, and landlords, has been described as a political solution to a complex economic problem. However, critics argue that this approach merely redistributes costs rather than addressing systemic issues.