Carib Scope

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  • Premier Brantley Hails Bank of Nevis Ltd. as a Pillar of Nevisian Progress at 40th Anniversary

    Premier Brantley Hails Bank of Nevis Ltd. as a Pillar of Nevisian Progress at 40th Anniversary

    CHARLESTOWN, NEVIS – The Bank of Nevis Limited (BON) marked its four-decade journey with a landmark celebration on December 09, 2025, receiving high praise from Nevis Premier Mark Brantley as a cornerstone of the island’s economic development. The ceremony, held before the bank’s Main Street headquarters under the theme “40 Years and Rising- Banking Beyond Boundaries,” brought together government officials, financial leaders, and community members to honor the institution’s transformative impact.

    Premier Brantley, serving as Minister of Finance in the Nevis Island Administration, highlighted the extraordinary evolution of what began as a local initiative into a billion-dollar financial powerhouse. He reflected on the visionary leadership of the late Sir Simeon Daniel, Nevis’ first Premier, who co-founded the bank with nine other pioneers in 1985.

    “The true lesson of the Bank of Nevis isn’t merely its billion-dollar valuation,” Brantley stated, “but rather that a homegrown idea could take root and benefit our entire community, even those who initially doubted its potential.”

    The Premier emphasized the significance of this achievement for the small Caribbean island: “When we celebrate institutions like the Bank of Nevis, we celebrate what is best in us as Nevisians – our capacity to conceive and execute remarkable ventures against all geographical constraints.”

    Board Chairman Damion Hobson noted the institution’s historic milestones, including its position as the second largest bank in the St. Kitts and Nevis Federation and its pioneering status as the first company listed on the Eastern Caribbean Securities Exchange.

    CEO Denrick Liburd outlined the bank’s forward-looking strategy, emphasizing a shift from transactional banking to relationship-based services. “We are already planning for our 50th anniversary,” Liburd revealed. “Our mission is to refine every service level, building strong, genuine, and transformative connections with our clients.”

    The executive highlighted BON’s reinvestment philosophy and encouraged broader public ownership through share acquisition: “No other financial institution reinvests in our people quite like we do. This commitment embodies our purpose – improving quality of life across the Federation.”

    The anniversary gathering also featured addresses by St. Kitts and Nevis Prime Minister Honourable Dr. Terrance Drew and Eastern Caribbean Central Bank Governor Timothy Antoine, underscoring the institution’s regional importance.

  • Four Cruise Ships Bring Thousands to St. John’s, Fueling One of Season’s Busiest Tourism Days

    Four Cruise Ships Bring Thousands to St. John’s, Fueling One of Season’s Busiest Tourism Days

    The port of St. John’s, Antigua, transformed into a major hub of economic activity this Tuesday, experiencing one of its peak tourism days of the season. The simultaneous docking of four international cruise vessels—Marella Explorer, AIDAsol, Celebrity Eclipse, and the colossal Norwegian Epic—flooded the capital with thousands of international visitors, creating a significant windfall for the local economy.

    The morning commenced with the arrival of the first three ships, whose passengers swiftly dispersed from the waterfront to explore the city’s retail offerings, pristine beaches, and cultural landmarks. The spectacle intensified with the late morning entrance of the Norwegian Epic, whose imposing structure became a defining feature of the harbor skyline, contributing a substantial additional contingent of tourists.

    According to statements from Antigua Cruise Port, the collective influx provided a powerful boost to a wide spectrum of local businesses. Taxi operators, guided tour agencies, artisan craft vendors, restaurants, and excursion providers across the city and its periphery reported exceptionally robust demand and sustained customer traffic throughout the day.

    From the bustling Heritage Quay deep into the city center, merchants enjoyed a steady stream of visitors. Tourists engaged in curated excursions, purchased authentic local products, and indulged in the island’s distinctive culinary offerings, directly injecting capital into the community.

    Port officials highlighted the event as a clear testament to the critical role the cruise industry plays within the economic framework of Antigua and Barbuda. With the crucial winter tourism season gaining momentum, authorities anticipate a series of similar high-capacity days, which are essential for sustaining hundreds of jobs and livelihoods dependent on the sector.

  • Dominican Republic launches WEIDE Fund to empower women in international trade

    Dominican Republic launches WEIDE Fund to empower women in international trade

    SANTO DOMINGO – In a landmark move for gender equality in international commerce, the Dominican Republic has become a pioneering nation in the launch of the WEIDE Fund, a $50 million global initiative designed to bolster female participation in digital trade. The program, formally unveiled on December 9, represents a strategic partnership between the World Trade Organization (WTO), the International Trade Centre (ITC), and the nation’s export promotion agency, ProDominicana.

    The initiative positions the Dominican Republic as one of only four selected countries globally to pilot this ambitious project. At the official commencement, a consortium of high-ranking officials—including WTO Deputy Director-General Johanna Hill, ITC Executive Director Pamela Coke-Hamilton, and Minister of Industry, Commerce, and SMEs Víctor Bisonó—revealed that 34 women-led export firms have been chosen as the first beneficiaries. This support is strategically tailored to enhance the digital infrastructure, financial literacy, and market penetration capabilities of micro, small, and medium-sized enterprises (MSMEs).

    Preceding the formal launch, the program initiated its mission with a series of intensive technical workshops. These sessions provided participants with practical, hands-on training in leveraging e-commerce platforms and mastering financial management principles. This foundational training is part of a sustained commitment, with ongoing, customized technical assistance planned to fortify the long-term competitiveness of these enterprises on the world stage.

    The overwhelming response to the initiative underscores its critical need, with over 200 Dominican entrepreneurs submitting applications. This robust demand highlights a significant appetite among women business leaders for enhanced pathways to global export markets. Biviana Riveiro, Director of ProDominicana, stated that the country’s inclusion in this pilot phase is a testament to its national dedication to cultivating and championing female entrepreneurship.

    By providing crucial capital, advanced digital tools, and access to international networks, the WEIDE Fund is poised to fundamentally transform trade dynamics. Its implementation is a clear indicator of the Dominican Republic’s broader commitment to driving sustainable economic growth and achieving greater gender parity through the power of digital trade.

  • Edesur unveils RD$155 million grid expansion to power Dominican growth

    Edesur unveils RD$155 million grid expansion to power Dominican growth

    Santo Domingo’s primary electricity distributor, Edesur Dominicana, has initiated a comprehensive RD$155 million (approximately US$2.6 million) modernization project to significantly enhance its power infrastructure. This strategic investment targets critical upgrades across ten major substations—including Paraíso, UASD 138 kV, Herrera, and Bayona—while deploying new distribution lines to manage escalating electricity consumption during high-demand periods.

    The initiative specifically aims to reduce technical energy losses, which currently range between 10% and 17% in affected circuits. Key engineering enhancements involve installing additional transformers, establishing new medium-voltage transmission lines, and substantially increasing substation capacities. Notable technical improvements include a 10-14 MVA transformer at Herrera’s operational hub and a new 40 MVA Alfa substation designed to redistribute approximately 25.9 MVA of electrical load from overburdened network segments.

    Approximately 400,000 customers across 70 communities in Santo Domingo and the National District will benefit from these infrastructure improvements. The project focuses on enhancing distribution stability and reducing prolonged outage risks, particularly during the upcoming summer months when cooling demand peaks.

    This substantial investment marks a strategic shift from reactive maintenance to proactive infrastructure development. By modernizing its grid architecture, Edesur not only addresses immediate service reliability concerns but also establishes a scalable foundation for future energy demands aligned with the country’s urban expansion and economic growth trajectory.

  • Guyana, Belize to satisfy CARICOM’s refined sugar demand

    Guyana, Belize to satisfy CARICOM’s refined sugar demand

    In a significant development for regional food security and economic integration, two major sugar refineries currently under construction in Guyana and Belize are positioned to fully satisfy the Caribbean Community’s (CARICOM) refined sugar requirements. This strategic initiative, led by U.S.-based SUCRO in partnership with local private sector entities, represents a transformative shift in the Caribbean’s agricultural landscape.

    According to official statements released Tuesday, these facilities will collectively address CARICOM’s annual demand of 200,000 tonnes of refined cane sugar, valued at approximately US$180 million. Finance Minister Dr. Ashni Singh confirmed the projects’ capacity to achieve regional self-sufficiency in refined sugar production upon completion.

    The Guyana operation, Demerara Sugar Refinery Inc., emerges as a joint venture between SUCRO and local investors, with construction scheduled to commence next year at Wales, West Bank Demerara. This development follows a similar September agreement between SUCRO and Belize’s Santander Sugar Limited, establishing Caribbean Sugar Refinery Limited (CSR).

    Komal Singh, Director of Demerara Sugar Refinery, emphasized the project’s potential to revitalize Guyana’s struggling sugar industry. “We’re collaborating closely with GUYSUCO to enhance their productivity while adding value to surplus sugar that enjoys substantial global market demand,” Singh stated. GUYSUCO CEO Paul Cheong endorsed the partnership as beneficial for the industry’s recovery, noting that 40% of state-owned operations have already been mechanized.

    SUCRO Vice President Oliver Hire outlined the operational strategy, explaining that raw sugar will be transported to refineries before distribution across CARICOM nations through a Trinidad-based hub. “We’re leveraging Guyana’s geographical advantage to ensure comprehensive regional coverage,” Hire remarked.

    The initiative promises substantial economic and environmental benefits. The Guyana refinery will utilize rice husk for electricity generation, significantly reducing dust pollution while creating sustainable energy solutions. Hire further highlighted that the operation will support GUYSUCO’s 8,000 workers and generate profits that directly incentivize production, reducing dependence on volatile global brown sugar markets.

  • SEOB: Inflatie loopt verder op en begroting 2026 blijft kwetsbaar

    SEOB: Inflatie loopt verder op en begroting 2026 blijft kwetsbaar

    Suriname’s economic landscape is confronting significant challenges in 2025, according to the latest bulletin from the Suriname Economic Oversight Board (SEOB). The nation’s inflation rate climbed to 10.8% in August, primarily driven by the depreciation of the Surinamese dollar and an expanding money supply. The exchange rate continued its upward trajectory through September, reaching approximately SRD 38.4 per US dollar, further exacerbating market uncertainty and price pressures.

    Despite maintaining robust international reserves of approximately $1.55 billion—covering 7.2 months of imports and well exceeding the three-month benchmark—the SEOB warns that macroeconomic stability remains vulnerable due to escalating government deficits. The 2026 budget reveals a deficit of SRD 6.3 billion, representing about 3.5% of GDP. Should this shortfall be financed domestically, it could further increase money supply, intensifying both inflationary trends and exchange rate pressures.

    The national debt continues to substantially exceed statutory limits, standing at 88.3% of GDP according to international definitions, compared to the legal ceiling of 60%. In response, the SEOB advocates for proactive debt management strategies and divestment from loss-making state enterprises that require substantial subsidies.

    Suriname’s banking sector presents a mixed performance picture. While capital adequacy remains strong at 22.3%, non-performing loans have risen to 6.6%, indicating growing repayment difficulties among borrowers. High lending rates of 14.5% continue to discourage investment activity.

    The oversight board notes that the 2026 budget largely aligns with policy guidelines outlined in the annual address, particularly for ministries of Finance, Economic Affairs, Justice and Police, and Oil, Gas and Environment. However, weaker coherence is observed in sectors including Health, Land Policy, and Public Works.

    Key recommendations from the SEOB include:
    – Implementing stronger fiscal discipline and enhanced budget transparency
    – Establishing a modern investment framework modeled after Argentina’s RIGI system
    – Promoting export growth and economic diversification beyond the mining sector
    – Strengthening risk management protocols within the banking industry
    – Enhancing operational capacity of the Tax Administration, Customs, and ministerial departments
    – Improving coordination between monetary and fiscal policies to stabilize exchange rates

    The board concludes that Suriname’s economic recovery remains fragile, emphasizing that consistent policy implementation and clear communication are essential to maintain market confidence.

  • Guyana tekent exploratiecontract met Cybele Energy voor ondiepwaterblok S7

    Guyana tekent exploratiecontract met Cybele Energy voor ondiepwaterblok S7

    In a landmark development for South America’s emerging energy hub, Guyana has inked a significant petroleum agreement with Ghana’s Cybele Energy Ltd., marking the first African energy company to secure an offshore oil block outside Africa. The signing ceremony, held Tuesday at Pegasus Suites in Georgetown, featured Natural Resources Minister Vickram Bharrat and Cybele CEO Beatrice Mensah-Tayui formalizing the production sharing agreement (PSA) for shallow water Block S7.

    The $17 million signing bonus agreement follows Guyana’s standardized fiscal framework implemented since 2023, featuring 10% royalty on production, 10% corporate income tax, 65% cost recovery ceiling, and profit oil sharing between the state and operator. Minister Bharrat emphasized these terms strike an improved balance between investor incentives and national revenue compared to earlier contracts.

    Block S7 represents a pure exploration play with no discovered reserves or existing production. The initial five-year phase will focus exclusively on seismic studies and geological evaluations, with no mandatory drilling requirements for the first three years. Drilling commitments will only trigger based on technical results from these preliminary assessments.

    The agreement culminates three years of technical data analysis and market access negotiations by Cybele Energy. The achievement has been hailed in Ghana as a strategic breakthrough demonstrating the global expansion capabilities of African energy firms, particularly noteworthy as it’s led by a female CEO.

    This partnership aligns with Guyana’s broader sector diversification strategy, complementing ExxonMobil’s deepwater operations by intentionally attracting new entrants and regional players to develop shallow water blocks. The approach aims to maximize both economic returns and opportunities for local enterprises in one of the world’s fastest-growing oil provinces.

  • Nieuwe bedrijfsdirectory stimuleert samenwerking Suriname–Guyana

    Nieuwe bedrijfsdirectory stimuleert samenwerking Suriname–Guyana

    PARAMARIBO – The fourth edition of Who’s Who in Suriname Business was officially unveiled at Royal Torarica during a high-profile gathering that brought together business leaders, diplomatic missions, investors, and regional partners. This comprehensive directory, developed with strategic support from the Suriname-Guyana Chamber of Commerce (SGCC), has established itself as a vital platform for enhancing corporate visibility, business profiling, and cross-border collaboration throughout the Guiana Basin region.

    Minoushi Filemon, SGCC Membership Lead, emphasized during the launch ceremony that the publication is evolving into an essential strategic tool for companies seeking to strengthen their market positioning. The directory serves dual purposes by simultaneously assisting international investors in identifying reliable local partners while enabling Surinamese entrepreneurs to expand their regional footprint.

    Keynote speaker and publisher Vishnu Doerga highlighted the critical importance of developing strong English-language business propositions as Suriname continues to emerge as a significant opportunity hub within the rapidly developing Guiana Basin. Doerga stated, ‘If you don’t tell your own story, others will tell it for you. This directory provides businesses with a credible platform to make their capabilities visible and accessible to potential partners.’ He further emphasized that digital, economic, and professional bridges between Suriname and Guyana are fundamental prerequisites for sustainable regional growth.

    Guyanese Ambassador to Suriname, Virjanand Depoo, commended the professional standards of Suriname’s business community, describing the directory as a milestone achievement that underscores the private sector’s maturity and readiness for international engagement. Minister Patrick Brunings of Oil, Gas & Environment reinforced the message of regional cooperation, highlighting the shared historical ties and common future aspirations of both nations. Minister Brunings asserted that enhanced collaboration between Suriname and Guyana is absolutely crucial for accelerating economic development throughout the region.

  • Petronas rondt Caiman-1-put af in Blok 52 met bemoedigende resultaten

    Petronas rondt Caiman-1-put af in Blok 52 met bemoedigende resultaten

    Petronas Suriname has successfully concluded drilling operations at the Caiman-1 exploration well in offshore Block 52, marking a significant advancement in the company’s ongoing exploration and evaluation program. The drilling campaign, which commenced on July 21st, has yielded highly encouraging results that will substantially contribute to resource delineation and development concept evaluation for potential commercial projects in the region.

    This operation represents the inaugural phase of a comprehensive four-well drilling campaign scheduled between 2025 and 2026, according to an official release from Staatsolie. Situated in the western sector of Block 52, the Caiman-1 well operation demonstrated remarkable local integration, with all logistical support—including materials, provisions, and fuel—being channeled through the shore base in Paramaribo. Personnel transportation to and from the drilling platform was exclusively managed through Surinamese infrastructure.

    The operation’s successful localization strategy has significantly strengthened domestic supply chains while creating substantial opportunities for Surinamese businesses within the growing offshore sector. Block 52 encompasses a substantial 4,750 km² area located approximately 140 kilometers offshore, featuring water depths ranging from 60 to 1,000 meters, presenting both technical challenges and substantial resource potential.

    The positive outcomes from Caiman-1 will enable Petronas to accelerate its assessment of viable development concepts while precisely defining the available hydrocarbon resources. This successful operation establishes a strong foundation for future commercial development and underscores Suriname’s emerging significance as a strategic player in offshore energy exploration.

  • 1,166 new citizens under the CBI from January to September

    1,166 new citizens under the CBI from January to September

    Grenada’s Investment Migration Agency (IMA), formerly known as the Citizenship by Investment Unit, has released comprehensive statistics revealing significant developments in the nation’s citizenship program during the third quarter of 2025. According to the latest data, citizens from 55 different countries received approval for Grenadian citizenship through the Investment Migration Program between July and September 2025.

    The approval distribution shows a notable concentration from six key jurisdictions: Nigeria (15%), China (13%), Iraq, the United States, Pakistan, and Egypt. Collectively, these nations accounted for 51% of the 135 new citizens approved during the quarter. The total number of approvals for the first three quarters of 2025 reached 1,166 individuals, maintaining the program’s steady growth trajectory since its inception in 2014, during which over 20,000 people have obtained Grenadian citizenship.

    A significant operational pause occurred in August 2025 when no approvals were processed due to the Cabinet of Ministers’ recess period, during which no official meetings were conducted. This temporary suspension highlights the program’s structured governance framework requiring ministerial oversight.

    Finance Minister Dennis Cornwall, presenting the 2026 budget statement to Parliament on December 1, emphasized the program’s evolving significance. “The Citizenship By-Investment Programme has become a substantial contributor to government revenues, tourism development, and job creation,” Cornwall stated. “Our Program continues to rank among the most reputable globally, featuring deeply entrenched, robust due diligence processes developed over its 11-year history.”

    The government announced forthcoming regulatory amendments designed to stimulate local participation. In the coming weeks, Grenada will implement revised regulations reducing fees by 70% for local developers initiating new projects within priority economic sectors under the CBI Program. This strategic move responds to advocacy from local business communities seeking enhanced involvement in the investment migration ecosystem.

    Financially, the program has exceeded expectations, with 2025 revenues surpassing the projected EC$165.9 million forecast in the annual budget. Looking ahead to 2026, the Ministry of Finance has projected IMA revenues to reach EC$173,973,807, indicating continued confidence in the program’s sustainable growth and economic contribution.