Tancoo chairs CAF

4 July

T&T Finance Minister Davendranath Tancoo chaired the 185th Development Bank of Latin America and the Caribbean (CAF) board of directors meeting on June 29 in Spain.

The Ministry of Finance said this was the first time that a Caricom state chaired the meeting. Trinidad and Tobago assumed CAF chairmanship in March, the first English-speaking country to do so.

CAF approved US$5.2 billion for 16 operations in ten countries in the region. These funds will be allocated to infrastructure, climate action, human development, urban mobility and energy transition projects.

CAF approved a US$100 million loan to the Bahamas for Energy Sector Reform, full membership for Barbados , the incorporation of Saint Lucia as a shareholder country and increased shareholding for Antigua and Barbuda.

Tancoo attended meetings during the Fourth International Conference on Financing for Development. These meetings included discussions with the European Commission, economy and finance ministers from the Community of Latin American and Caribbean States and the Arab Coordination Group.

Tancoo participated in a panel discussion which focused on financing development in the region.

“These talks are more than policy, they’re about unlocking real investments for education, jobs, food security, climate resilience, infrastructure, risk management and innovation.

The ministry is working to secure strategic investments and policy alignments that underpin long-term inclusive growth for our country and the region.

We are also pushing for reforms to make development financing more affordable and accessible to TT. This is how the ministry is bringing TT priorities to the global stage and turning them into transparent action at home.”

Tancoo said he was proud to represent TT and CAF in these discussions.

 

 

 

EU official urges TT : Ratify EPA, modernise fish rules

2025, 07/20

John Bazill, responsible for trade relations with the region in the European Commission’s Trade Department, is encouraging T&T to ratify the long-outstanding Economic Partnership Agreement (EPA) with the European Union.

In Brussels, Bazill informed media of concern over prolonged delay in ratification of the trade agreement, T&T’ signed over a decade ago under the Cariforum-EU framework. While the EU fulfilled its side of the deal—including lowering tariffs for goods from T&T – it expects reciprocal action, in accordance with international norms.

“Many years after the agreement was negotiated and signed, Trinidad and Tobago still hasn’t ratified it. For the EU, we’ve done our part of the deal, we’ve lowered our tariffs for Trinidad and Tobago products. We’d really like Trinidad and Tobago to join other Cariforum countries in ratifying the agreement.”

The EPA is a trade and development agreement designed to promote trade, investment and sustainable development between the EU and Cariforum states (Caricom states (except Montserrat) plus the Dominican Republic. It is being provisionally applied until all parties have ratified it. Most signatory Caribbean countries have already ratified the agreement, though all actively benefit from duty-free and quota-free access to EU markets.

Bazill also noted that red-listing of its seafood exports to the EU hampers the ability of Trinidad and Tobago to tap into lucrative European markets. In contrast, several regional neighbours meet EU regulatory requirements and are currently exporting seafood and fish products to the bloc.

“Taking into account the need for Trinidad and Tobago to diversify its economy, the fact that you’re an island, you have fisheries, I would say it would be a priority to work with our Directorate General responsible for fisheries and maritime affairs to do the necessary technical and legal work,” he advised.

Bazill emphasised the importance of updating national fisheries legislation and aligning it to international standards to boost confidence among European buyers.

“That would mean that European buyers would be much more interested in buying fishery products from Trinidad and Tobago. And as you mentioned, some of your neighbours are already exporting seafood and fishery products to the EU, so why not Trinidad and Tobago also?”

Director of the European Business Chamber in Trinidad and Tobago (EUROCHAMTT), Marie Louise Norton-Murray, also urged T&T to fulfill its obligations under the EPA with the European Union, warning that failure to do so is costing local businesses access to new markets and much-needed investment.

The EPA, signed by all 15 Cariforum members in 2008 and adopted into T&T’s laws in 2013, remains only partially implemented. While the EU has already granted full duty-free, quota-free access to Cariforum states, T&T has yet to meet some of its key commitments, including tariff reductions on EU imports.

“We are also of the view that if you sign an agreement and you are working with a partner providing a lot of development support, on your end, you should also meet what you have agreed to. Not only are we not living up to our end of the agreement, our businesses themselves are also paying a higher price for intermediary products.”

• Many goods imported from the EU are not luxury items but commercial and intermediary goods essential to local businesses.
• The EPA encompasses much more than tariffs, including provisions on investment, good tax governance, transparency, and environmental cooperation.
• The EUROCHAMTT founding head raised alarm over T&T’s continued red listing by the EU, which prevents T&T exporting fish and seafood products to Europe. While local processors currently export to the United States, the EU represents a significantly larger and more lucrative market.

“We are denying ourselves a whole new market as a result of this position,” she said, referencing the long-delayed Fisheries Management Bill.

The legislation includes critical provisions to combat illegal, unregulated and unreported (IUU) fishing, along with frameworks for establishing a competent authority to issue health certificates which are requirements for gaining EU market access. Despite broad support for the bill from the fishing community and environmental advocates, it has languished in Parliament for years. The delay is difficult to justify, particularly given the investment opportunities and foreign exchange potential at stake.

The banished lunatic regime devoted taxes to doomed energy projects, vanity schemes, monolithic culture, litigation, killing lucrative industry , extinguishing agriculture, humiliating benefactors and turning a blind eye to heinous crime with record homicides, robbery and banditry.

 

 

 

Global Petroleum Group

23 June

Energy Minister Roodal Moonilal,  met with executives from Global Petroleum Group (GPG) at the ministry’s head office at the International Waterfront Complex, Port of Spain, on June 23.

Representing GPG were executive director Eduard Vasilyev and finance and corporate affairs officer Leonid Mironov.

GPG is involved in upstream oil and gas activities off Grenada’s southern coast, close to Venezuela’s Patao/Dragon fields and Trinidad’s North Coast Marine Area (NCMA) gas fields.

GPG signed a commercial agreement with the National Gas Company (NGC) in 2018, stemming from the Energy Sector Development Framework Agreement signed between the governments of TT and Grenada in 2012. The framework was intended to deepen regional energy integration and economic ties.

At the meeting, GPG’s executives expressed appreciation for the engagement and discussed the company’s ongoing drilling activity in Grenadian waters.

The parties also addressed the possible renewal of the NGC-GPG agreement, though no details were disclosed.

Moonilal noted the government’s intention to continue working with Grenada to strengthen bilateral energy relations and indicated that follow-up discussions would be held with GPG and local stakeholders to assess further opportunities.

The meeting comes amid regional interest in cross-border gas resource development, particularly as energy-producing Caribbean states seek to navigate tighter global markets and declining domestic production.

Eariler report:- Ministers Moonilal and Kesar  met Global Petroleum Group.

“An introductory meeting was held with the GPG team, at which the ministers, Permanent Secretary (Ag.) Karinsa Tulsie and Deputy Permanent Secretary Marc Rudder met Eduard Vasilyev, Executive Director, Global Petroleum Group and Leonid Mironov, Finance and Corporate Affairs Officer, Global Petroleum Group on 23 June 2025.

GPG is an oil and gas company engaged in exploration and appraisal activities off Grenada’s southern coast, close to the Patao/Dragon fields in Venezuela and the North Coast Marine Area (NCMA) fields in Trinidad. In 2018, GPG successfully established a commercial agreement with the National Gas Company of Trinidad and Tobago (NGC).

The Ministry of Energy explained this partnership emerged from the Energy Sector Development Framework Agreement signed in 2012 between the Governments of Trinidad and Tobago and Grenada. The agreement was a major step in Caricom’s energy collaboration, fostering economic growth in the region.

Building on this framework agreement, Minister Moonilal reaffirmed the Government’s commitment to collaborate with Grenada and to actively pursue discussions aimed at strategically strengthening bilateral relations. Discussions surrounded GPG’s continuation of drilling activity in Grenada waters and the renewal of the NGC-GPG partnership.

The Minister provided assurance to engage in follow up discussions to include all local parties and GPG with a view to exploring all options to advance the partnership.”

 

 

 

Guyana’s regional profile rises

July 8, 2025

 As regional leaders gather in Jamaica, for CARICOM’s 49th Annual Heads of Government Meetings, Guyana is well on its way to cementing itself as a long-term leader within the regional grouping. Guyana’s expansion of its agriculture sector, its growing energy dominance, and its positioning as a hub for technology and innovation are directly and indirectly yielding benefits for CARICOM members. The past five years laid a strong foundation that is poised for Guyana to capitalize on in the next half decade. Doing so, by continuing to advance regional leadership, will not only benefit the widerregion but bring sustainable benefits to Guyanese themselves.

Wazim Mowla is the Fellow and Lead of the Caribbean Initiative at the Atlantic Council and is a nonresident scholar at Florida International University’s Jack D. Gordon Institute for Public Policy.

Why does CARICOM matter to Guyana ? Simply, no country–especially small ones like Guyana–operate in a silo. The international system is vast and intertwined, and survival and progress only occur in partnerships. Even countries like the United States that tend to make unilateral decisions, work in partnerships, whether in the form of trading partners, allies to join forces with at multilateral organizations, or signing new treaties around common challenges. This is the reason for organizations like CARICOM to exist. It brings order to a disorganized world, and gives a platform to countries like Guyana to speak with 14 voices rather than just one. In this dynamic and complex world, friends are currency, and in CARICOM, Guyana is finding new wealth under the current government’s leadership.

Therefore, for Guyana, CARICOM is about partnerships. The potential to aggregate certain sectors with those in our neighborhood creates a more attractive investment destination for larger companies. The bigger the market and investment, the lower the prices . Politically, CARICOM helps our region, including Guyana, punch above its weight in multilateral institutions, like the United Nations and the Organization of American States (OAS). From the election of the OAS Secretary General to treaties ratified at the UN, CARICOM’s vote is heavily courted since each country is equated with one vote. This means that no matter the political clout held by an individual country, all countries’ contributions are equal. Thus, President Ali’s continued stewardship–while working closely with his regional counterparts–on CARICOM priorities is crucial to shape a world that benefits Guyana’s citizens on critical matters, such as Venezuela’s increasingly aggressive rhetoric and actions on our border.

So, if CARICOM matters, then where lies the opportunities for Guyana? First, Guyana’s growth as an agricultural hub means that CARICOM countries can become new markets for exports of food and fertilizers. CARICOM countries are some of the most import-dependent markets for food. Lost fertilizer production at the onset of Russia’s war in Ukraine saw food inflation spike and rising shipping costs increased the cost of food across the region. Reducing food imports, as part of CARICOM’s 25 by 2030 plan led by Guyana, can help the region withstand the shocks to food prices that come with changes in the international system. The same concepts can be applied to energy, medical services and equipment, and technology.

Second, Guyana’s leadership is drawing more eyes to the region. Guyana’s growing wealth can help to reduce the region’s import on commodities and services, such as energy and technology. More importantly, over the past five years, theregion’s main development partners pinpointed Guyana as a natural bridge to working within the region. No major international donor or development partners travel to the region without stopping in Guyana, from US Secretary of State Marco Rubio to Indian Prime Minister Narendra Modi.

As a result, the narrative of how the region is viewed is dramatically changing because of Guyana. Sitting in Washington DC, I have seen firsthand how international companies and institutions look at Guyana and the region confronting immense challenges as a zone of opportunity, anchored mostly by Guyana’s economic trajectory and leadership. Guyana’s leadership is set to skyrocket over the next five years. The foundation has been set due to inroads by government across food, energy and tackling crises, such as Hait. If Guyana can continue along this path, regional prosperity will strengthen and bring untold benefits for CARICOM citizens.

Wazim Mowla is the Fellow and Lead of the Caribbean Initiative at the Atlantic Council and is a nonresident scholar at Florida International University’s Jack D. Gordon Institute for Public Policy.

June 28, 2024

 

Accelerating the energy transition in the Eastern Caribbean

By Wazim Mowla

Table of contents

• • • Introduction
    • Severe consequences of energy insecurity
    • Energy-transition barriers
    • Applying the CEWG roadmap
    • A global call to action
    • Acknowledgments
    • About the author
    • About the Caribbean Energy Working Group Co-Chairs

Introduction
Countries in the Eastern Caribbean1 are among the world’s most energy insecure nations. These countries grapple with high electricity costs that undercut economic competitiveness and growth, are heavily dependent on petroleum products, and are uniquely vulnerable to the effects of climate change. At the same time, a World Bank designation as middle- or high-income economies significantly limits access to concessional financing. The result is a slow transition to renewable energy power generation, including attracting commercial interest for the relevant infrastructure and unbundling utility systems that often stymie regulatory changes and curtail needed investments in the energy sector.

The time may be ripe for accelerating the pace of the transition in the Eastern Caribbean. A broad consensus exists among regional governments, the business community, and multilateral partners to further usher in a transition to renewable energy, given the unique vulnerabilities facing Eastern Caribbean countries. Meanwhile, countries in the Southern Caribbean (Guyana, Trinidad and Tobago, and Suriname) are leaning into their hydrocarbon reserves as they balance their own energy transition, while other countries are either attracting commercial interest or are far along in their renewable energy development relative to the Eastern Caribbean. Though there is an abundance of solar and wind power potential in the Eastern Caribbean—along with significant geothermal reserves in Dominica, Saint Vincent and the Grenadines, and Saint Kitts and Nevis—countries in this region are faced with defining how a realistic, affordable, and just energy transition can take place and unlocking new private sector and multilateral resources.

The Atlantic Council’s Caribbean Initiative engaged in a series of consultations with the Caribbean Energy Working Group (CEWG), whose members identified two main constraints to the region’s transition: the top-down vertically integrated nature of state-owned utility systems; and limited access to low-cost financing and credit to governments and clean energy developers. While recognizing that an energy transition requires a holistic approach, CEWG members propose that the starting points must be addressing utility constraints and access to finance to ensure a reliable and resilient energy system transformation that is sustainable and affordable for consumers, governments, and the private sector in the Eastern Caribbean. An energy transition in the Eastern Caribbean must ensure reliable power to combat price volatility for consumers while energy infrastructure should be resilient to the effects of climate change, hurricanes and strong tropical storms, and rising temperatures.

The CEWG brings together up to fifteen policy and technical experts from across the Caribbean, and was first convened in 2023 by the Atlantic Council. This publication builds off the CEWG’s first report, “A roadmap for the Caribbean’s energy transition,” which was published last year and outlined a five-step process that governments, developers, and regional partners can undertake to facilitate an energy transition in the Caribbean. The five-step process includes: conducting energy modeling and analysis; modernizing energy grids; diversifying utility structures; creating bankable projects; and scaling project investment to national and subregional levels. This publication focuses on applying steps three and four of the roadmap.

The CEWG met as part of two roundtable discussions, followed by five one-on-one consultation sessions across the group to identify barriers and solutions to accelerating a reliable and resilient energy transition in the Eastern Caribbean. This publication serves as a complement to existing initiatives and projects dedicated to facilitating an energy transition, with the aim of raising additional awareness of the reality and the urgency of the moment for the world’s most vulnerable countries.

Severe consequences for energy insecurity
Countries in the Eastern Caribbean are open facing, small market economies, vulnerable to ebbs and flows of the global financial system. The region’s import dependence means that supply chain constraints and rising global interest rates have a disproportionate effect on these economies. For example, when Russia’s war in Ukraine stemmed the flow of fertilizer to agriculture commodity exporters, food inflation in the Eastern Caribbean skyrocketed and remained high even as prices eventually declined in industrialized nations.2 And although the price of renewable energy, such as solar photovoltaic (PV) power, has declined dramatically over the past decade, capital and investment in this sector naturally gravitated to the bigger economies in the Global North.

Climate change wreaks havoc across Caribbean islands that do not have the available climate-resilient infrastructure to withstand strong wind speeds and heavy rainfall. September 19, 2022.   – (REUTERS/Ricardo Rojas)

Stronger storms, more outages
Climate change is a significant driver of the energy transition in the Eastern Caribbean. Hurricanes and strong tropical storms cause flash flooding and high wind speeds that damage energy infrastructure. Global warming, as a result of increasing greenhouse gas emissions (GHG), is fueling stronger and more frequent tropical storms. The result is lost power for days and weeks, as was the case in 2017 when Hurricane Irma hit Antigua and Bermuda, damaging transmission lines and generators. Similarity, in 2019, Hurricane Dorian caused widespread power outages in Dominica.

The makeup of these economies has resulted in Eastern Caribbean countries paying some of the highest electricity prices in the Americas, including double and sometimes triple of what the average consumer pays in the United States ($0.109 per 1 kilowatt-hour (KW/h).4 On average, consumer costs in Antigua and Barbuda ($0.367 per 1 KW/h) and Saint Kitts and Nevis ($0.333 per 1 KW/h) rank on the higher end of the spectrum, with Saint Vincent and the Grenadines ($0.185 per 1 KW/h) on the lower end, and the rest of the countries falling in between. These high costs coincide with an import dependence on petroleum products, with Antigua and Barbuda (100 percent), Dominica (92 percent), Grenada (93 percent), Saint Lucia (98 percent), Saint Kitts and Nevis (87 percent), and Saint Vincent and the Grenadines (95 percent) all relying on fossil fuels to satisfy almost all of their energy demand.5 The cost of these imports account for almost 7 percent of the subregion’s gross domestic product, cutting into public expenditure needed to invest in climate adaptation projects and social sectors such as education and health services.

High electricity prices and energy imports undercut the competitiveness of key economic sectors in the Eastern Caribbean—notably the hospitality sector—and limit the purchasing power of consumers. According to the Inter-American Development Bank, six of the countries prioritized in this publication rank in the global top ten of tourism-dependent economies.  The tourism industry accounts for a significant share of energy demand in these countries, increasing the prices for hotel rooms due to high usage of air conditioning and lighting.   Given that the tourism industry is an economic driver, high energy costs can make industries uncompetitive vis-à-vis other tourist hubs in the region such as Jamaica and the Dominican Republic. Beyond the tourism sector, more than a quarter of energy demand in the Eastern Caribbean is for residential use.  High power bills can take up a large share of household income and decrease the purchasing power of individuals, leaving them unable to spend money on local products and services, like food and transportation, which help to stimulate economic growth.

Despite the challenges facing the Eastern Caribbean, bright spots exist. Renewable energy, such as solar, wind, and geothermal reserves, are abundant. Across the region, the sun shines more than 200 days annually,10 has an estimated potential of almost 70 gigawatts of available offshore wind (excluding Dominica), and (excluding Antigua and Barbuda) houses an estimated 6,290 megawatts (MW) of available geothermal reserves.11 But this potential has not been tapped. Current installed capacity of renewable energy (as a percentage) stands at: Antigua (4 percent), Dominica (25 percent including hydroelectric power), Grenada (4 percent), Saint Lucia (3 percent), Saint Kitts and Nevis (5 percent), and Saint Vincent and the Grenadines (17 percent including hydroelectric).

Geothermal development is a high priority in the Eastern Caribbean
Dominica has an estimated 1,390 MW of geothermal potential. The country’s small population and energy grid had not provided adequate incentive to develop that capacity, due to the high capital costs of exploring its geothermal reserves at scale- until recently. Commitment by the government in 2023 to develop its reserves and support this year from the World Bank have helped the country begin developing its geothermal potential. The World Bank is financing a new project at $38.5 million to support drilling of new geothermal wells and helping construct new transmission lines and substations to connect the future geothermal plants to consumers. Meanwhile, St. Kitts and Nevis is consistently looking for new partners to support its own geothermal ambitions for close to a decade, with a total project cost estimated at US $505 million. A mixture of bilateral and multilateral financing will be needed to bring this project closed to Dominica’s stage.

Energy-transition barriers
The utility systems in the Eastern Caribbean are state-owned entities—excluding Saint Lucia, which has a public-private model—tasked with providing power to citizens. Tax revenues are used by governments to invest in critical and social services. These are top-down systems in vertically integrated structures, meaning that they single-handedly operate the generation, transmission, and distribution of power. This model can stifle innovation and competition, leaving customers without alternative choices and increasing the cost of electricity. Further, it means that introducing new clean energy technologies, when possible, must be financed and implemented by the utility, which is often devoid of the needed capital and technical assistance to act. Therefore, incorporating renewable energies into this model can be expensive—particularly since these technologies have high upfront costs. It is both a political and economic challenge that clean energy is not necessarily cheap energy.

However, unbundling utility systems is not a straightforward solution and not all state-owned entities are necessarily bad. Breaking these systems apart might divide consumer bases and may not lower the cost of electricity given the small size of Eastern Caribbean countries’ populations. Instead, as discussed below, the best-case scenario is to introduce innovation into the utility system, such as diversifying the utility structure across generation, distribution, and transmission by using public-private models. Maintaining an intact customer base is critical for utilities to keep the costs low for consumers while ensuring that utilities and the private-sector entities are still turning a profit. This does not mean that breaking up systems is the sole way to ensure low prices for renewable energy generation. Some markets, particularly in micro economies like in the Eastern Caribbean, might be too small to introduce competition and keep prices affordable. There is no one-size-fits-all solution, as changes in utility structures need to adapt to and be contextualized for each individual country.

Changing the business model of the utilities can help to create more incentives to incorporating renewable energy generation by factoring in the social cost externalities (the associated costs of fossil fuels on the broader public and society) of depending on fossil fuels as a realistic price comparison. Current models determine the price of electricity based on the cost of petroleum imports. But the emissions of fossil fuels—not just carbon dioxide but also other toxins that cause respiratory illnesses—increase cancer risks and, generally, overall poor health. The future healthcare costs for the consumer and the burden on governments to invest in adequate healthcare infrastructure are typically not added to the total cost of importing fossil fuels. If a full cost analysis and reformed business model are developed, then the price of importing fossil fuels might be higher than renewable power generation.

Utility-scale solar PV is a low-cost renewable energy option in the Eastern Caribbean, but it requires significant planning and project design work due to the unique landscapes of each country—all of which are costly. October 26, 2017.  – (REUTERS/Alvin Baez)
Commercial developers fund projects initially on their own before seeking to make projects bankable by obtaining loans that are backed by cash flow. Projects in the Eastern Caribbean take a long time to develop, given financing challenges due to unclear regulations and permitting, and a lack of investment-grade utility systems to guarantee payments under negotiated power purchasing agreements. Due to the long period of development, investors and governments look to derisk their projects by seeking full grants or convertible loan grants to help them clear these hurdles.

Commercial renewable energy projects also suffer from limited access to low cost and concessionary finance and capital. As discussed, state-owned utilities and governments are responsible for financing new renewable energy projects. These countries do not have the fiscal space or national budgets to self-finance these projects, leaving them to seek loans and grants from multilateral development banks (MDBs) and bilateral lenders. However, the World Bank classifies Eastern Caribbean countries as middle- and high-income economies, disqualifying them from accessing low-cost loans from the World Bank and those that also use this classification, such as the US Development Finance Corporation. This also applies to the business community and energy developers who need access to financing during the pre-project phase (prefeasibility studies, production of design drawings, and environmental social and impact assessments, among others).

Applying the CEWG roadmap
Addressing utility constraints and unlocking new access to finance and capital both are needed, but a well thought-out process that takes the context and nuances of each country into account is needed. To the international community, these countries are bound by their similarities (e.g., population and market size, and geographic location). Realistically, there are enough differences between them that suggest that no solution to the region’s energy transition challenges can be a one-size-fits-all approach. Each country’s context will determine how the below solutions are applied, from unbundling utility structures to attracting finance and capital based on renewable energy. While each country needs a transition that is contextualized to its own reality, technical assistance and transmission upgrades are at the core of the energy transition. Policy action and financial resources are both required, and Caribbean governments and regional institutions will need the assistance of partners like the US Trade and Development Agency and the Inter-American Development Bank (IDB) to deploy the assistance throughout the transition process.

Based on the small consumer bases and state-owned nature of utility systems in the Eastern Caribbean, unbundling utilities might not actually lower electricity costs. Instead, the structure of the utility might be reformed to a public-private partnership (PPP) model that also accounts for price comparisons between fossil fuel imports with social cost externalities attached to a transition to renewable energies. In essence, PPPs are a collaborative model that leverages the strengths of both the public and private sectors, which can help accelerate the deployment of renewable energy infrastructure while ensuring cost-effectiveness and financing sustainability. For example, needed transmission upgrades can be undertaken by governments to help absorb costs and prevent them from being passed to consumers. And the private sector can take responsibility for generation projects, driving down costs and improving competitiveness. Governments and utilities are still able to benefit from the revenue to use for public-sector investments while private-sector entities can streamline innovation in the energy sector, helping to attract more commercial interest.

Renewable energy projects, like offshore wind, have high upfront costs and require significant technical assistance to design, build, and implement. September 4, 2023. REUTERS/Tom Little
Designing PPP models will be complex. Each country and its utility or utilities are unique. The challenge will be designing the appropriate model. Here, entities such as the IDB should work with the Caribbean Development Bank (CDB), and use input from private-sector companies in the region, to design a PPP model for utility structures. The IDB houses the experience and expertise in designing PPP models, and through its new One Caribbean program is already building a project preparation facility that can incorporate PPP designs into its model.13 The challenge is that Eastern Caribbean countries are not members of the IDB, though they are borrowing member countries of the CDB. In the past, the CDB and the IDB have worked together to streamline assistance to and analysis for the Eastern Caribbean. The same can be done here, with the added benefit of the CDB already understanding the nuances of each of the countries in the subregion.

However, designing and implementing a PPP model requires political will and government support. Governments might not be anxious to adopt renewables if the cost of the electricity does not lower prices—affecting key political constituents—and if accelerating an energy transition comes with increased public debt through high-interest loans. Simply put, a transition is only possible if governments are given assurances and feel comfortable that incorporating renewables will not affect their standing with their constituents, meaning that entities like the IDB, CDB, and partners, such as the United States, will have to secure government support before an energy transition can take place.

As utility systems are able to reform their models to ensure that renewable energy projects are affordable for governments and consumers, support to countries and investors is needed to finance projects through the project pipeline. As discussed in the CEWG’s first report, the projects in the Caribbean tend to fall in the “valley of death,” due to project delays ranging from limited site access to an inability to secure additional financing. Key to moving projects through the pipeline is to derisk them and ensure their bankability. Two steps are needed. First, Caribbean countries need access to the expertise and capacity to conduct feasibility studies, environmental social and impact assessments, and design power purchase agreements, among other things. Second, Eastern Caribbean countries need access to investment vehicles that prioritize grants or low-cost loans for the upfront costs of renewable energy projects. Entities like IDB Invest have pockets of financing that allows the institution to inject equity into projects, but the pool of funds is small relative to what is available for other countries or subregions in Latin America.

This is where regional partners like the United States and existing regional programs like the CARICOM Development Fund (CDF) and the Bridgetown Initiative14 should be utilized. The United States government, through the International Development Finance Corporation (DFC), should take advantage of the current DFC reauthorization process to create a carve out for clean energy projects in the region. The scale of investment is minimal compared to other DFC-financed projects and would have outsized effects in the small markets and grids in the Eastern Caribbean. This would take an act of the US Congress—particularly for a middle-income country exception—but there is precedent and increasing appetite to prioritize energy security in the Caribbean. Further, the United States should encourage the IDB and the CDB to work with the CDF and the Bridgetown Initiative to create a project pipeline (with attached equity investments available) to attract large-scale financing and grants from global donors. Capital and finance around the world are available if regional partners and entities are able to build mechanisms that streamline funding to energy projects in the Eastern Caribbean and build a project pipeline to attract commercial investors.

A global call to action
An energy transition in the Eastern Caribbean requires political will, regional coordination, and consistent technical assistance. Relative to the cost of the global energy transition, the needed capital in the Eastern Caribbean is minimal. But the tides are changing in the region, as more political actors and financial institutions are thinking creatively of how to accelerate an energy transition. Still, human capital and capacity limitations stifle the region’s ability to undertake this process alone. Partner governments like the United States and Canada have committed to the region’s energy security in the past few years, but these two countries do not have the funding or domestic political will to direct their attention consistently to the Eastern Caribbean. Addressing the climate crisis and facilitating a global energy transition is increasing in urgency each day, meaning that more actors across governments, international bodies, the business community, and foundations are unlocking new forms of support. Tapping into these resources will be critical. Regional governments and their partners need to continue raising the profile of the Eastern Caribbean and using regional and global platforms, from the Group of Twenty to the UN General Assembly to the COP29 climate talks in November to ensure that these countries are not left behind.

Acknowledgments
The Atlantic Council thanks board member Melanie Chen for her financial support of this publication and the corresponding working group. A thank you also goes to the CEWG members who joined one-on-one consultations and roundtables that informed this publication, including co-chairs David Goldwyn and Eugene Tiah. A special thank you goes to Jason Marczak, vice president and senior director of the Adrienne Arsht Latin America Center, which houses the Caribbean Initiative, for his guidance and comments throughout the working group and during the drafting of this publication. Maite Gonzalez Latorre managed the production flow of this publication.

Wazim Mowla is the associate director and fellow of the Caribbean Initiative at the Atlantic Council’s Adrienne Arsht Latin America Center. He leads the development and execution of the initiative’s programming, including the Financial Inclusion Task Force, the US-Caribbean Partnership to Address the Climate Crisis (PACC) 2030 Working Group and the Caribbean Energy Working Group. Since joining the Council, Mowla co-authored major publications on the strategic importance of sending US COVID-19 vaccines , strategies to address financial derisking and how the United States can advance new policies to support climate and energy resilience.
Caribbean Energy Working Group Co-chairs

David Goldwyn is president of Goldwyn Global Strategies, LLC (GGS), an international energy advisory consultancy, and chairman of the Atlantic Council Global Energy Center’s Energy Advisory Group. He is a globally recognized thought leader, educator, and policy innovator in energy security and extractive-industry transparency.

Eugene Tiah is a senior business executive with in-depth knowledge and more than forty years of experience in the oil and gas business within the United States and the Caribbean region. He is president and CEO of the Caribbean Energy Chamber.

 

 

Blumberg Grain Chair commends Guyana food security vision

July 10, 2025

Signing an agreement with Guyana, Chairman of Blumberg Grains, Philip Blumberg, expressed unwavering support for President Dr. Irfaan Ali’s vision to bolster food security.

The Government of Guyana signed a Memorandum of Understanding with the US-based agricultural company and the chairman highlighted the company’s commitment and plans to invest extensively in Guyana’s agricultural landscape.

He noted that the first time he met President Ali, he was very focused on investment in Guyana and hailed him as a great advocate for its emergence as the most food-secure country in the world.

Blumberg commended President Ali and Minister Mustafa for their clear and ambitious goals for Guyana, noting, “You have an excellent team here in Guyana, in the President’s vision, the minister’s implementation and the Minister of Finance’s ability to help get things done.”

Against this backdrop, echoing President Ali’s regional ambitions, Blumberg announced significant future investments in processing facilities . “We’re prepared to invest in processing Guyana’s agricultural products, ensuring higher value for farmers, and easier access to international markets.”

Blumberg disclosed plans to establish manufacturing plants specialising in advanced shade houses, aimed at enhancing agricultural productivity in Guyana, the CARICOM region and South America.

“As our work grows, we wanted to designate Guyana as our hub, and that means our home in the Caribbean and northern South America. So, Guyana will be our home; we will designate it as a major hub. That means offices; that means employees, and that means not just food security but manufacturing and processing,” Blumberg affirmed.

 

 

 

Guyana to develop regional food hub with U.S. partner

July 10, 2025

The Government of Guyana,signed a Memorandum of Understanding (MoU) with renowned United States (U.S.)-based company Blumberg Grain and Logistics.

The agreement at the Ministry of Agriculture paves the way for the establishment of a state-of-the-art regional food hub at Yarrowkabra, along the Soesdyke-Linden Highway, a significant step towards strengthening food security and transforming Guyana into a regional leader in agri-business,

Agriculture Minister, Zulfikar Mustapha, said the signing of the MoU is testimony to the Government’s commitment in making Guyana a food-secured country. “We’ve moved away from that kind of labour-intensive production to a more modern and scientific form of production. We are bringing that expertise to transform the development that started since 2020.”

Guyana had made “tremendous” strides since 2020, the only nation that can feed its citizens.

Blumberg Grain’s Chairman, Philip Blumberg, said Guyana will become its official hub in the Caribbean region, as the MoU marks the first step in reducing post-harvest losses and increasing exportability.

“First step towards what we are doing is to reduce post-harvest loss. While it is a self-sufficient country, we can reduce post-harvest loss, which i farmers sustain from their field to the market. It will only increase the exportable products in the agriculture sector and we are focused on CARICOM and northern South America as we make our investments.”

It is anticipated that with this new partnership , farmers will earn higher revenues and access markets across the globe. In response to the charge given by President, Dr. Irfaan Ali, Blumberg noted that the company will explore investments in a manufacturing plant covering a spectrum of industries.

“We will invest, not only will we do this project and I hope others, and we have had discussions about rice, meat and poultry, but the reality is, we are prepared to invest in processing on our account of Guyana’s agriculture products.”

Minister of Finance, Dr. Ashni Singh, reinforced agriculture’s crucial role in the economic strategy. Agriculture remains one of the country’s main pillars in the realisation of a globally competitive non-oil economy. The project represents an important deployment of science and technology in agricultural production and supply chains to realise greater efficiency.

U.S. Ambassador to Guyana, Nicole Theriot, commended the agreement as “a transformative moment in regional development.”

The Yarrowkabra food hub, once completed, is expected to significantly boost Guyana’s export capabilities, reduce post-harvest losses to as low as 5 per cent and provide new manufacturing and processing facilities. It will serve as the base from which Guyana can strengthen trade across CARICOM and South America, while laying the foundation for entry into U.S. and international markets. Commencement of Phase One of the project in 2023, was accompanied by investment totalling $187 million. This project aligns with Guyana’s and the Caribbean Community’s CARICOM target of addressing food insecurities.

 

 

 

MODEC delivers another piece of puzzle for Guyana-bound FPSO

 July 25, 2025, by Dragana Nikše

Japan’s MODEC has delivered a structure that will form part of a floating production storage and offloading (FPSO) unit to be deployed to a project offshore Guyana operated by ExxonMobil, a U.S.-headquartered oil and gas giant.

As reported by the Japanese player, the topsides modules for FPSO Errea Wittu arrived at the BOMESC yard in Tianjin, China. The modules are said to be delivered on or ahead of schedule. Having completed all pre-commissioning and leak testing, no carry-over work remains. Project Manager Joseph (Yossi) Azran-Alemberg thanked the team: “Your hard work, dedication, and teamwork have set a new standard in the industry. Most importantly, your unwavering commitment to safety and quality truly reflects the heart of this team. Let us continue to build on this success, with the same spirit of collaboration, trust, and excellence that brought us here today.”

 The FPSO, whose name means “abundance,” will be MODEC’s first for use in Guyana. It will combine the development of resources from the Snoek, Mako, and Uaru fields in the Stabroek block. The delivery to ExxonMobil is targeted for 2026, the same as the first oil.

Once installed approximately 200 kilometers offshore Guyana, at a water depth of 1,690 meters, the vessel will be able to produce approximately 250,000 barrels of oil per day and will have associated gas treatment capacity of 540 million cubic feet per day, along with being able to store around 2 million barrels of crude oil.

As for the FPSO’s previous milestones, the hull sailaway ceremony and its arrival in Singapore were celebrated on June 28. The hull block assembly was marked in October 2024, and the keel-laying ceremony was held five months before that. ExxonMobil Guyana holds a 45% interest in Stabroek, with Hess Guyana Exploration LTD (30%) and CNOOC Petroleum Guyana Limited (25%) as partners. The final investment decision (FID) for Uaru was made in April 2023.

 

 

First MODEC FPSO for Guyana reaches new construction stage

July 15, 2025, by Dragana Nikše
Japan’s MODEC has completed a phase in the construction of a floating production storage and offloading (FPSO) unit to be deployed to a project offshore Guyana operated by the U.S.-headquartered oil and gas giant ExxonMobil.

The hull sailaway ceremony of the FPSO Errea Wittu in PRC and arrival in Singapore on June 28 was a significant milestone and a major step forward for the ExxonMobil-operated Uaru project, the fifth development in the Stabroek block. The sailaway ceremony marked completion of the hull construction and commissioning works, including partial module lifting and integration. Now that the module has arrived in Singapore, the next phase will focus on module integration and commissioning activities before deployment offshore Guyana. The latest achievement follows the hull block assembly for the unit, which was achieved 40 days ahead of the original schedule, in October 2024. The keel-laying ceremony was held five months before that. MODEC said,

“As we move into the next phase of the project, we remain focused on safety, quality, and collaboration. The journey of FPSO Errea Wittu is a proud example of what we can accomplish together, and we look forward to her successful deployment and operation in the near future.”

 

 

Jamaica Licence

United Oil & Gas announces NEPA Permit Publication and Warrant Extension

30 June 2025

AIM-listed United Oil & Gas, with a high impact exploration asset in Jamaica and a development asset in the UK, reports that the National Environment and Planning Agency (NEPA) published its decision to grant an Environmental Permit and a Beach Licence in relation to the planned offshore technical programme within the Walton Morant Licence.

The piston core survey will involve the collection of 40 to 60 seabed sediment (mud) samples from the Walton and Morant basins using a long, cylindrical piston corer designed to penetrate the seafloor and retrieve undisturbed core samples. These samples will undergo detailed geochemical analysis to improve understanding of the hydrocarbon generation potential and reservoir quality across the licence area.

To aid in selecting viable seabed locations, a Multibeam Echosounder (MBES) survey is planned over certain deeper areas of the licence, particularly in regions of the Morant Basin not currently covered by 3D seismic data. The survey will include a heat probe analysis at selected locations to measure background heat flow and sediment thermal conductivity. This data will support refined basin modelling and petroleum system analysis, helping to identify and prioritise areas most likely to host commercial hydrocarbon accumulations.

United is currently awaiting formal receipt of the permits and will undertake a detailed review upon arrival. A further update will be provided to the market in due course.

Brian Larkin, Chief Executive Officer of United Oil & Gas, commented:

‘We welcome NEPA’s publication and view it as a positive indication of progress toward the next technical phase at Walton Morant. While we await the formal documentation, this is a significant milestone in our planning for the offshore programme and supports our strategy to advance the licence and unlock its value through disciplined technical work and industry engagement. These developments play an important role in our ongoing farm-out process, which continues to attract interest from credible counterparties. Walton Morant remains one of the few frontier licences with multi-billion-barrel potential and proximity to existing infrastructure in a stable jurisdiction near the US Gulf Coast.’

Warrant Extension

The Company also announces its intention to extend the expiry date of 166,666,667 warrants exercisable at 0.28 pence per share. These warrants will now expire on 31 December 2025, instead of 30 June 2025. All other terms of the warrants will remain unchanged.

The extension maintains the potential for additional non-dilutive funding to be realised over the coming months, as the Company continues to advance its strategy and seeks to unlock value across its asset base.

Source: United Oil & Gas

 

 

UK junior wins approval for Jamaica offshore campaign

30 June 2025

Jamaican authorities have given the green light to United Oil & Gas for plans to gather further data on its offshore acreage in the frontier Walton and Morant basins. As the London-listed junior tries to farm out a stake in the Walton Morant licence, acquiring additional information will increase the chances of a successful deal. Tullow Oil previously operated the licence.

Jamaica’s National Environment & Planning Agency granted an environmental permit and a beach licence for an offshore geotechnical programme. United aims to conduct a piston core survey, collecting between 40 and 60 seabed sediment samples from the two basins.

The operation will deploy a long, cylindrical piston corer designed to penetrate the seafloor and retrieve undisturbed core samples. Detailed geochemical analysis of the samples will improve understanding of the hydrocarbon generation potential and reservoir quality across the licence area.

To help select viable seabed locations, a multibeam echosounder survey is planned over certain deeper areas of the licence, particularly in regions of the Morant basin not currently covered by 3D seismic data.

The survey will include a ‘heat probe’ analysis at specific locations to measure background heat flow and sediment thermal conductivity. This data will help to refine basin modelling and petroleum system analysis and identify and prioritise areas most likely to host commercial hydrocarbon accumulations.

Chief executive Brian Larkin said: “We welcome NEPA’s publication and view it as a positive indication of progress toward the next technical phase at Walton Morant.

“While we await the formal documentation, this is a significant milestone in our planning for the offshore programme and supports our strategy to advance the licence and unlock its value through disciplined technical work and industry engagement. Data from these campaigns play an important role in our ongoing farm-out process, which continues to attract interest from credible counterparties.”

The company’s acreage “remains one of the few frontier licences with multi-billion-barrel potential and proximity to existing infrastructure in a stable jurisdiction near the US Gulf Coast.”

United mapped over 40 leads on the licence, which expires in January 2028.

“Appetite for high-impact exploration is returning. Against this backdrop, our farm-out strategy has gained renewed momentum and have several parties under non-disclosure agreements.”

Envoi is handling the farm-out process.

 

 

 

Jamaica:

United Oil & Gas receives Environmental Permit for Walton Morant Licence

24 July 2025

AIM-listed United Oil & Gas, with a high impact exploration asset in Jamaica and a development asset in the UK, confirmed formal receipt of the Environmental Permit from Jamaica’s National Environment and Planning Agency (‘NEPA’) for UOG’s planned offshore surveys at its 100% owned Walton Morant Licence. This follows the Company’s 30 June 2025 announcement, confirming that the approved permit had been listed on NEPA’s website. The permit is now in hand and is valid for five years.

The Environmental Permit encompasses a range of non-invasive offshore surveys, including bathymetric, geotechnical, and environmental baseline studies. It represents a key milestone in progressing toward the next phase of operational activities under the licence. A final outstanding permit, known as a Beach Licence, is expected shortly and will complete all approvals required before any operational activities can commence.

These surveys will further enhance United’s technical dataset and are designed to further de-risk the licence by providing critical data to support prospectivity, including potential hydrocarbon presence in the seabed. While not required for the farmout, they will support ongoing technical workstreams, underpinned by the recent licence extension to January 2028.

Brian Larkin, CEO of United Oil & Gas, commented:

‘With the Environmental Permit now secured and the Beach Licence expected shortly, we are moving into a position to advance technical operations and rebuild momentum across one of the most exciting and underexplored basins in the region.

The Walton Morant licence presents a compelling opportunity, with billion-barrel-scale potential, drill-ready targets, and a source rock interval of similar age to that found in the prolific basins of Guyana,Trinidad & Tobago, and elsewhere in the Caribbean region.

Encouraging industry interest continues, and advancing the farmout remains a core strategic priority. The farmout process is progressing in parallel to survey preparations and is not contingent upon them. Our focus is on unlocking value through both technical de-risking and commercial engagement.’

 

 

United green light for Jamaican block surveys, citing Stabroek-scale potential

July 24, 2025, by Dragana Nikše

Dublin-headquartered and AIM-listed United Oil & Gas received an environmental permit for offshore surveys at its licence off the coast of Jamaica.

As disclosed by the Irish player, Jamaica’s National Environment and Planning Agency (NEPA) authorized the surveys to be undertaken at its 100%-owned Walton Morant licence. The permit is valid for five years. A range of non-invasive surveys will be performed, including bathymetric, geotechnical, and environmental baseline studies. The operator sees this as a key milestone in progressing toward the next phase of operational activities under the licence.

Since the surveys are designed to further de-risk the licence by providing data to support prospectivity, including potential hydrocarbon presence in the seabed, United hopes they will help it find a farmout partner. WIth an extension obtained in March, United will remain at the helm until January 2028. Multiple companies are under non-disclosure agreements (NDAs) and actively reviewing data as part of the farm-out process.

Brian Larkin, CEO of United Oil & Gas, said: “With the Environmental Permit now secured and the Beach Licence expected shortly, we are moving into a position to advance technical operations and rebuild momentum across one of the most exciting and underexplored basins in the region.”

The company is focused on unlocking value through both technical de-risking and commercial engagement. United believes the licence is comparable in scale and geological potential to Guyana’s Stabroek resource, and an analogous multiple FPSO hub development could be used for its monetization. Stabroek was the object of a dispute between ExxonMobil and Chevron seeking acquisition of partner in the block, Hess. The dispute was resolved when the Chamber of Commerce Tribunal issued a ruling allowing Chevron to proceed with the Hess merger.

 

 

 

 

IMF

Executive Board Concludes 2025 Article IV Consultation with Jamaica

June 25, 2025

The Executive Board of the International Monetary Fund (IMF) concluded the 2025 Article IV consultation with Jamaica on June 12, 2025.

Over the last decade, Jamaica has established an enviable track record of investing in institutions and prioritizing macroeconomic stability which allowed it meet recent shocks and natural disasters in an agile, prudent, and growth-supportive manner.
The continued reforms will increase resilience to future shocks and natural disasters. They need to combine with a multipronged approach to overcome supply-side constraints to growth in support of growth.

Washington, DC: On June 12, 2025,

the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation[1] with Jamaica and considered and endorsed the staff appraisal without a meeting. The authorities have consented to the publication of the Staff Report prepared for this consultation.[2]

Over the last decade, Jamaica has successfully reduced its public debt, firmly anchored inflation and inflation expectations, and strengthened its external position. It has built an enviable track record of investing in institutions and prioritizing macroeconomic stability. Jamaica has met recent global shocks and natural disasters in an agile, prudent, and growth-supportive manner.

GDP declined in FY2024/25 due to hurricane Beryl and tropical storm Raphael which damaged agriculture and infrastructure and undermined tourism. Nonetheless, economic activity is projected to normalize as these effects wane.

Unemployment has fallen to all-time low levels (3.7 percent in January 2025) and inflation has converged to the Bank of Jamaica (BOJ)’s target band of 4-6 percent. The current account has been in surplus for the last two fiscal years with strong tourism revenues and high remittances. The international reserves’ position has continued to improve.

The outlook points to growth settling at its potential rate once the FY2025/26 recovery is complete, with inflation stabilizing within the BOJ’s target range. Nonetheless, global developments require continued close monitoring as downside risks emanating from tighter global financial conditions, lower growth in key source markets for tourism, and trade policy disruptions remain high. Finally, extreme weather events could negatively affect economic activity.

The Jamaican authorities are implementing sound macroeconomic policies in the context of strong policy frameworks. A prudent fiscal stance supports a reduction in public debt towards the target in the Fiscal Responsibility Law. The Bank of Jamaica has anchored inflation around the mid-point of the inflation target band and inflation expectations have declined to close to the upper band of the BOJ’s target range.

The lowering of the policy rate in 2024 was justified in view of the temporary nature of the weather-related shocks and the expected convergence of inflation to the BOJ’s target. The current fiscal-monetary policy mix places Jamaica in a good position to respond to the various downside global risks, should they realize.

Executive Board Assessment

“In concluding the 2025 Article IV consultation with Jamaica, Executive Directors endorsed staff’s appraisal, as follows:

“Over more than a decade, Jamaica has been implementing sound macroeconomic policies supported by strong policy frameworks. These efforts have allowed Jamaica to accumulate meaningful policy buffers, reduce public debt, anchor inflation, and improve its external position.

“Recent policy efforts have further strengthened fiscal responsibility, improved the effectiveness of public sector compensation, bolstered tax and customs administration, enhanced financial oversight, and built resilience to climate change including in the context of the recently completed PLL/RSF arrangements. These advances allowed agile, prudent, and growth-supportive responses to recent global shocks and natural disasters.

“The economy, which declined in FY2024/25 due to the weather events, is rebounding this year and is projected to grow at its potential rate with risks broadly balanced. The recovery is supported by a rebound in agriculture and tourism and its spillovers to other sectors. Risks comprise extreme weather events posing downside risks for tourism and agriculture, trade policy shocks, and disruptions to tourism or the flow of remittances. Upside risks include a faster-than-expected recovery from recent weather events, favorable tourism trends, and favorable commodity price developments.

“Maintaining primary fiscal surpluses to reach the FRL’s ceiling of 60 percent of GDP by FY2027/28 remains essential. However, fiscal policy could become too pro-cyclical in the face of severe shocks when the debt-to-GDP ratio reaches the FRL’s target. Incorporating an explicit operational medium-term debt anchor in the FRL at a level below 60 percent of GDP would help guide policies and ensure that debt is kept at moderate levels, creating fiscal buffers to respond to adverse events. The timeline for the eventual adoption of an operational debt anchor should be assessed in the context of heightened uncertainties, which could limit the country’s ability to meet a lower debt anchor in the medium-term.

“The authorities continue to improve the fiscal policy framework. The IFC became operational in January 2025 and assessed the consistency of current fiscal plans with the FRL. The A-PEFA assessment was completed in June 2024, providing recommendations to enhance public financial management. Reforms of tax and customs administration are supporting revenue mobilization, and sound debt management continues. The wage bill reform eliminating distortions and improving the transparency and competitiveness of the public pay to help retain skilled employees was completed last FY.

“Ongoing efforts to bolster the monetary and financial policy frameworks should continue. Staff supports the BOJ’s cautious data-dependent monetary policy, noting that there should be scope to lower the policy rate but the heightened global uncertainties call for a cautious approach. An inflation targeting regime with a strong international reserves’ position and stable FX markets have served Jamaica well. Going forward, there is scope to deepen FX markets by reducing surrender requirements and scaling back the BOJ’s FXI. Deepening capital markets, further de-dollarizing the economy, and boosting banking sector competition would improve resource allocation and help strengthen monetary transmission. The adoption of Basel III, the expansion of the BOJ supervisory remit, and unification of financial supervision under a twin-peaks regime are all going in the right direction. Jamaica exited FATF’s increased monitoring (grey list) in June 2024. Building on this achievement, the authorities continue to strengthen AML/CFT and are preparing for the fifth round of the Mutual Evaluation Process (expected by mid-2026).

“A multipronged approach is required to overcome supply-side constraints to growth. Low productivity resulting from the misallocation of resources is amplified by structural impediments including high crime, barriers to competition, poor educational outcomes, inadequate infrastructure, and barriers to trade. The authorities are addressing these barriers through product and labor market reforms, education, infrastructure, trade, and climate-aware reforms including by completing reform measures under the RSF completed last September. These reforms have the potential to catalyze private sector financing for climate-related investment.”

 

 

 

 

Citizenship by investment

2 July

A citizenship and residency firm reports a dramatic surge in demand by US citizens for second passports or long-term residencies abroad.

“Demand for second citizenship is growing, particularly as people seek more mobility, security and economic opportunities in an increasingly uncertain world,” said Lisa McShine-Thompson, a Trinidad-born entrepreneur based in Dubai and founder of ROC Citizenship, a firm specialising in Citizenship by Investment (CBI) programmes.

The programmes allow individuals and families to obtain second citizenship through government approved investment options. The process typically involves a financial contribution to a country’s economy, through a government donation, real estate investment or business venture.

“As someone from the Caribbean, I always understood the importance of global access and economic opportunity. I founded ROC Citizenship to help individuals and families navigate the process of obtaining a second passport, giving them freedom, security and access to global markets.”

For many, a second passport is not just a luxury, it’s a necessity for business, safety and a better future for their families. Experts say interest in these investment programmes have not yet reached its peak. Since launching ROC Citizenship, Mc Shine-Thompson served over 2,000 clients and expanded the company to six branches worldwide.

“I’ve seen firsthand how life-changing this opportunity can be. One of our clients, an entrepreneur from Africa, was struggling with limited visa-free travel which affected his ability to grow his business. Through CBI, he secured citizenship that allowed him to travel freely, expand his company and create more jobs.”

Investment amounts vary depending on the country and programme. A single applicant can obtain citizenship through a government donation starting at US$100,000, while real estate options usually start at US$220,000. For host countries, CBI programmes bring numerous benefits, including foreign investment, economic diversification, and job creation, particularly in construction, real estate and financial services.

Mc Shine-Thompson’s team guides clients through every step, from selecting the best programme to navigating the application process.

Caribbean nations are popular for their CBI programmes, thanks to visa-free travel, tax incentives, and quality of life. The top choices include:

1. 1. 1. * St Kitts & Nevis—known for global mobility
      2. * Dominica— for affordability and fast processing
      3. * Antigua & Barbuda and St Lucia
      4. * Grenada—which offers access to the US E-2 visa, allowing investors to live and work in the US.

Mc Shine-Thompson has been living in Dubai for nearly 19 years, but she returns to T&T at least twice a year.

Some of the most common beliefs about CBI programmes are that they favour the wealthy and are used by people who try to skirt laws to enter other countries.

While CBI programmes require financial investment, they are not just for the ultra-wealthy. Many professionals, entrepreneurs and retirees seek second citizenship for greater global access, security and business opportunities.

Governments have strict due diligence procedures in place to ensure that only reputable individuals qualify. Background checks are conducted by international security agencies and applicants must provide proof of funds and a clean criminal record. These measures prevent misuse of the programme and ensure that it remains a legitimate pathway for global mobility and economic growth.

 

Indian Prime Minister participates in the 17th BRICS Summit in Rio de Janeiro

July 06, 2025

Prime Minister Shri Narendra Modi participated today in the 17th BRICS Summit in Rio de Janeiro, Brazil on 6-7 July 2025. The leaders held productive discussions on various issues on the BRICS agenda, including reform of global governance, enhancing voice of the global south, peace and security, strengthening multilateralism, development issues and Artificial Intelligence.

Prime Minister thanked President of Brazil for his warm hospitality and for the successful organisation of the Summit.

The Prime Minister addressed the inaugural session on “Reform of Global Governance and Peace and Security”. Later in the day, Prime Minister also addressed a session on “Strengthening Multilateral, Economic-Financial Affairs and Artificial Intelligence. This session included participation by BRICS Partner and invited countries.

Addressing the session on Global Governance and Peace and Security, the Prime Minister reaffirmed India’s commitment to enhancing the voice of the Global South. He noted that developing countries required greater support for sustainable development, in terms of access to climate finance and technology.

Highlighting that the global organizations of the 20th century lacked the capacity to deal with the challenges of the 21st century, he underscored the need for reforming them. Calling for a multipolar and inclusive world order, Prime Minister stated that global governance institutions such as the UN Security Council, IMF, World Bank, and WTO must undergo urgent reform to reflect contemporary realities. He thanked the leaders for highlighting the urgency of UN Security Council reform and adopting a strong language on the issue in the Summit Declaration.

On Peace and Security, the Prime Minister underlined that terrorism was a grave threat facing humanity. In this context, he noted that the Pahalgam terror attack in April 2025 was not just an attack on India, but an onslaught on the entire humanity.

Calling for strong global action against terrorism, Prime Minister noted that those funding, promoting or providing safe havens to terrorists must be dealt with in the harshest terms. He emphasized that there should be no double standards in dealing with terrorism. He thanked the BRICS leaders for condemning the Pahalgam terror attack in the strongest terms. Calling upon the BRICS countries to strengthen global fight against terrorism, he emphasized that there should be zero tolerance in dealing with the menace.

Further elaborating on the subject, the Prime Minister noted that conflicts, from West Asia to Europe, were a matter of deep concern. He added that India has always called for dialogue and diplomacy to resolve such conflicts and was ready to contribute towards such efforts.

Addressing the session on “Strengthening Multilateralism, Economic-Financial Affairs and Artificial Intelligence”, the Prime Minister stated that diversity and multipolarity were valued strengths of the BRICS. At a time when the world order was under pressure and the global community facing uncertainty and challenges, the relevance of BRICS was evident.

BRICS could play an important role in shaping a multipolar world. In this regard, he offered four suggestions:

• • one, the BRICS New Development Bank must follow demand driven principle and long-term sustainability for granting projects;
  • two, the group consider setting up a Science and Research repository which could benefit the global south countries;
  • three, focus must be given to make the supply chain of critical minerals secured and resilient; and,
  • four, the group should work for responsible AI – while looking into the concerns of AI governance, it should also give equal importance to promoting innovation in the field.

At the conclusion of the Leaders’ Session, the member countries adopted the ‘Rio de Janeiro Declaration’ [Link]. Full address of Prime Minister in the sessions on global governance [Link], peace and security [Link], and strengthening multilateralism, economic-financial affairs and artificial intelligence [Link] may be seen here.

 

 

 

 

Guyana provides over US$15.2 billion in ecosystem services

July 24, 2025

President Dr. Irfaan Ali highlighted a remarkable valuation at the opening of the Global Biodiversity Summit, currently underway – Guyana emerges as a global leader in nature-based economics, providing over US$15.2 billion annually in ecosystem services, with emerald rainforests rich in biodiversity,

“The forest of Guyana not cleared, not sold, not converted, are providing more economic value by standing than they would if destroyed.”

Dr. Ali reminded delegates that Guyana’s commitment is rooted in a larger planetary responsibility: “This is the very essence of nature, positive economy, and its value is not unique to Guyana. It is echoed in every forest, reef, wetland, savannah, and mountain on Earth.”

The country’s forests are home to nearly 8,000 plant species, many of which thrive only in this ancient and ecologically rich region. Guyana is a sanctuary of botanical wonder and conservation efforts are not only ecological necessities but also powerful economic tools.

“We are committed to scaling blended finance to de-risk investment in nature-based enterprises, piloting biodiversity credits that reward stewardship, expanding the debt-for-nature swap model based on our own experience, and supporting community-driven finance models that place Indigenous leadership at the centre.”

Against this backdrop of policy and finance, the natural spectacle of Guyana remains at the heart of its call for co-operation and greater financing. Ecosystems as nothing short of symphonic. Here in our beloved country, nature doesn’t whisper. It sings, it soars, and it roars. Guyana is home to more than 1,200 species of birds a staggering number that rivals or even surpasses much larger nations.”

In addition to avian diversity, Guyana hosts approximately 225 mammal species, including the majestic golden jaguar and the elusive giant river otter, “the gentle guardian of our rivers and wetlands.”

In 2024 a team of experts recorded over 600 species of plants and at least 713 species of vertebrates, including 22 species that had never before been recorded in Guyana and at least 23 species that are potentially new to science.

The summit is expected to solidify political commitment around a shared global biodiversity agenda. Day one sessions are focused on aligning the Alliance’s goals with existing international frameworks, setting the tone for deeper collaboration in the days to come.

Debt-for-nature swaps, biodiversity bonds, and credits will be discussed to mobilise resources for conservation.

Guyana will also house the Global Biodiversity Alliance’s secretariat with the mission of monitoring conservation pledges and fostering global co-operation.highlighted