Operators set sights on four exploration wells in Suriname by 2027

Fabio Palmigiani South America Correspondent

Rio de Janeiro 23 September

Chevron, TotalEnergies and Petronas to drill new wells

Companies operating offshore Suriname are targeting the drilling of up to four exploration wells in the country over the next three years. Wildcatting activity has been ramping up in Suriname in recent years.

 

 

 

TotalEnergies eyes potential Petrobras partnership opportunities

Peter Millard and Mariana Durao,

Bloomberg September 23, 2024

Chief Executive Officer Patrick Pouyanne said TotalEnergies is interested in partnering with Petrobras on projects outside Brazil as the French supermajor expands in Latin America’s most populous nation.

Namibia, Suriname and Angola were among the areas Pouyanne mentioned as potential cooperation zones. In Brazil, the offshore Mero project in the pre-salt region, where Total has a partnership with Petrobras, is growing fast. Total executives used a $50-to-$60-a-barrel benchmark to test the viability of oil projects when presenting them for board approval, and is “very close” to approving a 220,000 bpd project in Suriname, he told a conference in Rio de Janeiro.

Total’s interest in partnering with Petrobras abroad highlights a rebound in interest in high-risk, offshore exploration at a time when the energy transition appears to be taking longer than expected a few years ago.

“Petrobras is ready to explore abroad and in the Atlantic basin, so I keep that in mind. And if we have opportunities, as we’re exploring in different countries, we could offer to Petrobras to participate.”

Total also has large investments in wind energy in Brazil and sees more potential in onshore wind than offshore, which Pouyanne said could wait a few years.

 

 

 

TotalEnergies reaches $10.5-billion FID in Suriname

PARAMARIBO, October 1, 2024 –EY

Alongside President H.E. Chandrikapersad Santokhi and Staatsolie CEO Annand Jagesar, CEO Patrick Pouyanné announced that TotalEnergies reached an FID on the USD 10.5-billion GranMorgu project in Suriname.

The GranMorgu project will develop the Sapakara and Krabdagu oil discoveries in offshore Block 58, with first oil expected in 2028. After an exploration campaign in the area last year, reserves were estimated at over 750 million barrels. The project will involve installation of a 220,000-bopd FPSO.

TotalEnergies is the operator of Block 58 with a 50% interest, with APA Corporation (50%), while NOC Staatsolie plans to exercise its option to enter the development project with an interest of up to 20%.

Pouyanné said, “Building on TotalEnergies’ pioneering spirit, this landmark project marks the first offshore development in the country and capitalizes on our extensive expertise in deep offshore innovation. Launched only a year after the end of appraisal, GranMorgu fits with our strategy to accelerate time-to-market and develop low-cost and low emission oil projects.”

 

 

 

TotalEnergies renames $9 billion offshore Suriname field

23 September

Fabio Palmigiani South America CorrespondentRio de Janeiro

Sapakara South-Krabdagu gets a new name as French company eyes first oil for 2028.

TotalEnergies renamed $9 billion Sapakara South-Krabdagu project offshore Suriname, as the French supermajor prepares to make a final investment decision to advance development in Block 58.

 

 

 

Suriname to fund $1.8 billion investment in Block 58 pending FID

September 16, 2024
(WO)

State oil company, Staatsolie, announced plans to issue bonds in 2025 as part of a strategy to finance participation in the development of offshore Block 58.The company, which holds the right to participate in up to 20% of the development under the Production Sharing Contract, is exploring funding options to meet its estimated $1.8 billion investment requirement.

Staatsolie’s participation hinges on the Final Investment Decision (FID) for Block 58, which is expected to be announced later this year by project partners TotalEnergies and APA Corporation.

To cover its share of the costs, Staatsolie is considering a combination of financing methods, including tapping into its cash reserves, issuing bonds, securing bank loans, or forming partnerships. The company aims for maximum involvement from the local market and indicated that it will structure the bond issuance to encourage broad participation.

The new bond offering is scheduled to open in January 2025 and will close in March. Staatsolie confirmed that the bonds will be available in small denominations, making them accessible to the public, including existing bondholders.

De Surinaamsche Bank (DSB) has been appointed as the arranger for the issuance. The company’s existing bonds, issued in 2020, are set to mature in September 2025 and March 2027, with interest rates of 7% and 7.5%, respectively. Staatsolie has been consistent with semi-annual interest payments on these bonds.

 

 

 

 

PetroChina joins exploration hotspot with new Staatsolie agreement

September 15, 2024 (WO)

Staatsolie Maatschappij Suriname N.V. (Staatsolie) and PetroChina, subsidiary of China National Petroleum Corporation, signed production sharing contracts for blocks 14 and 15 offshore Suriname.

By signing the contracts, PetroChina obtained exploration, development and production rights in Block 14 and Block 15. Staatsolie has a 30% participation interest through its subsidiary Paradise Oil Company N.V. (POC).

Block 14 and Block 15 were part of the Suriname Shallow Offshore 2 Bid Round 2023-2024. The blocks are in the eastern part of the Suriname-Guyana basin and border Block 52, where oil and gas discoveries were made. Water depths are 50m to 75 m in Block 14 and 75m to 150 m in Block 15.

Staatsolie, via POC, has participation interests in blocks 5, 6, 7 and 8, were part of the Shallow Offshore Bid Round 2020-2021. Exploration activities are ongoing in these blocks as studies show promising geology of the Shallow Offshore.

With the two newly concluded production sharing contracts, approximately 46% of the Surinamese offshore area is now under contract. Staatsolie’s strategy is to have as much of the offshore as possible under contract with international parties.

One of the world’s largest oil companies, China National Petroleum Corporation (CNPC), is an integrated international energy company with operations in PRC and across the world.

 

 

 

Staatsolie signs production sharing contracts with PetroChina

16 Sep 2024

Staatsolie Maatschappij Suriname N.V. (Staatsolie) and PetroChina Investment Suriname B.V. (PetroChina), a subsidiary of China National Petroleum Corporation, signed production sharing contracts for offshore Blocks 14 and 15 on 13 September 2024.

By signing the production sharing contracts, PetroChina has obtained exploration, development and production rights in Block 14 and Block 15. Staatsolie has a thirty percent participation interest through its subsidiary Paradise Oil Company N.V. (POC).

The contracts were signed by Annand Jagesar, Staatsolie’s Managing Director, Yu Zhang, of China National Petroleum Corporation, and Rekha Bissumbhar, POC Director. POC and PetroChina will also sign a Joint Operating Agreement (JOA).

The JOA sets out the agreements between the contract parties regarding the exploration, development and production of oil and gas, and the distribution of the costs, risks and revenues of the project.

Block 14 and Block 15 were part of the Suriname Shallow Offshore 2 Bid Round 2023-2024. PetroChina, one of the bidders, was awarded these blocks, in the eastern part of the Suriname-Guyana basin, bordering Block 52, site of oil and gas discoveries. Block 14 has water depths of 50 to 75 meters and Block 15 lies in depths of 75 to 150 meters.

Staatsolie, via POC, also has participation interests in blocks 5, 6, 7 and 8, part of the Shallow Offshore Bid Round 2020-2021. Exploration activities in these blocks are ongoing as studies show that promising geology of the Shallow Offshore.

China National Petroleum Corporation (CNPC), an integrated international energy company with operations in PRC and across the world is one of the largest oil companies.

With the two newly concluded production sharing contracts, approximately 46 percent of the Surinamese offshore area is now under contract. Staatsolie’s strategy is to have as much of the offshore as possible under contract with international parties. Staatsolie invests in studying all data from all blocks in the Suriname sector of the Guyana-Suriname basin, to become the ‘Master of the basin’. Thus Staatsolie is increasingly able to convert data into usable information. In this way, a better understanding of the geology and the mapping of potential areas is obtained. The better Staatsolie can do this, the more successful offshore bid rounds will be and the greater the chance of finding hydrocarbons.

Source: Staatsolie

 

The Suriname Seep Survey: Uncovering Hidden ‘Energy’ Under the Sea

02 September 2024

As of 2 September 2024, 23,800 km² has already been explored in the ongoing exploration off the coast of Suriname. This extensive research started on July 22 and is a collaboration between Staatsolie, GeoPartners Limited (United Kingdom) and TROIS GeoConsulting (Netherlands).

 

 

 

Exxon recovering more money from Guyana’s oil yearly than investments

September 11, 2024

ExxonMobil and the Stabroek Block Co-Venturers are currently recovering more money from Guyana’s oil than they are investing in the operations. With the increase in oil production activities, the 75% cost recovery figure has ballooned to US$7.5B in the first half of 2024 alone. Exxon has committed to spend just about US$500M in the block this year, according to its 2023 Annual Report.

Affiliate ExxonMobil Guyana Limited is the operator and holds 45% interest in the Stabroek block. Hess Guyana Exploration Ltd. holds 30% interest, and CNOOC Petroleum Guyana Limited holds 25% interest. CNOOC and Hess also committed to invest in the Stabroek Block this year, taking total equity contributions between the partners to just over US$1B.

This concerning trend of cost recovery outweighing investments by the Stabroek Block partners is likely to continue as politicians refuse to ring-fence the projects in the Stabroek Block. A ring-fencing provision would require each offshore development to pay its own cost and after the investment is repaid, would allow the country to enjoy a greater share of profits from the sector.

As at the end of December 2023, ExxonMobil reported that a total of US$30B was invested into the Stabroek Block operations. President of ExxonMobil Guyana, Alistair Routledge told media that US$19B of those expenses has so far been cleared through the cost recovery mechanism.

The three oil projects currently producing oil, the Liza One, Liza Two, and Payara projects collectively carry a price tag of about US$19B. This means that the country could have been receiving higher profits this year from the three projects; however, in the absence of ring-fencing, Exxon will use the revenue to invest in other developments and even fund its exploration programme.

Vice President Bharrat Jagdeo was asked to comment on this state of affairs and was specifically asked to say whether it would be fair to conclude that Exxon’s cost recovery was exceeding its investments.

The Vice President explained, “Everything is determined by the formula, which is 75% for cost recovery (and) what is in the cost bank, so these are (the) two things. So every year, every new project that has been approved gets added to the cost bank and the 75% applies to it.”

Jagdeo therefore pointed out that the sum deducted for cost recovery is impacted by the price of the oil and the rate of production.

“If the price of oil goes up slightly, you can then recover faster…if it comes down slightly it slows down the pace of amortization of the cost bank. Secondly, if you increase production it could speed up the amortization of the cost bank so it keeps moving all the time because prices move all the time and sometimes by shipment,” he said.

Approval of new projects by the government also delays the full amortization of the cost recovery. However, this does not alter the fact that Guyana’s revenue stream in the future will grow significantly as a result of the accelerated rate of cost recovery.

Thanks to Exxonmobil, Stabroek Block is studded with petroleum discoveries and Guyana is ascending to affluence.

 

 

 

 

NEC progress in Guyana, Suriname

9 September 2024

TT Energy Minister Stuart Young said the National Energy Corporation (NEC) is making good progress with initiatives it is pursuing in Guyana and Suriname. That progress is demonstrated by $36.3 million in revenue NEC received as a result of these initiatives over the last five years.

Young, currently acting prime minister, was replying to Opposition Senator Wade Mark in the Senate on September 9.

He said NEC spent $3,693,765 “from January 2017-May 2024, on efforts related to establishing business in Guyana.”

Over this period NEC participated in several events and co-ordinated “the submission to the pre-qualification proposal for the gas-to-energy project issued by the government of the Co-operative Republic of Guyana. “

The NGC (National Gas Company) group was subsequently shortlisted for the request for bids.

“Upon issuance of the RFP (request for proposals) bids packages, the NGC group declined to participate further.”

NEC was also contracted by a Guyanese company to provide technical assistance and jointly explore “potential for partnership in the area of port infrastructure, development and operation.”

The company has also entered into strategic partnerships for providing marine support services for operations in Guyana and Suriname.

NEC’s achievements over the last five years in these initiatives included a revenue of $36,262,827, ten times the value of the company’s initial expenditure on establishing business in Guyana.

The figure included revenues of $350,000 for providing technical services, and $35,912,363 for marine vessel services in Guyana and Suriname.

Young congratulated NEC on “this outstanding revenue earned.”

He told senators a memorandum of understanding (MOU) between Suriname energy company Staatsolie and NEC in 2021 “explored opportunities for greater cooperation.”

NEC worked with Staatsolie to prepare a gas monetisation study for Suriname.

NEC’s Guyana office is used “as a base for engagement with senior officials from both Guyana and Suriname.”

Through this office Trinidad and Tobago is demonstrating its commitment to working with Guyana on developing its energy sector.

“It is also made available for use by other TTstate companies and the TT High Commission in Guyana.”

TT Prime Minister, Guyanese President Dr Mohammed Irfaan Ali and Suriname President Chandrikapersad Santokhi met at the NEC Guyana office in 2022 “to lay the groundwork for further discussions on energy matters.”

NEC “serves as the focal point for the implementation of the government-to-government MOU understandings with both Guyana and Suriname.”

A TT-Guyana MOU, executed in 2022, covers collaboration in areas of food security, energy infrastructure, trade and investment. “We have also executed MOUs and NDAs (non-disclosure agreement) with Guyanese (business) partners for exploration of business opportunities.”

A separate MOU between TT and Suriname for energy co-operation was executed on July 6, 2023. Some aspects involved assessing regional gas supply opportunities, renewable energy initiatives and public-private partnerships.

TT government established relations through NEC with the Malaysian energy multinational company Petronas, which has operations in Suriname.

 

 

 

 

UWI enrolment up for new academic year

2024, 09/23

The University of the West Indies Trinidad reported increases in undergraduate and postgraduate enrolment this academic year, despite the recent global trend of declining university enrolments. The 2024 Matriculation and Welcome Ceremony held at The UWI Sport and Physical Education Centre (UWI SPEC) St. Augustine, was themed Pelicans: Get Ready to Soar and celebrated the official induction of 3000 students from over 30 countries into The UWI academic community.

Pro Vice-Chancellor and Campus Principal, Professor Rose-Marie Antoine, emphasised the importance of pursuing tertiary education during challenging global times, saying, “You are now a part of this legacy. Your choice to pursue tertiary education despite the worrying trend of decreasing enrolment worldwide means you have taken a significant step toward achieving your full potential in life. If you have any doubts about whether you chose the right path, let me assure you that a UWI degree will be one of your most valuable assets.”

Affirming that a UWI degree equips students with essential skills sought after by employers across the globe, she added that, “Since 1948, The UWI has produced over 240,000 graduates, who can be found in every sector in the Caribbean and beyond – the public and private sectors, civil society, international organisations, and more.”

Plant power
Co-founder of Rum and Sargassum, Dr Legena Henry, and researchers Aria Goodrige, Brittney McKenzie, and Shamika Spencer met the principal of The University of the West Indies Barbados, Prof Clive Landis at the launch of the world’s first vehicle powered by renewable natural gas (RNG) from Sargassum seaweed, rum distillery wastewater, and Blackbelly sheep manure, at the Guinea Plantation in St John on September 17.

TT scientist Dr Legena Henry studied at the Massachusetts Institute of Technology (MIT), Cambridge, Massachusetts, USA, where the motto “Mens et Manus”—”Mind and Hand”—reflects the belief that education should be rooted in practical application. “The MIT campus is built on the spirit of yes, we have minds, but we have minds to solve the problems of humanity. So I have learned to take science and apply it to real-world challenges,” Henry told media.

Driven by this philosophy, Henry launched the world’s first vehicle powered by renewable natural gas, derived from a blend of sargassum seaweed and rum distillery wastewater, tackling several global challenges at once. These challenges include providing renewable energy, creating inexpensive transportation fuel, ridding beaches of sargassum and converting waste into valuable resources.

In 2019, Henry and her husband, Nigel, relocated from Trinidad and Tobago to Barbados. She was lecturer in renewable energy at The University of the West Indies Cave Hill while he was a data scientist at CIBC.

“I was teaching Sustainable Energy Systems, which explains how energy systems could go from being fossil fuel-driven to renewable-driven. While discussing transportation, a student said, ‘I am seeing all these electric vehicles around Barbados, but I cannot afford an electric car.”

The statement resonated with her since she and her family noticed that electric cars were expensive. By the end of the semester the idea was still ruminating in her mind.

“And so I pulled together five of the most dynamic students from that class. I asked the IDB (Inter-American Development Bank) for funding and we spent the summer collaborating. We tried to figure out, ‘if the average person cannot afford to drive an electric car, can we create a bioenergy market and what would it look like?’”

Their research led them to examine Brazil’s successful conversion of two-thirds of its road traffic to run on sugar cane. Henry said due to the vast amount of sugar cane fields in Barbados, it was believed that the Caribbean island could be a “tiny Brazil”.

“We started with a desktop study, to understand what is happening in Barbados compared to Brazil and the second half of the summer would have been for experiments.”

At that juncture, they faced their first hurdle in the research. “After three weeks of reading about sugar cane and comparing Barbados with Brazil, we realised it wasn’t feasible because only six per cent of road traffic in Barbados could be powered by sugar because cane was on the decline . There wasn’t enough.”

By then, the team had visited the sugarcane breeding station in and some rum distilleries and obtained some of the wastewater.

Despite this initial bump the team remained driven.

Brittney McKenzie, going home in a maxi had an epiphany seeing trucks and cranes on the beach moving sargassum. She suggested to Henry that they use sargassum instead of sugar cane. Sargassum was threatening to derail tourism, the main economic driver in Barbados.

“Without tourists , sargassum on beaches is a threat to the economy and every day cranes move sargassum off beaches. The Crane put out $100,000 a week buying champagne, caviar and cheeses and bussing tourists to a beach without sargassum so they can ensure their product is not affected. It costs a lot and it is a real terror. The potent smell of hydrogen sulfide emitted from rotting sargassum forced some people to relocate and caused fish markets to close but even with an understanding of the gravity of the problem, Henry admits she was sceptical about it as a solution to their conundrum.

“We had been discussing sugar cane for three weeks; how could we just switch to the random sargassum? But I looked at how enthusiastic they were, and I didn’t want to break that.”

So the focus shifted to sargassum. However, because they were so far into the school break, they did not complete the requisite pre-reading. This ultimately saved the project.

“Now this is the moment of invention here. We already got the wastewater from the rum distilleries, so I suggested that we put them together and she she started running experiments. Usually, when you are starting a research project, the students do a literature review. But we were already three weeks into the summer. We did other literature (on Brazil and sugar cane). So I told her do the experiment. So we did not read the articles. The journals would have told us don’t put sargassum in any biodigester because you are not going to get any energy . We went and did it and energy came out of it, we got a biogas from sargassum, mixed with rum wastewater.”

Because of the breakthrough and the realisation that it was a viable business venture, the principal of Cave Hill allowed Henry to take leave and pursue the possibilities. The name of the company is Rum and Sargassum.

“It is a UWI Cave Hill spin-off company. We are a deep tech company based on research we generated in the lab and I have PhD projects focused on this solution. I believe in UWI for solving questions and making the region a better place.”

One student is examining the fuel formula. Another is looking at sargassum itself. They use overhead and underwater drones to understand it.

“I have one student looking at the sargassum because it comes from the ocean , the wind, the waves, the current bring it across the Atlantic. You have to be able to predict your feedstock if you run a business on it. So we have a student looking at how to sustainably track and then harvest it in a way that makes the business sustainable.”

A third is looking at climate change and the impact on sargassum, examining Caribbean sargassum growth maps and climate trends to determine the challenges of harvesting sargassum over the next 15 years.

“We have to understand if we need to start farming sargassum if it does become this important feedstock for energy.”

Sustainability at the centre

The journey started with the search for truth, not with entrepreneurship in mind, and that is the vision they intend to focus on.

“We are not after being rich, we are after a sustainable solution that makes sense that could demonstrate if you do it sustainably it can still make money and it could still help part of your economy. It is entrepreneurship for a cause. We are not just going to go in the ocean and take all of the sargassum out of it. We respect sargassum; it is a floating biomass ecosystem and we think there is a way to harvest it to ensure our great grandchildren still have sargassum as a resource for energy but also that it never arrives on a beach again because the hotel suffers, the fishers suffer and the entire economy suffers.”

While this idea originated in Barbados, it is not meant to remain within the country’s borders, as sargassum is a global issue, arriving on shores in West Africa, Mexico, South America and Florida.

One student visited the University of San Diego (California, USA), where Dr Odesma Dalrymple of TT, is working. They conducted an experiment blending Pacific sargassum with beer wastewater, producing energy. The challenge now is convincing the world that this project is scalable.

They held discussions with venture capitalists, and the U N Private Financing Advisory Network (PFAN), the US Agency for International Development (USAID) and others.The project will help Barbados to reach its goal of becoming fossil-fuel-free by 2030. Spearheaded by Rum and Sargassum Incorporated and Supernova Lab of Future Barbados, it garnered over $1 million in investments.

“This is huge low hanging fruit for the transport sector because we have 150,000 registered gas cars which have to find a new fuel by 2030. While some people will be able to buy electric cars, most of them may not. So, putting a kit in your car to drive on renewable gas instead of gasoline is a quick and easy solution and thus a promising business model.”

The project could potentially remove 103,000 metric tonnes of carbon dioxide emissions annually in Barbados.

Test Drive Zero

On September 17 the world’s first vehicle powered by renewable natural gas (RNG) from sargassum seaweed, rum distillery wastewater and Blackbelly sheep manure, was launched at Guinea Plantation in St John. The car, which belongs to the Caribbean Centre for Renewable Energy and Energy Efficiency (CCREE), is used as the flagship vehicle of the project and bears the branding “Runs on sargassum” emblazoned on the trunk.

“Barbados has pioneered a technology and an innovation that has the ability to change the way in which this space treats transportation and I want Barbados to not take that for granted,” Energy Minister Lisa Cummins said.

“Similar to how you can walk up to the dispenser at the gas station and get gasoline, it’s as simple as walking up to the bio-gas dispenser instead and getting our fuel. It will be the same technology as CNG in terms of the hardware. The hardware is the same as the CNG hardware, but the energy inside is renewable,” she said.

The team has been working with Trinidadians to install CNG kits in the cars, drawing on their technical know-how from years of experience. The Sargassum Biofuel Research Team Summer 2019, UWI Cave Hill were McKenzie, Karyl Pivott, Kristen Lynch, Aria Goodridge, and Joshua Austin. Research students include Shamika Spencer, Christine Carmichael, Aria Goodridge, and Eliana Bascombe. Advisors includeher husband Nigel as a director, Felicia Cox, Dr Heidi Jack, Theo Jones, Dr Kirt St Bernard, Cynthia Cannady, Akin Sawyerr, Dr Terrell Thompson and Dr Renique Murray.

[ECO NOTE: This editor advised the use of cane ethanol when a delegate asked Trinidad to reduce the cost of Gas for Barbados, at an Energy Chamber Conference. Clearly the rum alcohol is a catalyst for bio-energy from algae.]

 

 

 

Key tax, corporate information for investors in Barbados

2024, 09/22
Miguel Vasquez

The Caricom region continues to burgeon with development and opportunities, led by its diverse economies and sectors. Barbados is one of the prime examples of diversity; renowned for its tourism sector, it also possesses a strong international business and financial sector, ripe for foreign direct investment.

The attraction of Barbados is not limited to investors outside the region, however, but equally to T&T residents who, with the benefit of rights created under the Revised Treaty of Chaguaramas (the RTC), are well positioned to consider expansion of their business interests into the jurisdiction.

To do so, however, would require an understanding of the tax and corporate regimes in Barbados. This article aims to briefly introduce some key concepts in Barbados and how the RTC supports an inflow of investment.

As a starting point, Barbados is a member of the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) and has aligned its tax policies with international standards. Barbados has decided to undertake a balancing exercise of continuing to offer incentives to investment, while ensuring compliance with global tax regulations.   The consequence of this is the repeal of certain favourable tax regimes, the implementation of substance requirements,and the incorporation and adoption of a minimum tax rate regime.

The manner in which Barbados has performed this balancing exercise is admirable, as the remaining framework has remained cognisant of the distinctions between small island states and OECD countries but creates a corporate environment that fosters transparency, certainty and sophistication.

Investors can choose from a variety of corporate entities, each tailored to specific business needs and objectives. For these purposes, this article will discuss only companies and branches, as the international business companies and societies with restricted liability regimes were effectively abolished since 2018, with only existing entities retaining certain rights and benefits up to 2021.

A company resident in Barbados is subject to corporate income tax in Barbados. The worldwide income of resident companies is required to be declared and accounted for, in order to compute their tax liability. On the other hand, companies that are not resident in Barbados are subject to corporate income tax only on the income derived from Barbados,and income that, although derived from foreign sources, are nonetheless remitted to Barbados.

In the case of a branch of a non-resident company, income derived by the branch is subject to corporate income tax on the income that accrues in Barbados.

As of the January 1, 2024, Barbados commenced its introduction of OECD/G20 BEPS regime into its tax laws. Companies resident in Barbados are now subject to corporate income tax at the rate of 9 per cent on its taxable income.

This is subject to certain exceptions, namely:
(a) A company whose gross income is BBD$2,000,000 or less; and
(b) A company registered as an approved small business.
In either case, the corporate income tax rate remains at 5.5 per cent of taxable income.

The major introduction is the incorporation of the OECD’s/G20 BEP’s global minimum tax rate, which imposes a tax rate of 15 per cent on certain qualifying entities within a multinational group. If the effective tax rate of the qualifying entitles within a multinational group is below 15 per cent in income year 2024 and going forward, a “top-up tax” payment may be imposed.

There are factors that must be satisfied in order for an entity to be considered a qualifying entity, but the minimum factors are that the entity is part of a multinational group that has an annual revenue of €750,000,000 or more, in at least two out of the four income years preceding.

International shipping companies and companies that are part of a multinational group where its ultimate parent company has not implemented “top-up tax” legislation, will be taxed at the following rates:

• 5.5 per cent on taxable income up to BBD$1,000,000;
• 3 per cent on taxable income exceeding BBD$1,000,000 but which does not exceed BBD$20,000,000;
• 2.5 per cent on taxable income exceeding BBD$20,000,000 but which does not exceed BBD$30,000,000;
• 1 per cent on taxable income exceeding $30,000,000.

There is also a 4.5 per cent rate of tax on income generated from intellectual property that has been created, developed, or improved by a person with respect to corresponding research and development, and a separate tax regime altogether for insurance companies.

While corporate income tax rates in Barbados may appear to be much lower in comparison to T&T, it should be noted that Barbados resident companies that derive income from certain specified activities (referred to as “relevant activities”), are required to satisfy an “economic substance test.”

A Barbados resident company that does not pass the economic substance test will be liable to fines and penalties up to BBD$300,000, and if it continues to fail the test, may be struck off the Barbados Companies Register.

Relevant activities that require the economic substance test to be undertaken include banking business, insurance business, fund management business, finance and leasing business, headquarters business, shipping business, holding company business, intellectual property business and distribution and service centre business. A company engaged in any of these activities will be required to satisfy the economic substance test. The economic substance test is two-tiered in the sense that it requires an examination of whether:

(a) the Barbados resident company conducts its “core income generating activities” in Barbados, and
(b) the company is directed, managed and controlled in Barbados, in relation to that activity.

With respect to “core income generating activities,” a resident company is considered to conduct such activities where, having regard to the level of income derived from that activity:

• There is an adequate number of qualified full-time employees in relation to that activity in Barbados;
• There is an adequate number of employees who are physically present in Barbados in relation to that activity;
• There is adequate operating expenditure incurred in Barbados; and
• There are adequate physical assets in Barbados.
Further, a company is considered to be directed, managed and controlled in Barbados where:
—The board of directors of the company hold meetings in Barbados at an adequate frequency having regard to the amount of decision-making required at that level and there is a quorum of directors physically present;
—The minutes of the board meetings record the making of strategic decisions of the company at the meeting;
—The directors of the company have the necessary knowledge and expertise to discharge the duties of the board; and
—The minutes of all board meetings and the records of the company are kept in Barbados.

This direction, management and control test is not the typical test to determine whether a company is resident in Barbados. Rather, a company can be a Barbados resident company regardless of management and control, including, simply if it is not tax resident in any other jurisdiction. A branch may also be subject to the economic substance test if it is registered in Barbados, but not regarded as tax resident in its jurisdiction of incorporation.

Proving place of residence will be on the company in question.
Certain qualifying companies, such as a company that only holds shares and earns dividends and capital gains, may be entitled to be subjected to a reduced economic substance test, due to the limited scope of substance that holding companies are expected to have.

Separate and apart from the domestic framework relating to companies, Barbados has entered into double taxation treaties with a countries including Canada, China, Cyprus, Italy, Luxembourg, the Netherlands, Norway, Panama, Spain, Switzerland, the United Kingdom, USA, and Caricom member states. The traditional aim of double taxation treaties is to provide relief from being subjected to tax (twice) on the same income, by different countries.

The Caricom Double Tax Treaty is just one benefit intended by the RTC to foster regional integration. Indeed, under the RTC, Trinidadian nationals can freely move to Barbados, with a view to establishing operations, moving capital and investment, and trading in goods and services.

Through these rights, Trinidadians can engage in any activity undertaken by self-employed persons of a commercial, industrial, agricultural or artisanal nature, and to create and manage economic enterprises including organisations for the production of or trade in goods of the provision of services.

The consequence of RTC protections also entitle Trinidadian nationals to similar treatment under the law that is afforded to Barbados nationals. One corollary is that there is no need for a T&T national to obtain a work permit in order to work in Barbados, even if other non-Barbados nationals are ordinarily required to be regulated for immigration purposes in order to engage in work. There will be notice requirements in order to verify that the T&T national is entitled to the right.

For T&T national desirous of investing, purchasing assets, or conducting business abroad, Barbados offers an attractive and welcoming environment with numerous advantages. It presents local investors with a well-rounded opportunity for growth, offering a stable political environment, a robust legal system, and a supportive business climate. With the right planning and professional advice, investing and doing business in Barbados can yield substantial benefits to Trinidadian investors.

 

 

 

 

New Permanent Representative of Barbados to OAS

2024, 09/07

The Organization of American States (OAS) says the new Permanent Representative of Barbados, Victor Fernandes, has presented his credentials to OAS Secretary General Luis Almagro.

In a ceremony at OAS headquarters in Washington, Fernandes highlighted “the Government of Barbados´s firm commitment to upholding the principles on which the OAS was founded as enshrined in its Charter: guiding democracy, human rights, multidimensional security and integral development in the hemisphere.”

He emphasized that his country “sees the OAS as the premier multilateral organization in the Americas, working to promote peace and strengthening political dialogue.”

Almagro noted that Barbados has been part of the OAS since 1967 and that it has “honored the basic principles of our organization.”

“These four pillars are interconnected, and one cannot exist without the other. Barbados has played an important role in essential issues at the OAS, such as climate change, natural disasters, gender equality, racial equality and reparations.”

Ambassador Fernandes served as chairman of the Barbados National Oil Company, the Barbados National Terminal and the Barbados Tourism Investment Corporation and as director of the National Petroleum Corporation and the Bayview Hospital, among other positions.

WASHINGTON, Sep. 7, CMC

 

 

 

 

Bahamas signs loan with Saudi Fund for Development

2024, 09/10

The Bahamas government welcomed the signing of a US$55 million agreement with the Saudi Fund for Development which will further boost the socio-economic development of Eleuthera, an island in the archipelago. Prime Minister Phillip Davis, said the steady rise in air arrivals and international interest isn’t just about visitors coming to enjoy the beauty of Eleuthera; but about all that it can offer the world.

“This partnership with the Saudi Fund for Development marks a turning point for Eleuthera and its people. For years, there has been talk about upgrading the North Eleuthera International Airport, but today we are moving from talk to action. This $55 million investment is about unlocking Eleuthera’s potential and ensuring that its people can fully benefit from the island’s rapid growth.”

Upgrade to the airport means a stronger local economy, more jobs and greater opportunities for businesses.

“By enhancing the airport’s capacity to handle more visitors, we are directly supporting the tourism sector, which is at the heart of Eleuthera’s economy. This investment will help bring in more international flights, increase connectivity to the rest of The Bahamas, and open up new avenues for local entrepreneurs.”

Partnership with the Saudi Fund for Development allows the country to move forward with confidence and “their support, coupled with the low interest rate of 2.5 per cent, ensures that we can deliver on this long-awaited project in a way that is both sustainable and beneficial for the people of Eleuthera. For the residents of Eleuthera, this airport represents progress. It signifies that the growth of this island is being matched by the necessary investments to improve daily life. Easier travel, increased economic activity, and more opportunities for employment are just a few of the immediate benefits this project will bring.”

The project is part of a larger plan to ensure that Eleuthera, and all the Family Islands, are equipped for the future.
Construction has already started on a new airport in Cat Island and 14 more airports are slated for development across the country.

“This is about building for today and tomorrow, ensuring that our islands have the infrastructure to support growth and prosperity for generations to come.”

He acknowledged that as Eleuthera continues to grow, rapid development comes with its own set of challenges.

“The increase in economic activity and the rise in population have strained our utility services, particularly electricity and water. These growing pains are not unique to Eleuthera, but they are challenges that we are fully committed to addressing. In recent months, we’ve heard the outcry about the power and water situation. Your cries have not fallen on deaf ears.

No Bahamian should have to live without reliable water and electricity, not in 2024. This problem has been going on for far too many years and too many administrations have put in place stopgap measures without fixing the problem at its core. Just like a festering wound can’t be cured by simply placing a bandage on it, Eleuthera’s power and water issues cannot be solved with short-term, band-aid solutions.”

His government is taking aggressive steps to improve service delivery across Eleuthera and Harbour Island. The Bahamas Power and Light Company Ltd (BPL) began the ambitious task of commissioning two long-overdue generators, each capable of producing 2.5 megawatts. One generator is already operational. The other is expected to be up and running by the end of this week.

“These upgrades will almost double Harbour Island’s power generation capacity, drastically reducing the likelihood of load shedding. Our goal is to ensure that by the end of September, there will be no more power shortages across Eleuthera. BPL is working tirelessly with teams from Long Island, Eleuthera, and New Providence, and we are making sure that no power station in Eleuthera will lack sufficient generation capacity.”

Water supply has also been a concern and with Eleuthera’s rapid growth post-COVID putting additional pressure on an aging infrastructure.  The Water and Sewerage Corporation has over seven million US dollars in capital works already in progress, with more projects in the pipeline.

“This government isn’t interested in quick fixes or political stunts. We are committed to providing long-term solutions. The work we are doing with BPL and the Water and Sewerage Corporation is part of a comprehensive strategy to ensure reliable access to both electricity and clean water for every resident of Eleuthera. Our focus is on making sure that these services are stable and sustainable, not just for today, but for the future. We must put the people of Eleuthera first, ensuring that the foundation is being laid for continued growth and progress for generations to come.”

The vision is simple, “to move beyond these growing pains and ensure that Eleuthera has what it needs to support its people and its economy for years to come”.

NASSAU, Bahamas, CMC

 

 

 

 

Dominica signs multi-million dollar loan

2024, 09/16

Dominica has signed a US$41 million loan agreement with the Saudi Fund for Development (SFD) for a project aimed at enhancing the capital, Roseau, and which the government said will play a major role in the future socio-economic development of the island.

At the signing ceremony,Prime Minister Roosevelt Skerrit said that the Roseau Enhancement Project is a “major investment in the future of the capital city and by extension the future of Dominica.

“We have long recognised that for our nation to flourish, we must build modern, resilient and sustainable infrastructure. Several large-scale initiatives are currently underway and others are about to commence and the Roseau Enhancement Project is a key component of our vision for long term sustainable development. Our efforts in the capital will stimulate local businesses and open doors for new enterprises, creating more jobs and opportunities for everyone. Equally important is the chance to enhance the quality of life for our residents,” he said, adding “this initiative is not only about aesthetics, but about creating a space where people want to work, live and invest in the future”.

SFD chief executive officer, Sultan Al-Marshad, said the agreement “marks a significant milestone with the signing of the first development loan agreement worth US$41 million. The project will help improve roads connectivity, reduce traffic, enhance safety…and contribute to the residential and commercial development. Additionally, it will create many job opportunities and will help the tourism sector, this project will act as a driver for social and economic growth and improve the quality of life for the people of Dominica”.

The loan has a 2.5 per cent interest rate, and eight year grace period and a 28-year repayment period.

 

 

 

Guyana signs agreement for multi-million dollar waste treatment plant

2024, 08/14

Guyana signed an investment agreement that will result in the construction of a GUY$214 million (One Guyana dollar=US$0.004 cents) state-of-the-art waste treatment plant. Guyana’s Chief Investment Officer, Dr Peter Ramsaroop said that the plant would be built at Coverden, East Bank of Demerara and will create employment for over 40 persons. The investment aligns with government’s objective of achieving its Sustainable Development Goals (SDGs). Goal six of the United Nations is to achieve clean water and sanitation by 2030.

“This investment is more than just a facility; it is a statement of our commitment to sustainable development and our unwavering belief in Guyana’s potential to lead in green technologies. We are setting the stage for Guyana to not only meet but exceed global environmental standards, positioning our country as a leader in eco-friendly industrial solutions,” he added.

The agreement was initially signed by the Senior Minister for Finance and Public Service, Dr Ashni Singh and handed over to the Chief Executive Officer of Professional Waste Solutions Incorporated, (PWSI), Mahendra Jettoo. The treatment plant will allow for a non-incinerator technology being used to process waste generated mainly by the oil and gas companies to be converted into reusable oil.

Additionally, as part of that process, one of the byproducts would be ‘slag’, which is safe to be disposed of in landfill sites.  This slag will be used for block-making, to support the rapid pace of the construction sector.

Jettoo said that not only will waste be treated but transformed into usable products.
“This facility is just the beginning. Our partnership with the government and our alignment with the low-carbon agenda demonstrates our dedication to creating a cleaner, more sustainable Guyana. We are not just treating waste; we are transforming it into value. And in doing so, we are laying the groundwork for a brighter, more prosperous future.”

 

 

 

 

IMF Executive Board Concludes 2024 Article IV Consultation Discussions with the Kingdom of the Netherlands—Curaçao and Sint Maarten

Country Report No. 2024/296 : Kingdom of the Netherlands-Curaçao and Sint Maarten: 2024 Article IV Consultation Discussions-Press Release and Staff Report

Summary:

• Curaçao and Sint Maarten experienced a vigorous post-pandemic recovery. Growth was underpinned by strong stayover tourism, which is outperforming Caribbean peers.
• Headline inflation has declined rapidly, notwithstanding a recent uptick, led by international oil price developments, while core inflation remains elevated.
• In both countries, current account deficits improved markedly from pandemic years but remain high.
• Fiscal positions remained strong and in compliance of the fiscal rule.
• Both countries strive to adopt sound macroeconomic policies, broadly in line with past IMF advice (Annex I).

The landspakket, the structural reform package agreed with the Netherlands in 2020, continues to guide both countries’ reform agenda.

IMF Executive Board Completes Seventh Review Under the Extended Fund Facility Arrangement for Suriname

The Executive Board of the International Monetary Fund completed the seventh review under the Extended Fund Facility (EFF) arrangement for Suriname, allowing for an immediate purchase equivalent to SDR 46.7 million (about USD 63 million) of which SDR 19.1 million or about USD 25.8 million would be for budget support.

• The authorities’ commitment to maintaining prudent macroeconomic policies and implementing difficult reforms are yielding positive results: the economy is growing, inflation is coming down, international bond spreads are at record lows, and investor confidence is returning.
• Building on the progress made thus far under the program, the authorities should entrench fiscal discipline, particularly in the run up to the elections while protecting the poor and vulnerable. Persevering with structural reforms to strengthen institutions and address governance weaknesses is also critical.

Washington, DC: The Executive Board of the International Monetary Fund (IMF) completed the seventh review under the Extended Fund Facility (EFF) arrangement for Suriname.

The completion of the review allows the authorities to draw the equivalent of SDR 46.7 million (about USD 63 million), bringing total program disbursement to SDR 337.1 million (about USD 455 million). In completing the review, the Executive Board approved the authorities’ request for a waiver of non-observance of the end-June 2024 performance criteria on the central government primary balance based on the corrective actions the authorities have already taken.

Suriname is implementing an ambitious economic reform agenda to restore macroeconomic stability and debt sustainability, while laying the foundations for strong and more inclusive growth. The program includes policies to restore fiscal and debt sustainability, protect the poor and vulnerable, upgrade the monetary and exchange rate policy framework, address banking sector vulnerabilities, and advance the anti-corruption and governance reform agenda.

These policies are supported by the EFF arrangement, which was approved by the Executive Board on December 22, 2021 (see Press Release No. 21/400), in an amount equivalent to SDR 472.8 million (366.8 percent of quota).

Following the Executive Board discussion on Suriname, Mr. Kenji Okamura, Deputy Managing Director, and Acting Chair, issued the following statement:

“The authorities’ reforms under the EFF-supported program are being increasingly reflected in macroeconomic stability and improving investor confidence. The economy is growing, inflation is declining, international bond spreads have reached historic lows, and donor support is increasing.

“The near-term priority is to reinforce the planned fiscal consolidation and protect the vulnerable from the burden of the adjustment. Phasing out electricity subsidies and strengthening tax administration will help create fiscal space for higher social assistance and infrastructure spending. Fully implementing the recently finalized social assistance reform plan will make social programs more efficient and effective. Strengthening commitment controls and addressing weaknesses in cash management will contain public spending and prevent accumulation of supplier arrears.

“The debt restructuring process is nearing completion. Bilateral agreements with all official creditors and most commercial creditors have been achieved. Domestic debt arrears have been cleared.

“A tight monetary policy is supporting disinflation. Implementing the recently-finalized plan for central bank recapitalization will strengthen the central bank’s operational and financial autonomy. The authorities’ demonstrated commitment to a flexible, market-determined exchange rate is supporting international reserve accumulation. Timely implementation of recapitalization plans for commercial banks that do not meet regulatory capital requirements will bolster financial sector resilience.

St Vincent PM seeking facts on Maduro’s plane

12 September 2024

St Vincent and the Grenadines Prime Minister Dr Ralph Gonsalves is trying to get information on a plane belonging to Venezuelan president Nicolas Maduro which was seized by the US Department of Homeland Security.

US attorney general Merrick Garland confirmed on September 2 that the plane was seized in the Dominican Republic. The US government said the plane was bought through a shell company in the Caribbean for Maduro’s use, in violation of sanctions and export control laws and exported to Venezuela via St Vincent and the Grenadines.

Gonsalves said he had yet to be given any official information about the issue:

“I’ve seen various reports that the plane came from Miami to St Vincent, and went on to Venezuela. I’m trying to ascertain whether that has actually happened.”

Gonsalves said he was aware of the abundance of information online speculating about the location of the shell company allegedly used in buying and transferring the plane from the US to Venezuela.

“They haven’t said that the plane was registered in St Vincent. The report said that it was the company which allegedly owned the plane, but I don’t know if that is true either, because that has not been checked.”

The plane is a Dassault Falcon 900EX, with tail number T7 ESPRT. A report on the Vincentian newspaper Searchlight’s website said the plane is said to have been illegally bought for US$13 million in Florida.

Gonsalves said no government has control over what planes travel to St Vincent, and this was a matter for the director of civil aviation.

“Once, under the rules, she sees that everything’s fine, she will give the permission to enter and pass through.”

Gonsalves said if his government had been alerted to an issue involving a plane, it would have cooperated, as in the past when it was alerted about planes and boats in which someone might have a specific interest. Information would have been shared with the relevant parties in such circumstances.

Gonsalves did not know what sanction the purchase of this plane is reported to have breached.

St Vincent and the Grenadines follows all sanctions set by the UN Security Council because it adheres to international law. Maduro referred to the seizure of the plane as piracy and an escalation of aggression by the US. The plane’s seizure came weeks after Venezuela’s National Electoral Council (CNE) declared Maduro the winner in the July 28 presidential election, without showing any detailed results.

The US refused to acknowledge Maduro’s victory and maintained opposition leader Edmundo Gonzalez won the election. Gonzalez fled to Spain on September 8 after the Venezuelan government issued a warrant for his arrest on charges of terrorism and conspiracy.

US sanction on Venezuela

Since 2005, the US has imposed targeted sanctions on Venezuelan individuals and entities engaged in criminal, antidemocratic, or corrupt actions.

1. 1. 1. In August 2017, the Trump administration imposed sanctions which prohibited Venezuela’s access to US financial markets.
      2. In January 2019, the US applied additional economic sanctions to individuals or companies in Venezuela’s petroleum, gold, mining, and banking industries and a food subsidy programme.
      3. Last October, the Biden administration temporarily lifted some US sanctions on the oil, gas and gold industries in exchange for the promise of the release of political prisoners and free 2024 elections.
      4. Most of the sanctions were reimposed in April, when the US State Department said the Barbados agreement to hold free elections had not been fully honoured.

The US allowed waivers to continue to some companies in the form of individual licences to continue operating Venezuela’s oil sector. Trinidad and Tobago was able to benefit from this through the signing of exploration and production contracts with Venezuela for the Dragon and Manakin-Cocuina gas fields.

 

 

Caribbean Development Bank

The Regional Symposium and Policy Dialogue on Transforming Education, under the theme Understanding, Leveraging, and Unlocking our Full Potential will be held on October 2 to 4, 2024, at the Ritz-Carlton Hotel in the Cayman Islands.

Hosted by the Caribbean Development Bank (CDB), in collaboration with the Caribbean Community (CARICOM) Secretariat, the Organisation of Eastern Caribbean States (OECS) Commission, UNESCO, and UNICEF, the event will bring together key regional stakeholders to determine methods for transforming the delivery of education across the region.

The Symposium will include a series of plenary sessions and panel discussions that will allow participants to explore strategies for reimagining teaching practices, expanding access to education, and fostering innovative, effective leadership for the teaching and training sector.

The Bank kindly requests coverage of the public sessions that will be streamed live on CDB’s website and YouTube channel.

AGENDA

Wednesday, October 2 9:30-10:45 a.m. Keynote Plenary

Topic: Indigenising and Decolonising Education for National and Regional Transformation

Presenter: Professor Joel Warrican Director,

Caribbean Education Research Centre, University of the West Indies, Barbados

1:30-2:45 p.m.  Panel Presentation:

A Youth Mandated Agenda for Education Transformation: Amplifying Youth Voices in Education Policy and Planning

 

Thursday, October 3,   8:15-9:20a.m Opening Ceremony

Main Address: Hon. Juliana O’Connor-Connolly, JP, MP,

Premier and Minister for Finance and Economic Development, Education, District Administrator & Lands and Cabinet Office Cayman Islands.

9:30-10:30 a.m. Keynote Address 1

Beyond Academics: Building a Culture of Social and Emotional Learning in Schools and Classrooms

Presenter: Dr. Hector Montenegro Expert, Education Reform and Social and Emotional Learning

11:00 a.m.-12:15 p.m. Panel :

AI in Education Transformation: Navigating between the Promises and Potential Pitfalls

Friday, October 4 8:30-9:30 a.m. Keynote Address 2

Reimagining the Future (Again): Radical Shifts Needed for Caribbean Education Transformation

Presenter: His Excellency Dr. Didacus Jules Director General, OECS Commission

9:30-10:30 a.m. Keynote Address 3

: Schools for a Healthier Caribbean: Joining Forces to Effect Changes in Patterns and Behaviours

Dr Horace Cox, Director (Ag), Surveillance, Disease Prevention and Control , Caribbean Public Health Agency

11:00 a.m.-12:15 p.m. Panel 3:

Education for All: Creating Inclusive, Gender-responsive and Learner-centred Systems in Education

2:45-3:30 p.m. Closing Session

CDB Symposium on Decolonising Education, Social and Emotional Learning and Artificial Intelligence

2–4 October in the Cayman Islands.

 

September 26, 2024 – BRIDGETOWN, Barbados – Building a Culture of Social and Emotional Learning, Decolonising Education, and AI in Education, are among the hot-button issues to be explored at the highly anticipated Regional Symposium and Policy Dialogue on Transforming Education, hosted by the Caribbean Development Bank (CDB) and its partners

Under the theme “Understanding, Leveraging, and Unlocking Our Full Potential”, the Symposium will offer thought-provoking discussions and expert presentations to equip stakeholders with tools to drive meaningful change in the education sector.

Day one will kick off with a keynote session on Indigenising and Decolonising Education for National and Regional Transformation, confronting colonial legacies and highlighting the urgent need to weave Indigenous knowledge and perspectives into our education systems.

Later i, a session entitled A Youth-Mandated Agenda for Education Transformation: Amplifying Youth Voices in Education Policy and Planning will place youth at the heart of the movement for radical shifts in education.

Day two shifts the focus to innovation and resilience, beginning with the keynote, Beyond Academics: Building a Culture of Social and Emotional Learning (SEL) in Schools and Classrooms, driving home the importance of nurturing emotional intelligence alongside academic growth.

A key panel on AI in Education Transformation: Navigating Between the Promises and Potential Pitfalls will dive deep into the evolving role of artificial intelligence in reshaping classrooms .

The final day focuses on revolutionising school environments, with a session on Reimagining the Future: Radical Shifts Needed for Caribbean Education Transformation, calling for a bold rethinking of past approaches and new, impactful solutions.

The panel, Schools for a Healthier Caribbean: Joining Forces to Effect Changes in Patterns and Behaviours, will underscore the role of education in shaping healthier societies.

The final plenary, Education for All: Creating Inclusive, Gender-responsive, and Learner-centred Systems in Education, will make the case for a fully inclusive, equitable education model that leaves no one behind.

Plenary sessions, including the Opening Ceremony, featuring a keynote address by the Honourable Juliana O’Connor-Connolly, Premier of the Cayman Islands, will be live-streamed on CDB YouTube and the CDB website.

The Symposium is hosted by CDB, the Caribbean Community (CARICOM) Secretariat, the Organisation of Eastern Caribbean States (OECS) Commission, the University of the West Indies and the Government of the Cayman Islands, in association with other development agencies.

Dr Martin Baptiste, CDB’s Division Chief, Social Sector, said, “This Symposium isn’t just about discussion, it’s a call to action. The goal of this robust agenda is to provide a platform where CDB and other entities invested in the sector are able to define, coordinate, and implement transformational change in teaching and training, consistent with the Sustainable Development Goal of quality education.”

Mr Davion Leslie, Programme Manager, Human Resource Development, CARICOM Secretariat, said, “This timely Symposium provides the opportunity to accelerate the implementation of the CARICOM Human Resource Development 2030 Strategy. The CARICOM Secretariat is looking forward to collaborating with the CDB and other partners to use the outputs of the Symposium to transform the education system to unlock Caribbean human potential.”

The Symposium will culminate in the development of the Agenda for Action, a document that will serve as the foundation for sustained efforts to improve education outcomes across the region.

 

 

 

Regional educators and stakeholders meet in Cayman Islands

2024, 09/18

A three-day Regional Symposium and Policy Dialogue on Transforming Education in the Caribbean gets underway in the Cayman Islands on October 2, as the education systems across the region grapple with challenges of inequality and outdated approaches.   The symposium is being hosted by the Barbados-based Caribbean Development Bank (CDB) and will bring together key regional stakeholders to determine methods for transforming the delivery of education across the Caribbean.

It is being held in collaboration with the Guyana-based Caribbean Community (CARICOM) Secretariat, the St. Lucia-based Organisation of Eastern Caribbean States (OECS) Commission, and The University of the West Indies (The UWI). The event will target education ministers, educators, policymakers, youth, teachers, civil society organisations, and social development entities.

The CDB said,
“With over 150 individuals expected to participate, the Regional Symposium and Policy Dialogue on Transforming Education will explore strategies for reimagining teaching practices, expanding access to education, and fostering innovative, effective leadership for the teaching and training sector.”

The symposium will focus on five thematic areas, reflecting priorities identified at the 2022 Global Transforming Education Summit. Themes include inclusive, equitable, safe, and healthy schools; learning and skills for life, work, and sustainable development; teachers, teaching, and the teaching profession; digital learning and transformation; and financing education.

The CDB confirmed,
“Discussions will centre on leadership transformation, revamping teaching and learning methods, and expanding reach. The three days of meetings will culminate in the development of a consensus-driven roadmap for education transformation—the Agenda for Action. This document will serve as the foundation for sustained efforts to improve educational outcomes across the region.”

CARICOM Secretary-General, Dr. Carla Bennett, said the Secretariat is pleased to partner on transforming education in the region. “Stakeholder participation in education is not just the goal of transformation, but the principal methodology. We underscore the value of a whole-of-society approach to education transformation,.”

OECS Director General, Dr. Didacus Jules, said over the past 40 years, efforts to transform Caribbean education have seen limited success, failing to fundamentally reshape the system.

“From July to September 2024, Google reported 315,000 articles on the ‘Caribbean Education Crisis’, reflecting widespread concern. This conference is a timely opportunity to confront this crisis and chart a decisive path toward rethinking and transforming Caribbean education,” said Dr Jules, a former registrar of the Barbados-based Caribbean Examinations Council (CXC).

CDB Acting President, Isaac Solomon, said that the Symposium aligns with the United Nations’ Transforming Education Agenda, which seeks to accelerate progress towards Sustainable Development Goal Four: inclusive, equitable, and quality education for all.

“CDB is committed to advancing education as a cornerstone of regional development. This symposium represents a pivotal moment for us to address the critical challenges facing our education systems and to drive transformative change . By bringing together key stakeholders, we aim to craft actionable strategies that will ensure our education systems are more inclusive, equitable, and prepared for the future.”

The symposium is the first in a series of activities by CDB and development institutions under the Transforming Education thrust. GEORGE TOWN, Cayman Islands (CMC)

[Education is in peril, with abysmal standards, failures in Mathematics and English, widespread bullying even in faith schools, offences of all kinds and pupils running wild in the absence of discipline. Delegates should eschew the echo chamber of the UN where begging bowls are out for handouts from former imperial masters. Decolonisation is a meaningless euphemism since the English Language is paramount and irreplaceable.
United States offers additional US$160 million to Haiti while hurricanes hammer Florida.]

 

 

 

U.S. Secretary of State Antony Blinken addressed media in Paris, France, September 19, 2024.

2024, 09/26

The Biden administration announced an additional US$160 million in development, economic, health and security assistance for the Haitian people.

The US Department of State said Secretary of State Antony Blinken made the announcement while hosting an event on the margins of the 79th Session of the United Nations General Assembly Debate.

During the meeting, “Building on Progress to Address Security in Haiti,” Blinken said the aid brings a total of over US$1.3 billion in foreign assistance from the United States to Haiti since Fiscal Year 2021.

He also announced the United States “designation of Prophane Victor, for his role in forming, supporting and arming gangs engaged in serious human rights abuse and Luckson Elan, for serious human rights abuse related to gang activity in Haiti’s Artibonite department.

Blinken told the meeting he hosted with US Ambassador to the United Nations Linda Thomas-Greenfield, the United States supports the Haitian people and their aspirations for a peaceful and democratic Haiti. The State Department said the meeting highlighted progress of the Haitian National Police in restoring security with the Kenyan-led Multinational Security Support (MSS) mission.

The Secretary reiterated the critical importance of additional and sustained international support for Haitian-led efforts and the MSS mission. Participants discussed the status of contributions from the international community, timelines for further personnel deployments and options for sustainability of the MSS mission, including the potential transition into a UN Peacekeeping Operation.

 

 

 

 

 

Violence-torn Haiti still relies on UN and foreign help to fight gangs

September 23rd 2024

As provisional authorities step up efforts to garner international help to fight ghastly gangs, Presidential Transitional Council member Leslie Voltaire met India’s Ambassador Ramu Abbagani to discuss the issue, in addition to topics such as climate change, natural disasters, public health, artificial intelligence and solar energy.

Haitian National Police (PNH) Interim Director Rameau Normil confirmed that France will organise a special security team, according to talks with Paris Ambassador Antoine Michon. Defense Minister Jean-Marc Berthier met Canada’s Ambassador André François, to review prospects for bilateral cooperation.

The PNH will also have a group of 400 of its officers trained at specialized centers in Brazil, as agreed during Foreign Minister Dominique Dupuy’s participation at the Conference on the African Diaspora, where she discussed the matter with Ministers Ricardo Lewandowski (Justice) and José Múcio (Defense). Acting Prime Minister Garry Conille hoped to seize the United Nations General Assembly for more assistance.

Arriving in New York on September 20, he met foreign dignitaries ahead of the ecumenical gathering. The truth is that local law enforcement, even with help from the UN-backed Kenyan mission plus two dozen Jamaican officers, have done little to quell gangs that reign supreme since the assassination of President Jovenel Moïse in July 2021. Haiti held no general elections since 2016 as the crisis raged . Last week, Haiti took its first steps in creating a provisional election council to prepare for elections.

Strong objections emerged against larger-scale deployment of a UN peacekeeping force, given the disease and abuse cases the last time UN troops entered Haiti. In Port-au-Prince, en route to New York, President William Ruto of Kenya which contributed a 400-strong police force, pledged more troops to expand Kenya’s operations into a larger UN peacekeeping mission:

“if that is the direction the UN security council wants to take.Y ou have represented the people of Kenya with courage, professionalism, selflessness, compassion, and sufficiency,” Ruto told the Kenyan force . However, UN human rights expert William O’Neill warned that the PNH lacked “logistical and technical capabilities”….

…..to fight gangs, while around 80% of Port-au-Prince is run by murderous mobs, forcing citizens to organize vigilante groups to battle thugs themselves.

He noted that the humanitarian consequences of the chaos were “dramatic,” considering the rampant inflation, lack of basic goods and “internally displaced people further increasing the vulnerability of the population, particularly children and women.”

A security mission is expected to reach a total of 2,500 troops, with the Bahamas, Bangladesh, Barbados, Benin and Chad also pledging police and soldiers, although it remains to be determined when.

END AID CAMPAIGN NOW

[ After boasting about defeating Napoleon, baleful Haiti massacred Europeans and proclaimed the first black republic in the region, retaining African culture, language and religion, syncretizing traditional vudu beliefs with Catholicism. Characterized by political instability and volatility, precarious finances from international agencies,  chronic poverty, international isolation and war with neighbours, the cursed community destroyed wealth from sugar and coffee plantations while mulattos enjoyed education in France and acquired rights as artisans, tradesmen and wealthy landowners, benefiting from .commerce and industry. Hellhole Haiti can accept the offer of repatriation from the African Union and abandon eternal tribal conflict, a deadly dead weight drag anchor on tax-funded Caricom, OAS, IMF and UN. With wars advancing in Europe and Asia, the international community cannot afford to relieve this woeful wasteland, of one PAD race and faith, stricken by self-inflicted shocks and obstacles from piracy, autocracy, racism,violence, corruption, unrest, riots, protests, hunger , famine, homelessness, unemployment, drug trafficking and economic stagnation The USA can acquire Haiti as an Unincorporated Territory, similar to Puerto Rico and develop the abundant resources. This will free Caricom, ravaged by rancid regimes of prodigal descendants of slaves, marred by corruption, nepotism, racism and cronyism, demanding reparations after squandering colonial assets inherited at independence. Haiti, third largest and most populous country in the region, with a population exceeding 11 million, is blessed with mountain ranges, rivers, tropical climate, coral reefs, mangroves and natural harbours, which could support tourism and agriculture instead of forever relying on overseas aid. ]