Financial Literacy and Economic Behavior in Curaçao
Jasmira T.E. Wiersma (University of Groningen, SONORO Community) 1
PRELIMINARY DRAFT – PLEASE DO NOT CIRCULATE OR CITE!
Abstract: This paper examines the socioeconomic and demographic determinants of objective and subjective financial literacy i...
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Financial Literacy and Economic Behavior in Curaçao
Jasmira T.E. Wiersma (University of Groningen, SONORO Community) 1
PRELIMINARY DRAFT – PLEASE DO NOT CIRCULATE OR CITE!
Abstract: This paper examines the socioeconomic and demographic determinants of objective and subjective financial literacy in Curaçao to identify at-risk groups. We also investigate how various factors, including financial literacy, are associated with financial decisions making. Using data from the SONORO Community, a panel of households in Curaçao, we find that less than one in three respondents show an understanding of basic financial concepts. Especially the knowledge of the interest rate concept is remarkably low. Females, the lowly educated, low-income individuals, and elders fair worse for subjective and objective financial (interest) literacy. This is concerning as we observe that those with less knowledge of interest are more likely to resort to riskier methods of borrowing and are less likely to save. The results further highlight the importance of interest rate literacy and subjective financial literacy in financial decision-making. Their impact goes above and beyond that of education. Given the risks of financial illiteracy, policymakers should potentially address gaps in financial knowledge through financial education, primarily targeted to the more vulnerable. Keywords: financial literacy, financial behavior, Small Island Developing States (SIDS)
JEL codes: D14, D91, G51, G53
1 Email: j.t.e.wiersma@rug.nl. Funding from the Dutch Research Council (NWO), Caribbean Research Program 2016 (File number: ALWCA.2016.049) is gratefully acknowledged. I thank Rob Alessie and Tim Kaiser for their useful comments. I also thank participants at the Mannheim Institute for Financial Education Early Career Workshop (November 2022) and the PhD brownbag seminar at University of Groningen (December 2022) for their insightful discussions.
Introduction
The COVID-19 pandemic and the cost-of-living crisis have exposed households’ financial
fragility. “Curaçao already had an 'enormous poverty problem' - and corona makes it even bigger.” That is
the title of an article that appeared in de Volkskrant at the end of 2020. The COVID-19 crisis goes much
beyond being ‘just another crisis’ and puts a magnifying glass on issues already there, such as poverty.
Before the pandemic, about one in three households in Curaçao were already living below the poverty
line (Social and Economic Council Curaçao (SER), 2017). 2,3 Poverty is common for retirees, the
unemployed, female-parented single families, and the lowly educated. Evidence from other countries
suggests that such households make unsound financial decisions. They often have no retirement savings,
are over-indebted, and do not hold emergency funds, placing them at a further financial disadvantage
(Lusardi & Mitchell, 2011; Lusardi, Schneider & Tufano, 2011; Wiersma et al., 2020). It has long been
understood that financial literacy can increase a household's financial resilience. That is especially true in
times of economic crises, such as the COVID-19 pandemic, high inflation, and the energy price shock
Studies have shown that financial literacy can help individuals make more assertive and efficient
decisions in the monetary context of their lives (Lusardi & Mitchell, 2014; Van Rooij et al., 2011a). Basic
financial management can help low-income households avoid predatory financial services, pay off debt,
and gain long-term financial security (Van Rooij et al., 2011b). Despite growing evidence of the effects of
financial literacy on financial behavior, data on financial literacy and financial behavior in Caribbean
countries is scarce, and most countries do not have internationally comparable indicators on the issue.
Unfortunately, this evidence is also unavailable for the small-scale developing country of Curaçao.
Hence, this paper sets out to address this data gap by analyzing the financial literacy and financial
behavior of citizens of Curaçao. In particular, we aim to answer the following questions; How well
equipped are the citizens of Curaçao to make informed financial decisions? What is their level of financial
literacy, and who knows the most and the least? Are financial literacy measures associated with savvy
financial behavior?
Given the importance of financial literacy, assessing the level of financial literacy and the
prevalence of different forms of financial behavior in Curaçao is essential. Thereby, we can identify gaps
and the aspects of financial literacy and behavior that must be addressed. In doing so, policymakers are
better able to target efforts to increase citizens’ financial knowledge and financial resilience.
2
Curaçao is a Lesser Antilles Island country in the southern Caribbean Sea and the Dutch Caribbean region, about
65 km north of the Venezuela coast. Formerly, Curaçao was one of the six islands that compromised the Netherlands
Antilles (N.A.). When the N.A. was dissolved in 2010, Curaçao became a constituent and autonomous (to a certain
degree) country within the Kingdom, together with Aruba and Sint Maarten.
3
The Economic and Social Council (SER) is an advisory and consultative body whose task is to advice the
government and the Parliament of Curaçao on the social-economic policy to be conducted, matters of social
economic nature and on legal regulations of a social-economic nature.
A first attempt to measure financial literacy in Curaçao was made by the Central Bank of Curaçao and Sint Maarten (CBCS) in collaboration with the Central Bureau of Statistics Curaçao (CBS Curaçao) (CBCS and CBS Curaçao, 2020). This study focuses on payment behavior, financial inclusion, financial literacy, and financial satisfaction in Curaçao in 2020. However, the indicator used to measure financial literacy in their study does not allow for international comparisons. Furthermore, no attempt was made to study the associations between financial literacy, financial behavior, and socioeconomic and demographic characteristics. The present paper adds to the literature by examining financial literacy in Curaçao using international standardized questions. This enables us to make comparisons of financial literacy performance between Curaçao and multiple countries worldwide. Furthermore, using multivariate analyses to study financial literacy, financial behavior, and their determinants, we shed light on who knows the most and who knows the least to identify potential gaps and the at-risk groups. Our data allow us to study linkages between (problematic) debt, saving, financial literacy, socioeconomic characteristics, and other personal traits. Resultantly, we can identify the factors associated with sound financial behavior. Finally, our study gives insight into households’ financial susceptibility to indebtedness as we not only Data for the empirical analysis stems from a telephone interview administered in the third quarter of 2020 among members of the SONORO Community, a panel of households in Curaçao. A total of 225 respondents completed the interview. The survey contained questions about financial literacy and saving and debt behavior. The specific questions we use to measure financial literacy stem from Standard & Poor's Ratings Services Global Financial Literacy Survey (S&P Global FinLit Survey), the largest, most comprehensive measure of financial literacy (see Klapper et al., 2015). The paper is organized as follows: in the next section, we summarize the literature on financial behavior and provide some background on Curaçao. Section 3 describes our data sources. Section 4 presents and discusses our results on financial literacy in Curaçao and the findings on the asset and debt holdings. It further summarizes our main findings on the associations between financial literacy and financial behavior. In section 5, we perform a sensitivity analysis to investigate the robustness of our results. Finally, in section 6, we discuss the implications of our findings for policymakers and future research.
## 2. Literature Review
2.1 Background Curaçao Developments in the past decade in Curaçao have increased the financial burden borne by the inhabitants. More specifically, the public pension (AOV) and health insurance schemes have become less generous (Curaçao Chronicle, 2013). In February 2013, the government introduced a new Basic Health Care Insurance (BZV), limiting the previous BZV package and reducing the prices paid for medication. In
March 2013, the government increased the retirement pension age from 60 to 65 and raised employee
premiums. Moreover, there is no mandatory supplementary pension, no unemployment insurance, and the
AOV is insufficient to make ends meet. 4 The maximum AOV in 2018 is NAf. 862 for those who have
been insured for a total of 50 years. 5In comparison, the poverty line for a one-person household was NAf.
1,249 in 2018 (Maduro-Jeandor, 2019). According to SER (2017), 53.4% of households living below the
poverty line have the AOV as their primary income. Thus, many decisions regarding finance are shifted
away from institutions towards individuals. Therefore, individuals must be able to manage their finances
sensibly to self-guard themselves against any income shocks and reduce their risk of living below the
poverty line.
In addition to these developments, it has been frequently remarked that household debt is
concerningly high, which has raised concerns about the indebtedness of households in Curaçao (de
Volkskrant, 2007; Romero, 2007; Knipselkrant Curaçao, 2013; Extra, 2017). According to Pau (2020),
Curaçao's household indebtedness, measured through the debt-to-income ratio, was 94% in 2017. This
means that for every NAf.100 of disposable income, households typically had NAf. 94 worth of debt
obligations. Households with excessive debt are more prone to credit restrictions and shocks to income
(employment), interest rates, and asset prices (Du Caju, Rycx, & Tojerow, 2016). Pau (2020) summarizes
the main reasons for household debt problems in Curaçao. Some of the main reasons are divorce or
separation, poor money management, and spending habits, cultural and socially acceptable behavior
related to irresponsible borrowing behaviors, such as taking out a loan to pay off another loan, lack of a
central credit control registry that records all lending, income drop due to job loss, retirement or illness,
passing of the primary caregiver without leaving behind mitigating measures, such as a testament, pension
or insurance for those left behind and gambling addiction. As the current over-indebtedness of households
poses a threat to their financial well-being and macroeconomic and financial stability, Pau (2020) advises
promoting financial literacy through education programs (and several other measures) to limit the
household debt in Curaçao.
Garcia et al. (2013) argue that measuring financial literacy levels is a critical first step for nations
wishing to efficiently design, implement, and evaluate the results of financial education programs. As
discussed above, the first attempt to measure financial literacy in Curaçao was made by the CBCS and
CBS Curaçao. However, they do not study the associations between financial literacy, financial behavior,
4
A three-pillar system characterizes the pension system in Curacao. The first pillar is the basic or state pension
(AOV- Algemene Ouderdomsverzekering), which entitles someone to a minimum pension, provided that some legal
criteria are met. The second pillar is a supplementary employer pension and an individual pension, which entail
different retirement savings forms, for example, by depositing premiums for annuity insurance.
5
NAf. Stands for Netherlands Antillean guilder. The average Euro to NAf. exchange rate in 2020 was 1 EUR=
2.0306 NAf. The average Dollar to NAf. exchange rate in 2020 was 1 USD= 1.7776 NAf.
and socioeconomic and demographic characteristics. According to Garcia et al. (2013), to build evidence based, efficient financial education programs or strategies, policymakers and program designers must comprehensively understand the population's degree of financial knowledge, their financial behaviors, and how these are related.
2.2 Financial Literacy and Financial Behavior
Sound-financial decision-making is crucial at every stage in life as it can have lasting effects on
consumers and households. An extensive body of literature has confirmed how financial literacy
positively shapes financial decisions. The concept of financial literacy has been debated and described in
various ways across the literature. Financial literacy and financial knowledge are frequently used
interchangeably. However, they do not entirely overlap. As Huston (2010) argues: “Financial knowledge
is an integral dimension of, but not equivalent to, financial literacy. Financial literacy has an additional
application dimension, implying that an individual must have the ability and confidence to use their
financial knowledge to make financial decisions” (p. 307). Thus, a person with low skills may be able to
compensate by using tools (e.g., a calculator or a computer) and thereby navigate successfully in matters
related to personal finance. In this study, the focus is placed on financial literacy.
Against this background, when assessing an individual’s financial literacy, one must consider
their knowledge of critical financial concepts and their confidence to apply them to make informed
financial decisions. Thus, financial literacy can be measured in two ways: objectively, by using
knowledge-based questions, and subjectively, by asking individuals to assess their knowledge level
regarding (general) financial matters (Lind et al., 2020). Furthermore, studies have shown that both
objective and subjective financial literacy are critical in understanding differences in financial behavior
(see, for example, Allgood and Walstad, 2013; Anderson et al., 2017; Huston, 2010).
It has been further widely documented that financial literacy is related to sound financial decision
making. The more financially savvy are ceteris paribus (even after controlling for educational attainment),
the more likely to participate in the stock market (e.g., Van Rooij et al., 2011b), more likely to undertake
retirement planning (e.g., Lusardi and Mitchell (several papers), yield higher returns on their saving
accounts (e.g., Geogarakos et al., 2016) and less likely to use high-cost borrowing including payday
loans, pawn shop, credit card debt or overdrawing accounts (see, e.g., Lusardi and Bassa Schereberg,
2013). Individuals with high levels of financial literacy are usually more savings orientated, borrow less,
and are less likely to overspend income than consumers with low levels of financial literacy. For this
study, financial behavior comprises individuals' savings and borrowing behavior (with a particular focus
on informal/costlier sources of borrowing).
Some studies have shown that subjective financial literacy, or confidence in one's ability to engage in a particular financial behavior, is a better predictor of financial decision-making than objective financial literacy. For example, Anderson et al. (2017) showed that it is a better predictor of savings behavior. Similarly, Allgood and Walstad (2013) found that subjective financial knowledge is a stronger predictor of less costly practices in credit card usage than objective financial knowledge. A possible mechanism is that people with high financial confidence might be less reluctant to avoid financial information, which could affect behavior (Barrafrem et al., 2020). Beliefs about the extent of one's knowledge might thus be as important (or more) as actual knowledge regarding sound financial behavior. Thus, for households to make sound decisions, they should possess both sufficient objective and subjective financial literacy. Financial institutions also stand to benefit from increased financial literacy, as informed clients pose less risk and constitute a market for sustainable financial services. This is especially relevant for Curaçao, where many households are over-indebted (Pau, 2020). Personal financial management skills also enable people to save for income and consumption smoothing in countries like Curaçao, where individuals face various risks, including but not limited to price volatility of agricultural products, illness, death of a breadwinner, loss of jobs and retirement, posing significant income shocks for many. Hence, people must have the knowledge and skills to navigate the financial landscape to become more financially resilient to big and minor shocks. Financially resilient families will contribute to a more financially resilient society. This can further lead to poverty reduction, welfare improvement, and improved quality of life.
## 3. Data
3.1 Sample The data for the empirical analysis stems from a telephone interview administered among members of the SONORO Community, a panel of households in Curaçao. In the panel, members are consulted on research questions related to finance and health in Curaçao every few years. Vis et al. (2021) provide a detailed discussion of the panel setup, which consists of several stages. Stage one comprises the sampling process. This involved taking a probability sample of 2,900 geographic coordinates out of almost 80 thousand coordinates of addresses in Curaçao. These coordinates were subsequently placed on a satellite view map. In stage two, the recruitment phase, trained local interviewers visited the randomly chosen addresses (2,486 of the coordinates were actual residential buildings). They invited one household member, preferably the head of the household, to join the panel. Finally, a face-to-face interview was held during the recruitment process between April 2018 and October 2019. This interview contained questions related to the demographic and socioeconomic characteristics of respondents. In total, 1,735 interviews were completed, with a response rate of 69.8 percent. At the end of
the interview, respondents were asked whether they would like to become a member of the SONORO
Community. Respondents who indicated that they were willing or would consider participating in the
panel are considered to be (prospective) members of the panel (869 respondents).
After completing the recruitment process, the respondents had to be consulted on health and
financial-related matters. Due to the emergence of the COVID-19 pandemic, it was opted to move from
face-to-face to telephone interviewing. This survey contained questions about background information,
cultural factors, financial literacy, and financial behavior.
The working sample of the telephone survey consists of respondents aged 18 years or older who
participated from September to October 2020. A total of 225 out of 395 members with a known telephone
number completed the survey, with a response rate of 57 percent. Comparing the sample with national
statistics, Vis et al. (2021) observe that the sample is representative of the population in terms of gender,
income, and place of birth. However, some deviations are observed in the age categories, the oldest age
group of 65 years or older is overrepresented, and the youngest age group of 18-34 years is
underrepresented. This is also the case for education; the lowest education group is overrepresented, and
the highest is underrepresented. Summary statistics are presented in Table 1 and discussed below.
The telephone interview data is enriched with demographic and socioeconomic information
collected during recruitment. These include gender, age, place of birth, employment status, educational
attainment, household composition, and net monthly household income. For income, we only have
bracketed data. Regarding household composition, we distinguish between sin
Port Authority to divest assets to build out first 50 acres of Caymanas SEZ | Lead Stories | Jamaica Gleaner Skip to main content Port Authority to divest assets to build out first 50 acres of Caymanas SEZ Published: Wednesday | July 30, 2025 | 1:18 AM Ruddy Mathison/Gleaner Writer - Photo Video Rud...
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Port Authority to divest assets to build out first 50 acres of Caymanas SEZ | Lead Stories | Jamaica Gleaner Skip to main content Port Authority to divest assets to build out first 50 acres of Caymanas SEZ Published: Wednesday | July 30, 2025 | 1:18 AM Ruddy Mathison/Gleaner Writer - Photo Video Rudolph Brown/Photographer Breaking ground from left are Professor Gordon Shirley, president and CEO of the Port Authority of Jamaica (PAJ); Lyttleton ‘Tanny’ Shirley, director of the PAJ; Anthony Hylton, Opposition member of parliament; Prime Minister Dr Andrew Holness; Senator Aubyn Hill, minister of industry, investment and commerce; and Alok Jain, chairman of the PAJ, during yesterday's ground breaking and official project launch of the Caymanas Special Economic Zone on Mandela Highway, Caymanas, St Catherine. The Port Authority of Jamaica (PAJ) has officially broken ground for the Caymanas Special Economic Zone (SEZ), a major development to be constructed on 700 acres of former cane land along Mandela Highway in St Catherine. The PAJ will be responsible for the initial infrastructure development and will build out 50 acres of the site in the first phase. This is intended to attract international shipping and logistics interests, capitalising on Jamaica’s strategic proximity to major global shipping lanes. Prime Minister Dr Andrew Holness, who delivered the keynote address and participated in the ground-breaking ceremony, described the project as a sign of economic success. “Today what you are seeing is not just the materialisation of a dream but you are also seeing the dividend of a well-run economy,” Holness said. He noted that the PAJ will develop 50 acres by divesting some of its assets through the local stock market and other means, thereby creating new value. He also reiterated his plans to relocate the Tinson Pen aerodrome to allow for expansion of the Port of Kingston, a vision first shared during his Budget presentation. Headlines Delivered to Your Inbox Sign up for The Gleaner’s morning and evening newsletters. “The entire Kingston Harbour is going to see a surge in port and shipping-related investment, because already we are seeing private investments in maritime ecosystems around that area,” Holness said. “With this, Jamaica will transition from a transshipment hub to becoming a world-class logistics hub.” Alok Jain, chairman of the Port Authority, emphasised that the project represents more than just physical infrastructure. “We are laying the foundation for a new engine of economic growth for Jamaica, we want to position Jamaica as the fourth global logistics hub,” he said, naming Singapore and Dubai among the existing global hubs. Jain explained that a comprehensive master plan is already in place. “The investor told us 'Deal with the project, prepare the land, put in the infrastructure, ensure that the utilities and security are in place and give us something that we can occupy'. In short, they said to us, 'Build it and we will come'.” He added that phase one will focus on land preparation, including drainage, roads, underground cabling, water and sewage systems, and electricity, followed by commercial development with ready-to-lease facilities. “All the engineering work is complete and we are ready to commence phase one,” Jain assured. PAJ CEO Professor Gordon Shirley said the SEZ is designed to attract international investment by meeting top global standards. “The location and infrastructure have become even more important. In this environment, international investors are looking for a country that is close to major markets in the region, neutral, has a modern port infrastructure, the right legislative framework and the space for the relevant infrastructure to facilitate their rapid investments in facilities and systems,” Shirley explained. He said the project aims to create numerous skilled and semi-skilled jobs in manufacturing, logistics, and technology, while enhancing economic diversification. Access to the Port of Kingston will be ensured through various modes, Jain said, including river barges, a nearby railway line, and a possible dedicated road. Anthony Hylton, Opposition spokesman on industry, investment, trade and globalisation, welcomed the project but noted delays. “We have to get started on this journey. My disappointment is the length of time it has taken. It should have started from 2013,” Hylton told The Gleaner , adding that “the Government has taken the long route". The Caymanas SEZ will include cold storage, warehouses, third-party logistics, e-commerce fulfilment centres, light industries, agri-businesses, value-added processing, and pharmaceuticals. editorial@gleanerjm.com «Holness fights to strike ‘scandalous’ info from IC official’s affidavit JPS office closures short circuit public trust » View the discussion thread. More Lead Stories E-mail the editor More Stories PERMIT VOIDED Confidence high as grade six students wrap up PEP Chang: Current JCF uniforms not designed for body cams DT: the perfect ship’s captain FLOW’s Price backs NaRRA push to cut telecoms rollout delays Messing with the mace Pressure mounts on executors after court blocks audit in Stewart estate dispute No panic over PEP Cop caught in sting wanted $250,000 from motorist after car crash, court documents claim Supreme Court stands firm on order in Tank-Weld, Arc rebar case Videos For more videos click here. Just for you
CDB Working Paper No. 1
## A Policy Blueprint for Caribbean Economies
By Justin Ram, Raquel Frederick, Dindial Ramrattan, Kevin Hope, and Wayne Elliott May 2018
JEL classification: O10, O21, O54, P17
Keywords: economic development, inclusive growth, nudge policy, fiscal policy, policy blueprint,...
CARIBBEAN DEVELOPMENT BANK
PRIVATE SECTOR STRATEGY 2023−2028
September 2023
CURRENCY EQUIVALENT Dollars ($) throughout refer to United States Dollars (USD) unless otherwise stated
ABBREVIATIONS
AAAF Adequate and Affordable Financing
BEE Business Enabling Environment
BMCs Borrowing Member Coun...
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CARIBBEAN DEVELOPMENT BANK
PRIVATE SECTOR STRATEGY 2023−2028
September 2023
CURRENCY EQUIVALENT Dollars ($) throughout refer to United States Dollars (USD) unless otherwise stated
ABBREVIATIONS
AAAF Adequate and Affordable Financing
BEE Business Enabling Environment
BMCs Borrowing Member Countries
BSOs Business Support Organizations
CARICOM Caribbean Community
CDB Caribbean Development Bank
CFI Commercial Financial Intermediary
CIIF Cultural and Creative Industries Innovation Fund
CI Cultural Industries
CSME Caribbean Community Single Market & Economy
CTCS Caribbean Technological Consultancy Services
DFIs Development Finance Institutions
DL Direct Lending
EU European Union
EPA Economic Partnership Agreement
FI Financial Institution
GDP Gross Domestic Product
GEAP Gender Equality Action Plan
GII Global Innovation Index
IFI International Financial Institution
ITC International Trade Centre
KPI Key Performance Indicator
MDB Multilateral Development Bank
M&E Monitoring and Evaluation
MSME Micro, Small and Medium Enterprise
OCR Ordinary Capital Resources
PS Private Sector
PD Projects Department
PSD Private Sector Division
PSOF Private Sector Operational Framework
PSF Private Sector Fund
PSS Private Sector Strategy
RMF Results Monitoring Framework
SDGs Sustainable Development Goals
STI Science, Technology and Innovation
SPU Strategic Plan Update
TA Technical Assistance
TOC Theory of Change
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TABLE OF CONTENTS
EXECUTIVE SUMMARY
1. CONTEXT AND RATIONALE
2. PRIVATE SECTOR STRATEGY 2023-2028
3. PRIVATE SECTOR STRATEGY IMPLEMENTATION
APPENDICES
APPENDIX 1: CDB PRIVATE SECTOR PROJECTS AND PROGRAMMES UNDER THE PRIVATE SECTOR DEVELOPMENT POLICY AND STRATEGY 2017-2021
APPENDIX 2: CDB COLLABORATION WITH COMPETE CARIBBEAN PARTNERSHIP FACILITY – BUSINESS CLIMATE REFORM PROJECTS
APPENDIX 3: DONOR ACTIVITES IN PRIVATE SECTOR STRATEGY PRIORITY AREAS (2020-2023)
-iii
EXECUTIVE SUMMARY
Context and Rationale
1. The Borrowing Member Countries (BMCs) of the Caribbean Development Bank are caught in a regional dilemma. They are classified as high-income countries, on a per capita basis, which excludes them from concessional financing, but as has been documented, they are small, open economies, highly vulnerable to external shocks and climate events. Furthermore, they are slow to recover from economic shocks.
2. The COVID-19 pandemic had a profound impact on the region, compounding existing structural weaknesses in the BMCs, both for Governments and the private sector. The pandemic exacerbated the continuing access to finance challenge for MSMEs, highlighting their cash flow constraints and the need for working capital. More recent shocks caused by the war in Ukraine - rising global inflation, high commodity prices and high cost of funds have complicated recovery overall in the region. BMC Financing needs have increased significantly and will remain so in the short- to medium term.
3. As a result of the pandemic, the Bank has outlined an extensive development agenda for the region, framed around the need for BMCs to achieve internal resilience (IRC), with social, environmental, production, financial and institutional aspects, and linked to the achievement of the Sustainable Development Goals (SDGs). This is outlined in the bank’s corporate strategy (the Strategic Plan Update [SPU] 2022-24), with an estimated cost of US$100 billion over 10 years.
4. The resources needed for this agenda are well beyond what the CDB can provide under existing partnership arrangements. A lack of fiscal space of BMCs compounds the gap. The Bank is therefore embarking on an ambitious effort to mobilize resources from international and multilateral partners as well as the region’s private sector. The goal is to transform the private sector’s role from beneficiary to development partner to execute this agenda and boost sustained growth in BMCs.
5. At the same time, the Bank is committed to “moving the needle” on private sector development by increasing support, including providing adequate and affordable financing (AAAF) to the firms in the region, given their role as engines of economic growth at the national level.
6. In its focus on resilience and the “reimagined “dual role for the private sector, the SPU goes beyond the current Private Sector Development Policy and Strategy (PSDPS) 2017-2020.
7. The PSDPS marked the beginning of increased Bank engagement with the private sector. The PSDPS focuses on transformation of the private sector in the region to become the “major driver” of economic development, and it focuses on three Strategic Pillars: i) Improving the investment and business climate in the Region; ii) Expanding infrastructure for inclusive economic and human capital development; and iii) Promoting equitable enterprise development, especially in the case of MSMEs.
8. CDB has already achieved some success in implementing various operations to support these priorities. The Bank has done considerable work (25 projects), in collaboration with the Compete Caribbean Partnership Facility (CC) to support business climate reforms both on a national and regional basis. A particular achievement under the PSDPS is the Cultural and Creative Industries Innovation Fund (CIIF), which has strengthened the ecosystem in the orange economy – a niche area for the Caribbean – through access to finance, development of knowledge products and communities of practice, as well as increasing coordination between cultural industries (CI) ecosystem stakeholders.
9. However, a new private sector strategy is needed that speaks to the current post-COVID situation in the region and that is consistent with the broader focus of the SPU on resilience and the new financing role of the private sector. The new Private Sector Strategy (PSS) 2023-2028 now being proposed seeks to expand on and deepen the private sector development aspects of the 2017 PSDPS,
-iv
maintains its focus on business climate reform and enterprise development and frames CDB’s actions with the SPU’s resilience approach.
10. CDB will review the key elements of the current Private Sector Development Policy as articulated in the PSDPS, to ensure alignment with the new PSS.
Private Sector Strategy - 2023-2028
11. The new CDB PSS has two objectives. The first is to enhance private sector ecosystems in BMCs to facilitate the development of dynamic and internationally competitive, high-growth firms. This will lead to higher incomes and increased economic resilience at both the national and regional levels. The objective to enhance BMC ecosystems is based on a new relationship with the private sector, not only in terms of increased CDB support but also as a key partner in the region’s development. Fostering this new expanded partnership with the private sector is a second objective of the PSS.
12. The PSS seeks to address a major underlying private sector ecosystem constraint -- slow implementation of BEE reforms -- with the associated effects on financial markets as well as firm productivity and competitiveness. This constraint and these two effects persist despite the work done to date by the Bank and other development partners.
13. There is still considerable scope for the Strategy to address these challenges. First, most BMCs need to make material improvements to their private sector ecosystems and have neither consistently focused on, nor received the required assistance to date to do so. Second, there are significant opportunities to develop capital markets, given the current limited range of financial instruments offered in most BMCs.
14. Therefore, the PSS focuses on three main Strategic Priorities which promote private sector ecosystem development in BMC markets: a) improving the enabling environment; b) promoting access to finance; and c) promoting enterprise development. These 3 Strategic Priorities will be implemented through activities in 4 Focus Areas: a) Legal and Regulatory Reforms; b) New Financial Instruments; c) Direct Firm Lending; and d) Capacity-building for BSOs, MSMEs and FIs.
15. The PSS has been developed within the framework of the six guiding principles developed by the CDB and outlined in the 2017 PSDPS: a) Client-focus; b) Additionality; c) Catalytic Role; d) Selectivity and Focus; e) Alignment; and f) Partnerships. The Strategy considers the Strengths, Weaknesses, Opportunities and Threats facing the Bank. It also takes into account the best practices and lessons learned from its own activities, as well as those of other multilateral development banks (MDBs).
16. The PSS is aligned with the following Sustainable Development Goals (SDGs), supporting the Bank’s broader objective to assist the BMCs in meeting these targets, and in building economic resilience: SDG No. 8 - decent work and economic growth; SDG No. 9 - industry, innovation, and infrastructure; SDG No. 11 - sustainable cities and communities; and SDG No. 14 - conservative and sustainable use of oceans, seas, and marine resources. In keeping with the CDB’s corporate strategy in the SPU, the PSS prioritizes knowledge management, innovation, digitalization, gender, and climate change as cross-cutting themes. It also maintains the bank’s commitment to economic cooperation and regional integration in the Caribbean.
17. The PSS is framed around the need to build the internal resilience of BMCs and continues the PSDPS emphasis on the process of economic transformation of the private sector and the shift from project beneficiary to development partner. However, unlike the PSDPS, it is designed within the context of a Theory of Change (TOC), which emphasizes Outcomes (e.g., knowledge gained, behavioural change) and Impact as the basis for CDB projects and programmes for the private sector going forward. Furthermore, the PSS focuses on a new partnership with the private sector and a re-
-v
imagining of the relationship, in terms of increased support as well as resource mobilization to facilitate the Bank’s development activities at scale in the region.
#### PSS Implementation
18. PSS implementation will be led by CDB's Projects Department and its Private Sector Division (PSD). Successful implementation of the Strategy with require adequate financial resources, particularly given the scope and range of new private sector activities contemplated. Increased financing for these interventions is constrained both by the limited fiscal space in BMCs themselves and the Bank’s limited resources and stringent lending policies. Captured in the Bank’s access to AAAF mobilisation will be targeted efforts at raising funds for private sector interventions. This will constitute a “multi-source”, “multi-instrument approach” - that will require engaging with the private sector and a variety of partners as outlined in the proposed Resourcing Framework. The PSS will also require increasing the Bank’s capabilities in private sector lending, business development, implementation, and monitoring of ongoing and new initiatives. In addition, dedicated human resources will be engaged to enhance the Bank’s mobilisation efforts.
19. As with any Strategy, there are risks to be considered in implementation. These relate to issues such as the business enabling environment reforms, demand for new financial instruments, as well as resource/budgetary constraints.
20. At the heart of operationalising the TOC framework for the Strategy is a robust monitoring and evaluation (M&E) approach that maps the linkage between Inputs, Outcomes, and Impact, reinforces accountability as well as learning and ultimately mainstreams evidence-based decision-making within the Bank. Enhanced M&E will require a review and revamping of the private sector indicators (Level 2) in the RMF, in keeping with the TOC approach.
21. The implementation roadmap focuses on setting the stage for the Bank’s new lending and TA activities, mobilisation of resources, M&E and marketing/communication, in the first years of the Strategy. This will be followed by the launching of new financial instruments, significantly increasing the Bank’s private sector activities, increasing collaboration, and financing partnerships and evaluating the Strategy.
#### 1. CONTEXT AND RATIONALE
Context
1.01 The Borrowing Member Countries (BMCs) of the Caribbean Development Bank (CDB) are caught in a regional dilemma. They are classified as high-income countries on a per-capital basis, which excludes them from concessional financing, but as has been documented, they are small, open economies, highly vulnerable to external shocks and increasingly so, to climate change events.
1
In addition, they are slow to recover from economic shocks, and certainly cannot do so on their own, without external donor assistance.
1.02 The COVID-19 pandemic had a profound impact on the region, aggravating existing structural weaknesses in the BMCs. For governments, it meant the loss of revenues, coupled with unexpected budgetary expenses, particularly for tourist-dependent economies, where revenues fell by as much as 70% in some cases. In 2021, 10 of the 14 CARICOM countries had Debt to Gross Domestic Project (GDP) ratios above 80%.
2
The private sector, and MSMEs in particular, were especially affected, with over 50% forced to close operations during the pandemic and an average of 60% of firms seeing at least a 50% fall in revenues.
1.03 Firms in the region have been facing several ongoing constraints, which have been limiting their ability to contribute significantly to job creation, poverty alleviation and economic growth. Access to finance is a key challenge, which is linked to a number of underlying ecosystem issues: (a) an underdeveloped financial services industry, with limited financing options available; (b) the high cost of finance; (c) high collateral requirements from commercial and other lenders; d) lack of information on financing and capacity-building options, and lack of MSME data; and (e) high levels of informality in the sector overall. COVID-19 further aggravated the access to finance challenge, highlighting MSME cash flow constraints and the need for working capital.
1.04 More recent shocks caused by the war in Ukraine - rising global inflation, high commodity prices and high cost of funds have complicated economic recovery overall in the region. BMC financing needs have increased significantly (an estimated US10 bn in 2020 alone) and will remain so in the short to medium term according to CDB estimates.
1.05 As a result of the pandemic, the Bank has outlined an extensive development agenda for the region, framed around the need for BMCs to achieve internal resilience (IRC), with social, environmental, production, financial and institutional aspects, and linked to the achievement of the Sustainable Development Goals (SDGs). This is outlined in the Bank’s Corporate Strategy (the Strategic Plan Update [SPU] 2022-24), with an estimated cost of US$100 billion over 10 years.
1.06 The resources needed for this agenda are well beyond what CDB can provide under existing partnership arrangements. A lack of fiscal space for BMCs compounds the gap, as the impact of COVID-19 has limited the ability of BMCs to assume additional sovereign-guaranteed debt. The Bank is therefore embarking on an ambitious effort to mobilise resources from international and multilateral partners as well as the region’s private sector. The goal is to transform the private sector’s role from beneficiary to development partner to execute this agenda and boost sustained growth in BMCs.
1 For example, in 2017, culminative economic losses from category 5 Hurricanes Irma and Maria in the OECS countries of US$12 billion. OECS, Climate Trends and Projections for the OECS Region, April 1, 2020 p. 10. 2 See: https://countryeconomy.com/countries/groups/caribbean-community
-2-
1.07 At the same time, the Bank is committed to “moving the needle” on private sector development by increasing support, including providing adequate and affordable financing (AAAF) to the firms in the region, given their role as engines of economic growth at the national level. In its focus on resilience and the reimagined dual role of the private sector, the SPU goes beyond the current Private Sector Development Policy and Strategy (PSDPS).
Private Sector Development Policy and Strategy 2017-2020
1.08 The PSDPS 2017-2020 marked the beginning of increased Bank engagement with the private sector. The PSDPS emphasises the transformation of the private sector in the region, to become the “major driver” of economic development.
1.09 The PSDS prioritises three Strategic Areas:
(a) improving the investment and business climate in the Region; (b) expanding infrastructure for inclusive economic and human capital development; and (c) promoting equitable enterprise development, especially in the case of MSMEs
3 .
1.10 CDB has already achieved some success in implementing various operations to support these priorities, as seen in Appendix I, which illustrates the range of support provided by the Bank in each of these Strategic Areas. Furthermore, CDB has done considerable work (25 projects) in collaboration with Compete Caribbean, to support business climate reforms both on a national and regional basis, Activities, for example, have ranged for example, from strengthening intellectual property ecosystems (Jamaica) and supporting the enabling environment for the development of the blue economy (Organisation of Eastern Caribbean States, Trinidad, Belize and Barbados), to facilitating the development of digital technologies to improve the business environment (Suriname) - See Appendix 2. In addition, under the two rounds of the European Union financed Economic Partnership Agreement (EPA) and Caribbean Community Single Market & Economy (CSME) Standby Facility, the Bank has supported business climate reforms and facilitated market access and trade for MSMEs.
1.11 A particular achievement under the PSDPS is the Cultural and Creative Industries Innovation Fund (CIIF). A recent evaluation has found that CIIF interventions have been relevant as well as innovative, and the Fund has targeted a range of beneficiaries (MSMEs, women, youth, and vulnerable households). CIIF has strengthened the ecosystem in the orange economy – a niche area for the Caribbean – through access to finance, development of knowledge products and communities of practice, and increasing coordination between cultural industries (CI) ecosystem stakeholders. The 33 grants approved by the Fund (including three in the CIIF’s pilot Haiti programme) have created 144 jobs. Table 4 in Appendix 1 provides an overview of the Fund’s activities.
1.12 Table 1 below illustrates results between 2017-2021 for two of the private sector indicators in CDB’s Results Monitoring Framework (RMF) that relate specifically to enterprise development, i.e., Strategic Pillar 3 of the current PSDPS.
3 CDB, Private Sector Development Policy and Strategy, June 2017, p. ii.
| | | | | | | | | | | | | | | | | -3- | | | | | | | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | | TABLE 1: | | | | | TABLE 1 --- Results: CDB | RESULTS: CDB PRIVATE SECTOR OPERATIONS – | | | | | | | Private Sector Operations -- | | | | | | | 2017-2021 2017- | 2021 | | | | | | | |
| | | | | | | | | | | | YEARS | | | | | | | | TARGETS | | | | YEARS | | | | | TARGETS | | |
| | RMF PRIVATE SECTOR | | | | | | 2017 | | | | 2018 | | | | | 2019 | | | | | | 2020 | | 2021 | | | | | | |
| | INDICATORS | | | | | | | 2015- | | | | 2015- | | | | | 2015- | | 2015-2019 | | | | | | 2020- | | | | | |
| | | | | | | Yearly | | | | Yearly | | | | | Yearly | | | | | | Yearly | | Yearly | | | | | 2020-2024 | | |
| | | | | | | | | 2017 | | | | 2018 | | | | | 2019 | | | | | | | | 2021
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Why did United States based Hummingbird AI Holdings LLC choose to invest in Trinidad and Tobago?
According to Marc-Kwesi Farrell, one of the leadership team's principal members, this country stands out amid growing global AI infrastructure opportunities because it brings together a unique combination of competitive advantages that are increasingly difficult to find together and still largely under-appreciated internationally.
'The country has a long history of operating complex industrial and downstream energy infrastructure, supported by a highly skilled engineering and technical workforce and decades of experience delivering mission-critical industrial facilities. Combined with competitive access to natural gas, globally competitive industrial electricity costs, robust subsea connectivity into both North and South America, and a growing national focus on economic diversification, Trinidad possesses many of the ingredients required to support next-generation AI infrastructure,' he said in response to questions from the Express yesterday.
Further, he noted the opportunity extends well beyond the construction of a data centre.
'If developed successfully, Trinidad and Tobago has the potential to establish itself as an AI and digital infrastructure hub serving the wider Americas, creating a platform for future investment, innovation and long-term economic growth,' he said.
He said the project currently under evaluation contemplates an initial AI infrastructure campus with approximately 150MW of compute capacity, designed from the outset with the ability to expand over time as market demand, infrastructure availability and commercial opportunities evolve.
Farrell explained that rather than a single building, the campus would comprise multiple facilities together with the supporting electrical, mechanical, telecommunications and utility infrastructure required to operate them safely and reliably.
He said potential sites remain under evaluation, with final site selection to be determined through engineering analysis, environmental assessment, utility availability, long-term operating considerations and consultation with relevant stakeholders.
Projects of this nature require substantial long-term capital investment, comparable to other major industrial developments undertaken over time in Trinidad and Tobago, he said.
Farrell said the ultimate scale of investment would depend on the final size of the campus, customer requirements, technology choices and the pace of phased development.
He said the opportunity for Trinidad and Tobago extends well beyond the physical infrastructure itself.
He said if successfully developed, a project of this nature has the potential to create a new technology and digital infrastructure platform capable of generating construction activity, highly skilled employment, opportunities for local contractors and suppliers, and sustained foreign exchange earnings over many years.
More broadly, it provides an opportunity to accelerate Trinidad and Tobago's diversification into industries that are expected to become increasingly important over the coming decades, he said.
Alongside AI infrastructure itself, he said the project has the potential to support workforce development, university partnerships, research initiatives, cloud infrastructure, digital services and future technology investment.
He said the precise scale of these benefits would ultimately depend on the size and pace of development.
'However, projects of this nature have the potential to create hundreds- and ultimately thousands-of construction and operational jobs over time, while positioning Trinidad and Tobago as a meaningful participant in the rapidly evolving global AI economy,' he said.
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CLUB MED ADVANCES STRATEGIC NORTH AMERICAN EXPANSION WITH THE REDEVELOPMENT OF CARAMBOLA BEACH RESORT IN ST. CROIX IN PARTNERSHIP WITH VICI PROPERTIES Accessibility Statement Skip Navigation Developed in partnership with VICI Properties, the resort will mark Club Med's return to U.S. shores, bringin...
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CLUB MED ADVANCES STRATEGIC NORTH AMERICAN EXPANSION WITH THE REDEVELOPMENT OF CARAMBOLA BEACH RESORT IN ST. CROIX IN PARTNERSHIP WITH VICI PROPERTIES Accessibility Statement Skip Navigation Developed in partnership with VICI Properties, the resort will mark Club Med's return to U.S. shores, bringing Club Med's signature all-inclusive experience to the cultural heart of the Virgin Islands ST. CROIX, U.S. Virgin Islands , June 15, 2026 /PRNewswire/ -- Club Med , the pioneer of the all-inclusive concept with nearly 60 resorts in some of the world's most desired vacation destinations, and VICI Properties Inc. (NYSE: VICI ), an S&P 500 experiential real estate investment trust, announced today the acquisition and planned redevelopment of the iconic Carambola Beach Resort, located in the U.S. Virgin Islands, marking the return of Club Med to U.S. shores. The future Club Med St. Croix will reinforce the hospitality brand's leadership in the premium all-inclusive category, while bringing a renewed spirit to the destination's most historic beachfront property. The future site of Club Med St. Croix Carolyne Doyon and Eileen Kett at official signing The project is a result of a partnership between Club Med and VICI. Following VICI's acquisition of the Carambola Beach Resort, VICI has entered into a long-term triple-net lease with Club Med, and will fund the resort's redevelopment, elevating the property to Club Med's Exclusive Collection standards. Club Med will run the future operations of the historic 150-key resort, transforming it into a model for sustainable, culturally rich and all-inclusive hospitality in the region. "The U.S. Virgin Islands represent an exciting new chapter for Club Med," said Carolyne Doyon, President and CEO of Club Med North America and the Caribbean. "For more than seven decades, we've welcomed North American travelers to our destinations around the world, and now we're bringing that experience back home. With St. Croix's natural beauty, strong community spirit, and deep cultural roots, together with the longstanding legacy of this hotel, this project reflects our vision for thoughtful growth, and meaningful connection across the Americas." John Payne, President and COO of VICI, said, "We are very excited to begin our partnership with Club Med, a true pioneer of the premium all-inclusive resort experience and the brand leader in the category. Club Med's approach to growth aligns directly with how VICI partners with best-in-class experiential operators, and Carambola Beach Resort is an ideal asset to launch our relationship. We have tremendous respect for what the Club Med team has built, and we look forward to opportunities to support their continued growth across North America for years to come." An Iconic Setting Reimagined Originally built in 1986 by philanthropist and conservation pioneer Laurance Rockefeller, Carambola Beach Resort reflects his enduring vision for the U.S. Virgin Islands, where hospitality and preservation exist in balance. Club Med's redevelopment plans envision a comprehensive renovation that preserves the property's natural beauty and historic roots. The resort, nestled between a crescent beach and tropical rainforest, will be part of Club Med's Exclusive Collection, the brand's most refined portfolio of premium all-inclusive resorts, distinguished by elevated design, personalized service, and exceptional experiences in extraordinary settings. A Flagship Destination and a U.S. Homecoming Club Med St. Croix will mark the brand's reentry onto U.S. soil and aims to attract travelers from the U.S., Canada, and around the world seeking a high quality, all-inclusive experience in a unique island setting. Beyond its touristic appeal, the resort will act as a key economic driver for St. Croix and the broader Virgin Islands, fueling job creation, local partnerships, and sustainable growth across the territory. Empowering Local Opportunity: Economic Impact Discussions with senior government officials have highlighted shared ambitions around local employment, education and training, business development, and responsible tourism. Aligned with Club Med's Happy to Care sustainability commitments, the project will target BREEAM and Green Globe certifications—benchmarks of environmental design and operational responsibility. Together, these efforts underscore Club Med's longstanding focus on environmental performance and community stewardship. "The arrival of the Club Med brand to the U.S. Virgin Islands marks another significant milestone in the continued economic growth and revitalization of our islands — particularly St. Croix — where tourism remains a key driver of opportunity and investment," said Governor Albert Bryan Jr. "We are proud to welcome the Club Med team to the territory and look forward to growing this partnership as we continue elevating the U.S. Virgin Islands, celebrating our people and culture, and welcoming new and returning visitors to our beautiful shores." Once complete, the redevelopment is projected to generate approximately 200 direct jobs along with at least as many indirect opportunities. The resort is expected to further stimulate the local economy through collaborations with excursion operators, service providers, and local farmers and artisans, reinforcing the connection between tourism and the island's broader community. Club Med plans to continue to engage with the local community in the upcoming months to share further details of the project. Construction is expected to begin in summer 2026, followed by a targeted reopening in Q4 2027. To learn more about Club Med's existing footprint in North America, click here and to partner with Club Med on other potential developments, visit clubmeddevelopment.com . ABOUT CLUB MED Club Med, founded in 1950 by Gérard Blitz, is the pioneer of the all-inclusive concept, operating nearly 60 premium resorts in stunning locations around the world including North and South America, Caribbean, Asia, Africa, Europe and the Mediterranean. Each Club Med resort features authentic local style and comfortably upscale accommodations, superior sports programming and activities, enriching children's programs, gourmet dining, and warm and friendly service by its world-renowned staff with legendary hospitality skills, an all-encompassing energy and diverse backgrounds. Club Med operates in 40 countries spanning across 5 continents and continues to maintain its authentic Club Med spirit with an international staff of more than 23,000 employees from more than 110 different nationalities. Led by its pioneering spirit, Club Med continues to grow and adapt to each market with three to five new resort openings or renovations per year, including a new mountain resort annually. For more information, visit www.clubmed.us , call 1-800-Club-Med (1-800-258-2633), or contact a preferred travel professional. For an inside look at Club Med, follow Club Med on Facebook , Instagram , and YouTube . About VICI Properties Inc. VICI Properties Inc. is an S&P 500® experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality, wellness, entertainment and leisure destinations, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas, three of the most iconic entertainment facilities on the Las Vegas Strip. VICI Properties owns 101 experiential assets across a geographically diverse portfolio consisting of 61 gaming properties and 40 other experiential properties across the United States and Canada. The portfolio is comprised of approximately 130 million square feet and features over 66,000 hotel rooms and over 700 restaurants, bars, nightclubs and sportsbooks. Its properties are occupied by industry-leading gaming, leisure and hospitality operators under long-term, triple-net lease agreements. VICI Properties has a growing array of real estate and financing partnerships with leading operators in other experiential sectors, including Cabot, Cain, Canyon Ranch, Chelsea Piers, Club Med, Great Wolf Resorts, Homefield, Kalahari Resorts and Lucky Strike Entertainment. VICI Properties also owns four championship golf courses and approximately 33 acres of undeveloped and underdeveloped land adjacent to the Las Vegas Strip. VICI Properties' goal is to create the highest quality and most productive experiential real estate portfolio through a strategy of partnering with the highest quality experiential place makers and operators. For additional information, please visit www.viciproperties.com . Forward-Looking Statements This press release contains forward-looking statements within the meaning of the federal securities laws. You can identify these statements by our use of the words "assumes," "believes," "estimates," "expects," "guidance," "intends," "plans," "projects," "will," and similar expressions that do not relate to historical matters. All statements other than statements of historical fact are forward-looking statements. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties, and other factors, which are, in some cases, beyond VICI's control and could materially affect VICI's actual results, performance, achievements, or VICI's ability to achieve the benefits contemplated by the transaction. Other important risk factors that may affect VICI's business, results of operations and financial position (including risks relating to VICI's pending transactions) are detailed from time to time in VICI's filings with the Securities and Exchange Commission. VICI does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as may be required by applicable law. Club Med Media Contacts: Malaika Hollis Alliance Connection [email protected] VICI Investor Contacts: [email protected] (646) 949-4631 Or David Kieske EVP, Chief Financial Officer [email protected] Moira McCloskey SVP, Capital Markets [email protected] SOURCE Club Med "The U.S. Virgin Islands represent an exciting new chapter for Club Med," said Carolyne Doyon, President and CEO of Club Med North America and the Caribbean. "For more than seven decades, we've welcomed North American travelers to our destinations around the world, and now we're bringing that experience back home. With St. Croix's natural beauty, strong community spirit, and deep cultural roots, together with the longstanding legacy of this hotel, this project reflects our vision for thoughtful growth, and meaningful connection across the Americas." John Payne, President and COO of VICI, said, "We are very excited to begin our partnership with Club Med, a true pioneer of the premium all-inclusive resort experience and the brand leader in the category. Club Med's approach to growth aligns directly with how VICI partners with best-in-class experiential operators, and Carambola Beach Resort is an ideal asset to launch our relationship. We have tremendous respect for what the Club Med team has built, and we look forward to opportunities to support their continued growth across North America for years to come." An Iconic Setting Reimagined Originally built in 1986 by philanthropist and conservation pioneer Laurance Rockefeller, Carambola Beach Resort reflects his enduring vision for the U.S. Virgin Islands, where hospitality and preservation exist in balance. Club Med's redevelopment plans envision a comprehensive renovation that preserves the property's natural beauty and historic roots. The resort, nestled between a crescent beach and tropical rainforest, will be part of Club Med's Exclusive Collection, the brand's most refined portfolio of premium all-inclusive resorts, distinguished by elevated design, personalized service, and exceptional experiences in extraordinary settings. A Flagship Destination and a U.S. Homecoming Club Med St. Croix will mark the brand's reentry onto U.S. soil and aims to attract travelers from the U.S., Canada, and around the world seeking a high quality, all-inclusive experience in a unique island setting. Beyond its touristic appeal, the resort will act as a key economic driver for St. Croix and the broader Virgin Islands, fueling job creation, local partnerships, and sustainable growth across the territory. Empowering Local Opportunity: Economic Impact Discussions with senior government officials have highlighted shared ambitions around local employment, education and training, business development, and responsible tourism. Aligned with Club Med's Happy to Care sustainability commitments, the project will target BREEAM and Green Globe certifications—benchmarks of environmental design and operational responsibility. Together, these efforts underscore Club Med's longstanding focus on environmental performance and community stewardship. "The arrival of the Club Med brand to the U.S. Virgin Islands marks another significant milestone in the continued economic growth and revitalization of our islands — particularly St. Croix — where tourism remains a key driver of opportunity and investment," said Governor Albert Bryan Jr. "We are proud to welcome the Club Med team to the territory and look forward to growing this partnership as we continue elevating the U.S. Virgin Islands, celebrating our people and culture, and welcoming new and returning visitors to our beautiful shores." Once complete, the redevelopment is projected to generate approximately 200 direct jobs along with at least as many indirect opportunities. The resort is expected to further stimulate the local economy through collaborations with excursion operators, service providers, and local farmers and artisans, reinforcing the connection between tourism and the island's broader community. Club Med plans to continue to engage with the local community in the upcoming months to share further details of the project. Construction is expected to begin in summer 2026, followed by a targeted reopening in Q4 2027. To learn more about Club Med's existing footprint in North America, click here and to partner with Club Med on other potential developments, visit clubmeddevelopment.com . ABOUT CLUB MED Club Med, founded in 1950 by Gérard Blitz, is the pioneer of the all-inclusive concept, operating nearly 60 premium resorts in stunning locations around the world including North and South America, Caribbean, Asia, Africa, Europe and the Mediterranean. Each Club Med resort features authentic local style and comfortably upscale accommodations, superior sports programming and activities, enriching children's programs, gourmet dining, and warm and friendly service by its world-renowned staff with legendary hospitality skills, an all-encompassing energy and diverse backgrounds. Club Med operates in 40 countries spanning across 5 continents and continues to maintain its authentic Club Med spirit with an international staff of more than 23,000 employees from more than 110 different nationalities. Led by its pioneering spirit, Club Med continues to grow and adapt to each market with three to five new resort openings or renovations per year, including a new mountain resort annually. For more information, visit www.clubmed.us , call 1-800-Club-Med (1-800-258-2633), or contact a preferred travel professional. For an inside look at Club Med, follow Club Med on Facebook , Instagram , and YouTube . About VICI Properties Inc. VICI Properties Inc. is an S&P 500® experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality, wellness, entertainment and leisure destinations, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas, three of the most iconic entertainment facilities on the Las Vegas Strip. VICI Properties owns 101 experiential assets across a geographically diverse portfolio consisting of 61 gaming properties and 40 other experiential properties across the United States and Canada. The portfolio is comprised of approximately 130 million square feet and features over 66,000 hotel rooms and over 700 restaurants, bars, nightclubs and sportsbooks. Its properties are occupied by industry-leading gaming, leisure and hospitality operators under long-term, triple-net lease agreements. VICI Properties has a growing array of real estate and financing partnerships with leading operators in other experiential sectors, including Cabot, Cain, Canyon Ranch, Chelsea Piers, Club Med, Great Wolf Resorts, Homefield, Kalahari Resorts and Lucky Strike Entertainment. VICI Properties also owns four championship golf courses and approximately 33 acres of undeveloped and underdeveloped land adjacent to the Las Vegas Strip. VICI Properties' goal is to create the highest quality and most productive experiential real estate portfolio through a strategy of partnering with the highest quality experiential place makers and operators. For additional information, please visit www.viciproperties.com . Forward-Looking Statements This press release contains forward-looking statements within the meaning of the federal securities laws. You can identify these statements by our use of the words "assumes," "believes," "estimates," "expects," "guidance," "intends," "plans," "projects," "will," and similar expressions that do not relate to historical matters. All statements other than statements of historical fact are forward-looking statements. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties, and other factors, which are, in some cases, beyond VICI's control and could materially affect VICI's actual results, performance, achievements, or VICI's ability to achieve the benefits contemplated by the transaction. Other important risk factors that may affect VICI's business, results of operations and financial position (including risks relating to VICI's pending transactions) are detailed from time to time in VICI's filings with the Securities and Exchange Commission. VICI does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as may be required by applicable law. Club Med Media Contacts: Malaika Hollis Alliance Connection Malaika@allianceconnection.com VICI Investor Contacts: Investors@viciproperties.com (646) 949-4631 Or David Kieske EVP, Chief Financial Officer DKieske@viciproperties.com Moira McCloskey SVP, Capital Markets MMcCloskey@viciproperties.com SOURCE Club Med --> 21 % more press release views with Request a Demo × Modal title Also from this source Club Med Unveils Enhanced Wellness Experiences at Club Med Michès Playa Esmeralda Establishing the Resort as the Brand's Premier Wellness Destination in North America Club Med, known as the pioneer of the all-inclusive concept with nearly 60 resorts in some of the world's most desired vacation destinations, ushers... Club Med Expands Brand Presence in Canada with the Announcement of Club Med Tremblant Club Med, the world leader in premium all-inclusive mountain and beach resorts, today announced the development of Club Med Tremblant, marking a... More Releases From This Source Explore Travel Hotels and Resorts Real Estate Corporate Expansion News Releases in Similar Topics --> --> -->
Journal of Co-operative Studies _______________________________________________________
#### Black women as co-operators: Rotating savings and credit associations (ROSCAs) in the Caribbean and Canada
Caroline Shenaz Hossein
How to cite this article:
Hossein, C.S. (2015). Black women as co-operat...
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Journal of Co-operative Studies _______________________________________________________
#### Black women as co-operators: Rotating savings and credit associations (ROSCAs) in the Caribbean and Canada
Caroline Shenaz Hossein
How to cite this article:
Hossein, C.S. (2015). Black women as co-operators: Rotating savings and
credit associations (ROSCAs) in the Caribbean and Canada Journal of Co
operative Studies, 48(3), 7-18
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License subject to a six-month embargo after the article is published in the Journal
## Black Women as Co-operators: Rotating Savings and Credit Associations (ROSCAs) in the Caribbean and Canada Caroline Shenaz Hossein
Rotating Savings and Credit Associations (ROSCAs) are co-operative banking systems embedded in social relationships, and the women who participate in these institutions organise them to be compassionate and considerate of people’s social lives in relation to business needs. This study draws on multiple methods to research the attitudes of Black women who participate in ROSCAs in low ‑income communities in four Caribbean countries and in Canada’s largest city, Toronto. Interviews and focus groups were held with 332 people in Jamaica, Guyana, Trinidad and Tobago, Haiti, and Canada from June 2007 to July 2015. This paper uses a historical account of ROSCAs to argue that the Black women organise peer-to-peer (P2P) lending alongside conventional banks not only to meet their livelihood needs but also to help their family, friends, and community.
### Introduction
Ladies, please jus’ fix your life and don’t wait around … do something for you, your life and your
children’s lives. Join our susu. What will the result be? Happy women. (“Mabinty”, 2015)
Important numbers of women in the world manage and participate in co-operative banks. In
India alone, more than 20 million women belong to self-help groups, such as Self-Employment
Women’s Association (SEWA), where women advance peer-to-peer lending (P2P) (Wilson,
2001; Datta, 2000). In Niger, West Africa, tens of thousands of women are part of the Mata
Masu Dubara movement, a system of self-managed village banks (Grant and Allen, 2002).
Self-help banks are informal banking co-operatives where women collectively lend and save
amongst their peers (Hossein, 2013; Dunford, 2009; Chiteji, 2002; Wilson, 2001; Rutherford,
2000; Ardener and Burman, 1996; Geertz, 1962). For the purposes of this paper, the terms self
help banks, co-operative banks and ROSCAs are used to refer to informal banking systems.
Women like “Mabinty” in the quote that opens this article create self-managed banks in their
communities that focus on female needs. Ardener and Burman (1996), in their classic text
Money -Go -Rounds: The Importance of Rotating Savings and Credit Associations for Women,
document the phenomenon of self-help co-operative banks, also known as rotating savings
and credit associations (ROSCAs), which are grass-roots financial collectives organised by
women around the world. The ROSCAs are voluntary organisations where the women see any
dividends earned shared by members.
Although women of colour are active in this co-operative arena, the work they do in
co ‑operatives remains largely unrecognised. This study shows how in the Americas, a region
whose major cities abound with credit unions and commercial banks, women are organising
self-help banks. Caribbean and Canadian women participate in co-operative banks not only
because they are excluded from other banking systems, but to show that they can do business
differently in society. Feminists, such as J K Gibson-Graham (2006a; 2006b), argue that
collectives are a source of camaraderie as well as a process of building financial capabilities.
Women in precarious living situations and who have a hard time accessing banks turn to
financial systems they know and trust.
The 2015 Greek banking crisis has led to international frustration. In the UK, British people have
turned to P2P in such great numbers that a P2P Finance Association has been created to lobby
for legal recognition of ordinary people’s decision to opt out of formal banking (Peer to Peer
Finance Association, 2014). In developing and developed countries, people are turning to each
other to get hold of money (Jones, 2014). Healy (2009) points out that the financial crisis of 2007/08 and the sub-prime chaos caused by banks has left most people disillusioned about the ethics of bankers. The ROSCAs organised by women in the Americas also speak to this distrust of conventional banks. Self-help co-operative banks, an alternative to formal banks, have been demoted to the level of “premature credit unions”, but in fact ROSCAs are vital institutions in their own right. While some ROSCAs may formalise, most do not, and these institutions have no desire to develop into credit unions or formalised banks (Ardener and Burman, 1996). ROSCAs are co-operative banks embedded in social relationships. The women who organise ROSCAs make sure these institutions are compassionate and considerate of people’s social lives. Yes, the women in ROSCAs are interested in economic livelihoods; but they are equally interested in family, friends, and social networks. It should be emphasised from the outset that ROSCAs are not a premature form of credit unions; rather, they are entities in their own right. This paper argues that women organise ROSCAs — referred to locally as hagbad, sandooq, susu, partner, meeting -turn, box -hand, sol and many other names — in order find alternative systems when commercial banks are too elitist.
### Women’s Contributions to Co-operative Banking
The co-operative legacy is often told through a male and European framework by the people who
embody that gender and cultural origin. The story of co-operative banks usually starts in the 1880s
with the German Raifeissen co-operative banks or Rochdale weavers (Guinnane, 2001; Fairbairn,
1994). In Canada, the French-Canadian Desjardins’ caisses populaires of the 1900s dominate
the discourse about co-operative banking in the Americas (Mendell, 2009). Yet, if one applies a
feminist and Black theorising lens it becomes apparent that “other worlds”, such as the African
one, predate the European starting point (Gordon Nembhard, 2014; Du Bois, 1907). Women of
colour have engaged in self-help collectives for a very long time — as far back as the 1500s —
and have been carrying out P2P since long before it was named (Hossein, 2013; 2012).
ROSCAs are a deeply held African tradition. The P2P arrangement speaks to the functionality
of “getting things done” by a historically oppressed group of people. These self-help groups are
the real-life aspect of the social economy, which pushes against unthinkable forms of economic
exclusion in business and society. In Canada and the Caribbean, women of colour reported
that these banks are vital forms of support for them in terms of their livelihoods needs but also
their social networks. This is because these women were raised with female elders who also
participated in co-operative banking. As “Betty,” a Jamaican-Canadian single mother of five
children in Toronto, explained,
Oh yeah, I used to run money for my mother back in Jamaica. I used to see how them women used
to uplift one another with partner [a ROSCA]. It was a serious, serious time when money time and
this instilled in me how to work with people I know to get what we need. I am not waiting on outdoor
persons (referring to banks and others from outside the community) to do that for me (2015).
Betty thus knew from a very young age that women coming together to discuss money was
“serious business”. When Betty emigrated to Canada, partner was the lifeline that helped her
build her investments, start a business, attend college, and buy a house.
People everywhere know that “another world is possible”, and carve out practical ways to
live and do business. The self-help banks examined in the Caribbean are very much part of
co ‑operative history. Banker ladies were around as far back as the 1600s, when thousands
of African slaves to the Caribbean engaged in co-operative banking groups (Hossein, 2013).
Gordon Nembhard (2014) traces self-help groups of African-Americans to the 1700s, when
people created co-operatives as a way to resist racism. What is certain is that collective banking
is most definitely not a new concept to the Black diaspora.
While the literature on informal banks is extensive, and examines people’s ingenuity in creating
local banks, it does not discuss the agency of uneducated Black women in organising money
pools. The goal of this paper is to contribute to the literature by documenting women’s role in co ‑operatives in the Americas. First, African diaspora’s co-operative banking experience in the Caribbean and Canada is discussed. Second, empirical methods as well theoretical influences in examining ROSCAs in five countries in the Caribbean and Canada are outlined. Finally, findings from the study emphasise that Black women have contributed in an important way to the co-operative past.
### A Historical Account of ROSCAs in the Americas
The African diaspora in the Caribbean and in Canada has been deeply affected by enslavement,
colonisation, and racism (Benjamin and Hall, 2010; Mensah, 2010; James et al, 2010; James,
1989). It is during these critical moments in history that persons of African descent have
rethought how to organise their social and business lives. Africans and Caribbean people have
embraced the informality of these systems. In the Canadian case and each of the Caribbean
cases — Jamaica, Haiti, Trinidad and Guyana — African slaves and their descendants carried
out market activities and engaged in informal money clubs (St Pierre, 1999; N’Zengou-Tayo,
1998; Harrison,1998; Wong, 1996; Witter, 1989; Mintz, 1955). In the Americas, the ROSCAs
of today are a deeply valued African tradition rooted in ancient systems of susus and tontines
brought over by African slaves (Hossein, 2014a; Heinl & Heinl, 2005; St Pierre, 1999; Mintz, 1955).
African slaves in the Americas expressed their defiance of slavery when they pooled their
earnings from the market and rotated lump sums of money to each other without the masters’
permission (St Pierre, 1999). Faye V Harrison’s work (1988) shows that since slavery, Jamaican
women vendors used partner to meet their livelihood needs. In Toronto, Canada, the women
interviewed stated that ROSCAs are part of the many financial devices on which they draw.
Women also made it clear that ROSCAs help them to avoid using pay-day lenders and their
exorbitant fees (Jane and Finch, 2015).
Under colonisation, banks did not lend to the local Black population, and especially not women,
so women turned to the community associations handed down to them by the generations before
them. In Haiti many women took risks, as it was illegal to organise in groups. The documentary
Poto Mitan: Haitian Women, Pillars of a Global Economy (2009) shows how women in Cité Soleil
rejected low-paid factory work and turn to sol (a money pool) to start their own businesses.
ROSCAs are increasing within countries and spreading to developed cities (Ardener and
Burman 1996). Women often hide their money from male partners (Mayoux 1999; Nelson
1996). In a focus group in Toronto, for example, a 40-year-old Guyanese-born Canadian woman
made this point to the group of women (who were all nodding in agreement):
So yes, I hide it [money from the ROSCA] from him [her spouse]. I don’t know what he is doing and I
am protecting myself. I don’t know the thoughts in his head so I don’t care that I hide it from him. One
day he can take up and leave me with not a thing (Jane and Finch, 2015).
In The Poor and Their Money, Rutherford (2000) finds that ROSCAs are popular among women
because of the efficiency of these operations, which offer low defaults and require little paper
work and very small transaction costs. ROSCAs are unregulated financial groups that provide
quick access to savings and credit for people, mostly women, who belong to the same socio
economic groups (Figart, 2014; Hossein, 2013; Rutherford, 2000; Ardener and Burman,1996;
Geertz, 1962). The women in charge of the ROSCAs organise savings from the community and
create a revolving fund, where each participant is able to take a turn (Hossein, 2013; Handa and
Kirton, 1999).
### Counting on Black Women to Deliver Mutual Aid and Money
Black people, and women in particular, in the diaspora have created money groups for themselves and their communities, despite living in inhospitable environments for centuries.
Studies by Gordon Nembhard (2014), Mintz (2010), St Pierre (1999) and Du Bois (1907) show that Black women in the Americas participated in mutuals and collectives to counteract social exclusion. For centuries, Black women in the Caribbean and Canada have mobilised scarce funds in a collective manner in their low-income communities (Hossein, 2014a; Ardener and Burman, 1996; Niger-Thomas, 1996). Mintz (2010; 1955) has carried out extensive work on the madam saras in Haiti, examining how they rely on a system pratik and money collectives called sol to do their work in the markets. Du Bois (1907) recognised very early the work of Black women in group economics both in Africa and the US. And in Collective Courage, Gordon Nembhard (2014) shows the quiet ways Black women organise mutual aid groups to feed and help their families and communities. Women of colour create financial co-operatives because banks do not reach everyone (Hossein, 2013; Chiteji, 2002; Stiglitz and Weiss, 1987; Hodgman,1960). Economist Chiteji (2002) argues that ROSCAs should be counted as part of the financial landscape because they are in effective use around the world. The Indian state has come to terms with millions of its citizens using ROSCAs. Indian laws go as far back as the Travancore Chitties Act of 1918 and Madras, Cochin Kries Act in 1931 and the Chit Fund Act of 1961 and have recognised alternative financial lenders, such as the informal financial co-operatives (see Sethi, 1996: 171 for these acts). Most of India is governed by the Chit Funds Act 1982 (Act No 40 of 1982) to ensure protection for the millions that engage in chit funds (Sethi, 1996: 172).
### Black Theorising to Understand Self-Help Groups in the Americas
At least 200 million persons of African descent live in the Americas. It seems very fitting, then
— in the UN Decade of the Year of Persons of African Descent 2015-2024 — to examine one
of the world’s most famous and well used interventions, ROSCAs, and their effect on some
of the world’s most excluded people, the African diaspora. A Black perspective on alternative
economics such as ROSCAs is absent and this paper fills that void. It is useful to think about
the ways people of colour use ROSCAs and to consider that Black theorising might have a
place when understanding the importance of these financial devices among the Black diaspora
in the Americas.
Co-operative economics is important in the theorising of Black thinkers — such as Harriet
Tubman, Booker T Washington, Marcus Garvey, and W E B Du Bois — who focus on self
reliance, group economics, and alternative economics for Black people. Harriet Tubman’s work
on the underground railroad is significant because she brought hundreds of slaves into Canada
through intricate co-operative systems (James et al, 2010). The concept of co-operative is core
to the very understanding of what it means to Black in the North American context.
Mutual aid was part of survival for enslaved and colonised Black people in the US, Canada
and the Caribbean. In Washington’s seminal work, Up from Slavery (first printed in 1901), he
supported Black entrepreneurialism as a way to lead to mutual progress for an excluded group
of people. Washington attracted criticism for his accommodating views on industrial trades;
however, it must be remembered that Washington, born into slavery, was committed to the
common cause to end violence against African-Americans and he used his money to fund anti
lynching groups. As early as 1903, African American and Harvard-educated W E B Du Bois, of
Haitian heritage, advanced the theory of group economics among Black people to withstand
an oppressive white and racist power. Du Bois’ powerful piece The Souls of Black Folks
(2007/1903) describes communal and collective forms of African business, and this historical
grounding is inspiring for Black people who live outside the African continent. Jamaican-born
Marcus Mosiah Garvey, a Pan-Africanist and well-travelled social entrepreneur, put forward a
philosophy of racial self-reliance in business to protest against a racist society (Martin, 1983).
A young Garvey was most likely influenced by partner (a money pool) growing up in St Ann’s,
Jamaica, as this was a mainstay activity for colonised people.
### Methods
This study draws on multiple methods to research the attitudes of women who participate in
ROSCAs in 16 low-income communities in five Caribbean countries and in Canada’s largest
city Toronto. As shown in Table 1, individual interviews and several focus groups were held with
332 people in Jamaica, Guyana, Trinidad and Tobago, Haiti, and Canada from June 2007 to
July 2015. In-depth interviews were also carried out over a five-month period with three banker
ladies in Kingston, Jamaica.
Table 1 Interviews with women engaged in ROSCAs in the Caribbean and Canada
Country Jamaica Guyana Haiti Trinidad Canada Total
Number of women in
ROSCAs in focus groups 57 5 74 0 46 182
Individual interviews with
women in ROSCAs 89 14 19 23 5 150
Total 146 19 93 23 51 332
Source: Author’s data collection from 2007 to 2015.
Kingston, Jamaica — where the author lived for most of 2009 is a key focus of previous doctoral
studies. Here, women were interviewed in the downtown communities south of Cross Roads,
which included the neighbourhoods of Trench Town, Bennett’s Land, Whitfield Town, Rosetown,
Frog City, and the former prime minister’s constituency of Denham Town and Tivoli Gardens.
In Haiti, women were interviewed in Cité Soleil, Carrefour, Martissant, and La Saline, as well
as Bel Air in Centre-Ville and Jalousie and Flipo in the hills of Pétion-Ville. The focus groups
in Haiti were held in the poor areas of Bon Repos, Port-au-Prince. In 2008 and 2010, women
in Albouystown in Georgetown, which is ethnically diverse and has a large Afro-Guyanese
population, dougla (mixed race of African and Indian background) population, as well as East
Indian, Portuguese, and Amerindian people, were included in the study. This was followed in
2013, by the inclusion of women in Laventille, Beetham Gardens, and Sea Lots in east Port-of
Spain, Trinidad. Finally, in 2015, focus group sessions were undertaken with 46 women in the
Jane and Finch and southwest Scarborough communities in Toronto.
In the focus group sessions in the Caribbean, women were asked open exploratory questions
such as, “What kind of financial provider meets the needs of persons in poor communities?” It
quickly became evident that ROSCAs were the most prominent financial device they used so
questions such as, “With many banking options close by, why are informal banks so prevalent?”
and “Why do persons organise and join ROSCAs (money groups)?” helped to explore their
relevance in these contexts.
### Findings: Women and Self-help Banks in the Americas
Black women have a profound influence on alternative economics when they organise ROSCAs
to increase the financial options of excluded groups. Not only do ROSCAs give women choices
over where to bank, but these groups also restore women’s faith in banking after enduring
discrimination and humiliation in their ev
## The Caribbean Diaspora - An Untapped Resource for Impacting Economic Development through Investments in the Caribbean.
Roger Hosein
1
Martin Franklin
2
Samantha C. Joseph
3
### Abstract
Globalization has brought with it an integration of people across national, political and geographical ...
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## The Caribbean Diaspora - An Untapped Resource for Impacting Economic Development through Investments in the Caribbean.
Roger Hosein
1
Martin Franklin
2
Samantha C. Joseph
3
### Abstract
Globalization has brought with it an integration of people across national, political and geographical boundaries. The Caribbean has one of the largest net migration rates and has evolved from being a net importer of labor to a net exporter. The widening of the income gap amongst different regions in the world as well as an increase in labor shortages has spurred a continued increase in migration rates in the Caribbean region. The Caribbean diaspora is located in the United States, Canada, United Kingdom and countries that were previously colonial empires. Much work has been done on remittances and its impact of development, however, a scant amount of literature is available on the Caribbean diaspora and its investment potential in the region’s developmental plans. It is in this light that this paper seeks to assess the investment potential of the Caribbean diaspora. The paper highlights the importance of leveraging and tapping into the resources of the diaspora to facilitate human capital investment, financial and real sector investments.
Keywords: Caribbean Diaspora, Economic Development
Introduction
1
Senior Lecturer, Department of Economics, University of the West Indies
2 Head of Department of Economics, Lecturer, University of the West Indies
3 Research Assistant/Mphil/PhD Candidate, Department of Economics, University of the West Indies
Globalization has brought with it the integration of systems, including the temporary and permanent movement of people across national borders. The Caribbean has been created from migratory flows of people into the region. Evidence of this goes as far back to the rediscovery of the Caribbean in 1492, which made an indelible mark on the region’s demographic composition. There are two types of migration: external migration, which consists of intra-regional migration and extra-regional migration, and internal migration which refers to movement from rural to urban areas within a country.
4
This paper however, focuses on external migration which is the movement of people outside the region.
External migration from the Caribbean has continued to increase over the years, with significant levels of migration occurring in countries such as, Jamaica, Guyana, Suriname, and St. Lucia.
5
It
has been argued that the Caribbean has lost over five million people over the last fifty years.
6
Data provided by the United Nations (2002) suggest that the Caribbean has one of the largest net
migration rates
7
which is spurred by the widening of the income gap amongst different regions in the world as well as an increase in labor shortages.
8
Nurse (2006) has argued that the Caribbean is now a net exporter of labor.
9
The majority of migrants from the English speaking Caribbean originate from the OECS countries, Guyana, Jamaica, Haiti and Suriname.
10
Migration offers benefits and disadvantages to the home and host countries as well as the migrants. Table 1 below gives a summary of some of the cost and benefits of migration, however, the Caribbean region is yet to tap into many of the benefits of migration. There is a large amount of resources and wealth available for the home country to tap into so as to facilitate
the development process in the Caribbean.
Table 1; Cost and benefits of Migration
Benefits of Migration Cost of Migration
Provide opportunities to migrants that are not
available in the home country
Loss of highly skilled labor which means a reduction of the quality of service.
Help reduce the level of unemployment in the home country
Reduction in growth and productivity of the labor force.
Inflow of remittances from the people who have migrated increases foreign exchange and income to family members
Lower returns from public investment in public education.
Technology , investments and venture capital from the diaspora
Possible loss of fiscal revenue from taxation of workers.
5
Migration in the Caribbean: what do we know?” Expert Group Meeting on International Migration and Development in Latin America and the Caribbean, UN/ POP/EGM-MIG/2005/09, 13 January 2006 6
ECLAC (2006), Migration in the Caribbean, What Do We Know, (Expert Group Meeting on International Migration and development in Latin America and The Caribbean) 7
Ibid pg. 10
8
Keith Nurse(2006),”Migration, Diaspora and Development in the Caribbean” Policy Paper, Focal FPP-04-6
10
Ibid pg. 12
| | |
| --- | --- |
| Can increase the level of trade between the host and home country | Remittances may diminish over time |
| Lead to investment in domestic education and human capital by migrants. | The possibility of inflationary potential of remittances, especially on real estate, in some areas. |
| Transfer of skills and knowledge by return migrants as well as linkages of local enterprises | Selective migration may cause increasing disparities enterprises to foreign in incomes in the home country. |
| | |
| --- | --- |
| Can increase the level of trade between the host and | Remittances may diminish over time |
| Lead to investment in domestic education and human | The possibility of inflationary potential of remittances, especially on real estate, in some areas. |
| Transfer of skills and knowledge by return migrants as well as linkages of local | Selective migration may cause increasing disparities enterprises to foreign in incomes in the home country. |
Source: UN/DESA (2004).
There are many costs associated with the migration of skilled nationals; much of these can be reduced by engaging the diaspora. Diasporas though not part of development policy in most developing economies can make contributions that can directly impact social, economic and political spheres. The diaspora has the ability to make valuable investments in the home country through human capital investment, financial and real sector investments. These investments have the potential to stimulate economic growth in the Caribbean region. However, effective policies and programs need to be put in place to facilitate the engagement of the diaspora in economic development as well as to ensure that the diaspora is recognized for its contributions to the development of an economy.
To facilitate all this from a Caribbean perspective, some quantification of the diaspora’s investment interest in facilitating economic development in the Caribbean is required. Therefore, the rest of the paper is broken down into five sections as follows: section 1 examines the literature on diaspora; inclusive of the Caribbean diaspora Section 2 focuses on the investment potential of the diaspora; Section 3 defines the methodology; Section 4 provides an analysis of the empirical study undertaken of the Caribbean diaspora; in the fifth section a summary of the findings is presented. The final section examines policy recommendations and the conclusion.
Defining the Diaspora
The term “diaspora” may have different meanings according to different subject areas; however, with regards to economics and migration, the diaspora is seen as persons who cohabit outside their home country. This includes different groups such as political refugees, migrant workers, ethnic, racial minorities and overseas communities.
11
Sheffer (1969) defined the modern diaspora
as:
“Ethnic minority groups of migrant origins, residing and acting in host countries but maintaining strong sentimental and material links with their countries of origin or their homelands.”
12
11
Piyasiri Wickramasekara (2009), “Diasporas and Development : Perspectives on Definitions and
Contributions, International Migration Programme, Perspectives on Labor Migration No. 9
12
Ibid Pg.12
Cohen (2006) postulated that there are five types of diasporas based on the historical experiences derived from migration. These types included victim (exile) diasporas which include the African diaspora who suffered from the historical event of slavery; the Armenian diaspora who were victims of genocide and the Irish diaspora who suffered from a great famine. All the diasporas mentioned were victims of an event that has a lasting effect on them as a people.
13
Another type of diaspora is the labor diaspora; this relates to the indentured labor system that existed in the 19
th
century in countries such as India and China. This was as a result of the indentured labor system that existed in the 19
th
century. Similarly, there exist imperial diasporas; these diasporas include countries such as Venezuela, Boliva and Peru. Cohen (ibid) noted that:
“An imperial diaspora is marked by a continuing connection with the homeland, a defense to and imitation of its social and political institutions and a sense of forming part of a grand imperial design.”
14
Some diasporas exist as a result of trade; these are called trade diasporas. Although many diasporas fall in this category, China serves as a good example, given that their Hokkien traders were known for trading tools, skills, food, etc. Members of the modern Chinese diaspora are also trading their skills and knowledge. Zweig et al. (2008) advocated that:
“utilizing the advantage of their professional bodies; holding concurrent positions in China and overseas; engaging in cooperative research in China and abroad; returning to China to teach and conduct academic and technical exchanges; setting up enterprise in China; conducting inspections and consultation; and engaging in intermediary services, such as running conference, importing technology or foreign funds, or helping Chinese firms find export market.”
15
The Caribbean diaspora falls into the category of a cultural diaspora as it is held together by a common culture and identity. Wilson (1998) defines the Caribbean culture as
“the result of the violent mixture of indigenous people from Quisqueya, Xaymaca, Borinquén and Cuba, European immigrants who invaded these territories and African slaves brought to work in the gold mines, sugar plantations and sugar mills.”
16
When we examine the Caribbean cultural identity, Halls (1996) postulates:
“'cultural identity' in terms of one, shared culture, a sort of collective 'one true self', hiding inside the many other, more superficial or artificially imposed 'selves', which people with a shared history and ancestry hold in common. Within the terms of this definition, our cultural identities reflect the common historical experiences and shared
13
Nielson and Riddle (2007), Bridging Cultural Distances: A Multi-level Model of Diaspora Homeland Investment (conference paper at Academy of Management Annual Meeting) 14
Robin Cohen (2008), Global Diasporas: An Introduction
15
Sheila V. Siar (2007), Bringing back what has been ‘lost’: knowledge exchange through the diaspora, Centre for Development Studies, University of Auckland, New Zealand. 16
The Multiple Dimensions of Caribbean Culture, www.ashgatepublishing.com/.../Caribbean_Diaspora_in_the_USA_Ch1.pdf
cultural codes which provide us, as 'one people', with stable, unchanging and continuous frames of reference and meaning, beneath the shifting divisions and vicissitudes of our actual history. This 'oneness', underlying all the other, more superficial differences, is the truth, the essence, of 'Caribbeanness', of the black experience. It is this identity which a Caribbean or black diaspora must discover, excavate, bring to light and express through cinematic representation.”
17
Table 2 summaries the different types of diasporas that are highlighted in the literature.
Table 2: Types of Diasporas
Types of Diasporas Examples
Refugee/Victim Jews, Africans, Others: Irish, Palestine
Imperial/Colonial Ancient Greek, British, Russian, Others:
Spanish, French, Portuguese, Dutch
Labour/Service Indentured Indians, Chinese, Japanese, Turks
Trade/Business/Professional Venetians, Lebanese, Chinese, Others: Today’s
Indian and Japanese
Cultural/hybrid/Post Modern Caribbean People, Others: Today’s Chinese
and Indians
Source: Cohen (1997)
Key features of a diaspora were examined by Cohen (1996). Some of these features include the movement from a homeland of origin in the hope of finding an increased standard of living. Migrants move for many reasons which include the search for employment and better remuneration, increased standard of living and professional recognition.
18
Diasporas also
establish themselves for trading purposes as well as for colonial ambitions.
19
The diaspora has a collective memory of the homeland as well as a collective commitment to the maintenance and prosperity of the homeland.
20
Safran (1991) noted that one of the characteristics of the diaspora is that they possess a “…commitment to the maintenance and restoration of their homeland and to its safety and prosperity; and continued relations with their homeland.”
21
The diaspora usually articulates and create visions and memories of their homeland in their mind, while for others; memories of their homeland are just a figment of their imaginations (Cheran 2003). It typically maintains a strong ethnic group consciousness over several years.
17
Stuart Halls (1996), Cultural Identity and Diaspora pg. 222- 237, www.lwbooks.co.uk/ReadingRoom/public/IdentityDiaspora.pdf 18
International Labour Conference, 92nd Session, 2004 Towards a fair deal for migrant workers in the global economy , International Labour Office Geneva 19
Robin Cohen(1997)
20 Diaspora: explaining a modern Filipino phenomenon, Vo l . viii No s . 4 a n d 5 ( D e c e m b e r 2 0 0 8 )
21 Ibid pg. 1
(Cohen 2008: pg.17).
Their relationship with the host country is usually troubled and they show a sense of empathy and solidarity with other ethnic members in the host country.
Another characteristic of the diaspora is that of alienation and insulation, members are conscious that the host country doesn’t fully accept them and they are strangers in the host country. This may have implications in that they may never play a dominant role in the host country.
24
There exists a large amount of untapped potential in the diaspora with regards to economic development. The diaspora has the potential to contribute to the well being of the Caribbean region via investments in human capital, financial investments which include: economic remittances, diaspora bonds/stocks, insurance and savings; also real sector investments in the form of foreign direct investment which can take the form of trade in nostalgic goods and
entrepreneurial investments.
25
The diaspora contributes to foreign direct investments in the home country; which enables the development of various sectors and overall stimulates economic growth. The diaspora via Home Town Associations and other voluntary groups helps to develop communities as well as help reduce the level of poverty in various countries.
26
For some countries, the diaspora has contributed significantly to the economic development process through investments. For example, the diaspora played a significant role in developing the software industry as a key industry in the development thrust of the Indian economy.
27
Similarly, programs have been set up by various organizations through which the diaspora invested their human capital through the transfer knowledge and skills to the home country. In the Philippines, a program initiated by UN volunteers called TOKTEN was set up to facilitate the transfer of knowledge and skills by members of the diaspora to help develop the Philippines.
28
Stalker (2003) postulated that the Caribbean has one of the largest diasporic communities in the world (that is with reference to the total population of the Caribbean).
29
In order to assess the impact that this Diaspora can have on economic development in any economy, it is important to assess the magnitude and profile of the diasporic community. In this regard the next section of this paper provides some basic quantitative insight on the size of the Caribbean
diaspora.
22
Oliver Bakewell (2008), In search of the Diaspora within Africa, International Migration Institute, University of
Oxford. 23
Cheran R. ( 2004)“Diaspora Circulation and Tranationalism as Agents for Change in the Post Conflict Zones in Sri Lanka” Department of Sociology and Centre for Refugee Studies, York University, Toronto, Canada September 24
See Steven Vertovec (2009), Transnationalism
25
Hosein, Franklin, Joseph (2010), The Developmental Impact of Remittances on the Caribbean: A comparative Analysis of St. Lucia and Trinidad and Tobago 26
Escobar and Janssen(2006), Migration, the diaspora and development: The case of Mexico International Institute of Labour Studies, Discussion paper DP/167/2006 Decent Work Research Programme 27
Sheila V. Siar (2007), Bringing back what has been ‘lost’: knowledge exchange through the diaspora, Centre for Development Studies, University of Auckland, New Zealand 28
Sheila V. Siar (2007), Bringing back what has been ‘lost’: knowledge exchange through the diaspora, Centre for Development Studies, University of Auckland, New Zealand. 29
Keith Nurse(2006),”Migration, Diaspora and Development in the Caribbean” Policy Paper, Focal FPP-04-6
The Caribbean Diaspora
The Caribbean Diaspora consists of a large number of persons of Caribbean descent living outside of their countries of nationality. Table 3 and Figure 1 illustrate the population of the Caribbean diaspora. (Nurse 2004) postulated that the Caribbean diaspora resides in North American countries and countries that were former colonial empires such as France, Netherlands and the United Kingdom.
30
In the 1950’s there were strong waves of West Indian migration to the United Kingdom, however, this prompted restrictive immigration policies which stifled the flow of Caribbean migrants to the UK. As a consequence, migration to Canada and the United States of America commenced. In later years, significant numbers of West Indian immigrants in the UK migrated to Canada and the United States.
31
The West Indian Diaspora community in the United States is the largest fraction of the Caribbean diaspora internationally and has the greatest inherent potential to contribute to Caribbean development.
32
Patterson (2003) postulated that the number of Caribbean migrants in the United States was approximately 787,000. He further posited that approximately 78% were under the age of 50, and 61% had an educational level above high school. Patterson (2003) went on to emphasize that the Caribbean diaspora does not include only direct migrants from the Caribbean but also second and third generation offspring who were born in the host country.
33
When second and third generation Caribbean-Americans are added to this list, the Caribbean diaspora in the United States numbers five to ten million (Ward 2001).
34
The Caribbean diaspora consists of highly skilled workers, graduates from college and universities, management professionals and related occupations.
35
The Caribbean Research and Policy Centre (2009) postulated that the Caribbean Diaspora in the USA constitutes of:
• 418,520 have some college or associate degree
• 211,494 have a bachelor degree
• 113,194 have a graduate or professional degree (these figures do not include Guyanese).
• 341,827 engaged in management, professional and related occupations (figures do not include Guyanese nationals).
Table 3: The Caribbean Diaspora by country of Residence (1996)
30
Keith Nurse(2004), “ Migration, Diaspora and Development, Universidad Autonoma de Zacatecas & Canadian
Foundation for the Americas, Zacatecas, Mexico, October 2004
31
Patterson (2003), CARICOM beyond thirty: Connecting with the Diaspora, CARICOM 30 th Annual lecture,
Brooklyn New York 32
Patterson (2003), CARICOM beyond thirty: Connecting with the Diaspora, CARICOM 30 th Annual
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CONSTRAINTS AND
OPPORTUNITIES FOR
EMPLOYMENT AND
ENTREPRENEURSHIP IN THE
CARIBBEAN REGION
Strengthening Caribbean Economic Growth (SCEG)
August 2025
Authored by Sasha Muench and Deborah Gordon
## Contents
1. Introduction ... 3
2. Methodology and Limitations of Findings ... 4
2.1 Market C...
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CONSTRAINTS AND
OPPORTUNITIES FOR
EMPLOYMENT AND
ENTREPRENEURSHIP IN THE
CARIBBEAN REGION
Strengthening Caribbean Economic Growth (SCEG)
August 2025
Authored by Sasha Muench and Deborah Gordon
## Contents
1. Introduction ... 3
2. Methodology and Limitations of Findings ... 4
2.1 Market Constraints Research ... 4
2.2 Knowledge, Attitudes, and Practices (KAP) Survey ... 4
3. Key Findings ... 6
3.1 Small Island Economies ... 6
3.2 Tourism ... 8
3.3 Labor Force Participation ... 10
3.4 Education and Workforce Skills Gap ... 11
3.5 Enterprise Challenges ... 14
3.6 Limited Access to Finance ... 16
3.7 Lack of Mobile Internet Utilization ... 19
3.8 Weak Business Resilience Capacities ... 21
3.9 Limited Business Development Services (BDS) ... 22
4. Potential for Change ... 24
5. Conclusion ... 25
Annexes ... 27
Annex A: Emigration Data for 11 of the 12 Jurisdictions ... 27
Annex B: Obstacles to Business Innovation – Perception of Enterprises in the Caribbean ... 28
Annex C: Detailed Information on Caribbean Credit Unions ... 29
Annex D: Other Relevant Programs ... 30
Annex E: KAP Survey Participant Demographics ... 33
Annex F: KAP Correlation Analysis ... 35
Annex G: KAP Survey Questions ... 36
References ... 38
## 1. Introduction
Figure 1: Map of the Caribbean
The U.S. Department of State-funded program, Strengthening Caribbean Economic Growth (SCEG),
aims to build the economic strength and job skill sets of individuals aged 16 and older so they may
better pursue employment, entrepreneurship, and economic well-being. To achieve this goal, the
SCEG program will launch a small grant challenge to identify and implement solutions that
measurably improve job skills
training, employment
opportunities, and livelihood
outcomes within 12 jurisdictions
in the Caribbean: Antigua and
Barbuda, Barbados, the
Bahamas, Dominica, the
Dominican Republic, Grenada,
Jamaica, Saint Kitts and Nevis,
Saint Lucia, Saint Vincent and
the Five Grenadines, Suriname,
and Trinidad and Tobago.
Establishing a small-grant
challenge grounded in evidence
based research is vital to
providing tangible and effective solutions. To achieve this, the SCEG program conducted two
complementary assessments to identify the constraints and opportunities facing individuals seeking
employment and micro, small, and medium enterprises (MSMEs) interested in growing and hiring
more workers: a survey of macro-level market constraints and an assessment of individuals’
knowledge, attitudes, and practices (KAP).
| Country | Population | GDP (in billions) | GDP per economies, with populations capita ranging from 47,000 in Saint |
| --- | --- | --- | --- |
| Antigua & Barbuda | 93,772 | 2.2 | $ 23,726 Kitts and Nevis to 11.3 million |
| Bahamas | 401,283 | 15 | $ 39,455 in the Dominican Republic, all |
| Barbados | 282,467 | 7.2 | $ 25,366 of which are either stable or |
| Dominica | 66,205 | 0.7 | declining. Annual Gross $ 10,405 |
| Dominican Republic | 11,427,557 | 124 | Domestic Products (GDPs) $ 10,876 |
| Grenada | 117,207 | 1.4 | range from US$700 million in $ 11,872 |
| Jamaica | 2,839,175 | 20 | Dominica to US$124 billion in $ 7,020 |
| St Kitts & Nevis | 46,843 | 1.1 | the Dominican Republic, with a $ 22,771 |
| St. Lucia | 179,744 | 2.6 | median GDP of US$3.65 billion $ 14,182 and median GDP per capita of |
| St. Vincent & the 5 Grenadines | 100,616 | 1.2 | $ 11,501 US$12,027 (compared to a |
| Suriname | 634,431 | 4.7 | GDP per capita of US$85,810 $ 7,431 |
| Trinidad and Tobago | 1,368,333 | 26 | in the United States, according $ 19,315 |
Table 1: Jurisdictions’ Populations and GDPs as of 2024 The 12 jurisdictions offer varied to the World Bank). Tourism is the dominant economic sector in some jurisdictions (e.g., Antigua and Barbuda) but a minor one in
MERCY CORPS Constraints and Opportunities for Employment and Entrepreneurship in the Caribbean Region 4 others (e.g. Suriname and Trinidad and Tobago). Some jurisdictions are heavily oriented toward supply chains and economic linkages with the United States (e.g. Jamaica and Barbados) while others are more connected to Latin America (e.g. Dominican Republic).
Given the economic diversity across the region, the research summarized in this report focused on cross-cutting constraints that are common across the region and can potentially be addressed with small-scale interventions and/or investments. The report briefly explains the methodology used and then outlines the key findings as well as the potential opportunities for change.
## 2. Methodology and Limitations of
## Findings
### 2.1 Market Constraints Research
The research on market constraints utilized a literature review of relevant reports, as well as an analysis of data sets from the International Labor Organization (ILO), the World Bank, and the Inter American Development Bank (IDB). An independent consultant hired by Mercy Corps conducted the research.
It is important to note there are significant information gaps in the region. For some jurisdictions, especially the smaller ones, there is little recent localized data, and they are generally not included in the data sets mentioned above (or the data included is from 2016 or earlier). In addition, the multilateral agencies include different countries in their definitions of the Caribbean region, so regional summaries are not fully comparable. For example, some reports include Belize, Haiti, and/or Guyana and omit the Dominican Republic or Suriname. Summary information that includes the entire Latin American and Caribbean region (LAC) was omitted from this report as the Caribbean is a relatively small portion of that region and notably different from other Latin American countries. Where feasible, the raw data was explored and results extrapolated for the 12 jurisdictions included in the SCEG Program. Additionally, some papers included in this literature review narrowed their focus to a few of the larger jurisdictions, usually the Dominican Republic, Jamaica, and Trinidad and Tobago. As a result, conclusions on specific jurisdictions based on findings presented in the SCEG report should not be formed at this stage without additional micro and site-specific research. However, the main themes and findings are applicable to the region, and broad conclusions can be drawn about overlapping constraints, as well as promising sectors and opportunities.
### 2.2 Knowledge, Attitudes, and Practices (KAP) Survey
The KAP survey was conducted to supplement the analysis of macro-level constraints with additional context and depth at the individual level regarding knowledge, attitudes, and practices related to economic empowerment. The KAP survey was designed by the SCEG Program Manager and the Measurement, Evaluation and Learning (MEL) Manager, with input from Mercy Corps’ Program Quality Advisor and Economic Development teams. The team researched aspects of economic development and designed questions to assess:
• Financial Literacy
• Economic Empowerment
• Access to Resources
• Income Generation
• Workforce Participation
• Entrepreneurship/Business Knowledge
Mercy Corps utilized the OnaData platform to build the survey and collect data. To launch the KAP survey, Mercy Corps leveraged three modes of outreach to survey participants: 1) Mercy Corps’ Caribbean Resilience Initiative Facebook page; 2) Existing community-based organization (CBO) networks; and 3) CBOs identified in each jurisdiction during a stakeholder mapping exercise that occurred in December 2024. The survey was launched on June 29, 2025, and remained open for responses until July 14, 2025. Participants were also made aware that the survey would be anonymous. (See Annex E and G for participant demographic details and survey questions, respectively.)
The KAP findings summarized in this report indicate a variety of trends across demographic factors and economic determinants. Mercy Corps set a target sample size of 385 respondents; 191 individuals completed the survey, which is not a large enough sample to be statistically representative of the Caribbean population. Therefore, findings are not statistically generalizable across the entire region. Furthermore, the demographic makeup of the KAP participants differs from the Caribbean in several aspects. For example:
• 81% (157) of participants identified as female, compared to 51% in the Caribbean at large. 1
• 82% (159) of participants were over the age of 35, while only 42% of the overall region’s total population is over 35. 2
• Most of the participants were educated, with 86% (164) having a secondary education or above, compared to 54% of individuals in the Caribbean. 3
• Of the 12 jurisdictions where Mercy Corps solicited participation in the survey, the Dominican Republic and Jamaica have the largest populations, and therefore it was expected that roughly 73% of the sample would come from those two jurisdictions. However, these two countries only comprised 6% of the survey sample, while Trinidad and Tobago, St. Lucia and Dominica comprised 56% of the respondents, despite comprising only 8.5% of the region’s total population.
For these reasons, while the KAP findings can identify high-level trends, the results must be interpreted within the context of existing data and its limitations.
1 Regional figure taken from https://data.worldbank.org/indicator/SP.POP.TOTL.MA.ZS?locations=S3
2 Regional stats taken from https://www.un.org/development/desa/pd/.
3 Beuermann, D. W., et. al. eds., Are we there yet? The path toward sustainable private sector development in the Caribbean, IDB,
2024, pg. 58.
## 3. Key Findings
### 3.1 Small Island Economies
All 12 jurisdictions in the SCEG program fall into the grouping of Small Island Developing States (SIDS), sharing the common characteristics that they depend on imports for key food, fuel, and manufactured goods, and thus are vulnerable to global price fluctuations, and tariffs, and have experienced overall low private sector investment and growth. 4 The Caribbean SIDS are also marked by high transportation and connectivity costs, despite their proximity to the North and South American land masses.
The jurisdictions all have small populations and economies, except for the Dominican Republic, which is the eighth largest economy in Latin America and the Caribbean (LAC). 5 Economic growth has been relatively slow for decades and the region is marked by high government debt. While the region receives high foreign direct investment, local economic growth returns are low, which suggests the region suffers from low productivity, low rates of technological change within the private sector, and an inability to turn that investment into innovative economic activity. 6
Exacerbating this situation, the Caribbean has one of the highest emigration rates in the world for skilled workers, with assessments calculating that up to 68% of the population with post-secondary education leaves the region to pursue better job opportunities, primarily in the US and the UK. 7 Not only does this lead to an undersupply in skilled workers (as explained more below), “but the net effect of migration and remittances on growth tends to be negative for the Caribbean, which has been characterized by brain drain and relatively small remittance receipts.” 8 Additionally, the Caribbean population is aging, as annual population growth fell from 0.61% in 2000 to 0.37% in 2023, leading to an ever-smaller working age population. 9 (See Annex A for emigration data by jurisdiction).
Recent data on primary economic sectors cannot be found for all 12 jurisdictions, but the ILO collected data on primary employment sectors for the Dominican Republic, St. Lucia, and Trinidad and Tobago. 10 Figures 2-4 show wholesale and retail trade and vehicle repair as the largest employment sectors in all three countries, ranging from 14% (Trinidad and Tobago) of the working population to 20% (Dominican Republic). However, the education sector employs 19% of working women in Trinidad and Tobago, while construction is the largest employer of men at 17%.
4 For more information on SIDS see https://www.un.org/ohrlls/content/about-small-island-developing-states.
5 County Private Sector Diagnostic: Creating Markets in the Dominican Republic, International Finance Corporation, October 2023,
pg. 1.
6 Beuermann, D. W., et. al. eds., Are we there yet? The path toward sustainable private sector development in the Caribbean, IDB,
2024, pg. 36.
7Ibid., pg. 71, 72.
8 Beuermann, D. W., et. al. eds., Are we there yet? The path toward sustainable private sector development in the Caribbean, IDB,
2024, pg. 69.
9 Economic Commission for Latin America and the Caribbean (ECLAC), Population, Development and Rights in Latin America and
the Caribbean: draft second regional report on the implementation of the Montevideo Consensus on Population and Development,
2024, pg. 93.
10 Data taken from ILO Statistics on Sectoral Employment. St. Lucia data collected in 2024; Dominican Republic and Trinidad and
Tobago data gathered in 2023.
Accommodation and food services are significant employers of women in the Dominican Republic (11%) and St. Lucia (16%) (see Figures 2-4).
0%
5%
10%
15%
20%
25%
Total Female Male
Figure 3: Saint Lucia Employment Sectors 2024 Wholesale and retail trade; repair of
motor vehicles and motorcycles
Accommodation and food service
activities
Construction
Public administration and defence; compulsory social security Administrative and support service activities Agriculture; forestry and fishing
Transportation and storage
Education
Manufacturing
Human health and social work activities
Household activities for own use
Other service activities
Financial and insurance activities
Professional, scientific and technical activities
0%
5%
10%
15%
20%
25%
Total Female Male
Figure 2: Dominican Republic Employment Sectors 2023 Wholesale and retail trade; vehicle &
motorcycle repar Manufacturing
Construction
Accommodation and food service activities Agriculture; forestry and fishing
Other service activities
Education
Transportation and storage
Public administration and defence; compulsory social security Household activity for own use
Human health and social work activities
Arts, entertainment and recreation
Administrative and support service activities Professional, scientific and technical activities
### 3.2 Tourism
Each jurisdiction has a different mix of sectors driving its economy, but tourism continues to be a significant source of employment and contributor to gross domestic product (GDP) across the region. Tourism contributed between 11% and 22% of the region’s GDP in 2023 (depending on which countries are included). 11 Data from 2019 shows the tourism sector directly employed 18% of the region’s labor force and indirectly sustained another 43.1% (see Figure 5). 12
However, there is diversity among the selected jurisdictions in the percentage of their economy that is indirectly sustained by tourism, ranging from less than 10% in Suriname and Trinidad and Tobago, to
11 World Bank. 2025. Rethinking Caribbean Tourism: Strategies for a More Sustainable Future. pg. xii. The 22% estimate includes Antigua and Barbuda, the Bahamas, Barbados, Dominica, Dominican Republic, Grenada, Jamaica, St. Kitts and Nevis, St. Lucia, and St. Vincent and the Grenadines. It omits Trinidad and Tobago and Suriname and adds in Belize and Sint Maarten. 12 Table reprinted from Muhummed, A., Beyond tourism: A policy framework for economic diversification and job creation in the Caribbean, ILO, 21 May 2025. The Dominican Republic is included in the Latin American region in ILO calculations and there is no equivalent data available for that country.
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
Total Female Male
Figure 4: Trinidad And Tobago Employment Sectors 2023 Wholesale and retail trade; vehicles and
motorcycle repair Construction
Education
Public administration and defence; compulsory social security Other service activities
Information and communication
Manufacturing
Accommodation and food service activities Transportation and storage
Water supply; sewage, waste management Agriculture; forestry and fishing
Financial and insurance activities
Arts, entertainment and recreation
Mining and quarrying
Figure 5: Direct and Indirect Employment in the Tourism Industry as a Percentage of Total Employment (2019)
91% in Antigua and Barbuda. While the Coronavirus (COVID) pandemic devastated the tourism industry in 2020 and 2021, by 2023 and 2024 tourism rebounded to pre-pandemic levels in every jurisdiction, and many were setting records for tourist arrivals.
Tourism is an especially significant employer of women and youth, with women making up “57–70% of workers directly employed in the hospitality as well as food and beverage industries pre pandemic, higher than in all other sectors combined in the Caribbean” (see Figure 6). 13 The sector is also the highest direct employer of youth (aged 15-24), with the Caribbean jurisdictions holding five of the top 10 spots globally for direct youth employment in the travel and tourism sector as a share of total national employment (see Figure 7). 14
Unfortunately, “most jobs in the sector remain precarious, low-paid, informal, and highly gender segregated.” 15 Jobs are also often insecure because of the sector’s seasonal nature and exposure to natural disasters. As a result, “while the tourism sector offers broad employment opportunities, especially for first-time job seekers, the nature of these jobs…makes it difficult for workers to move up the economic ladder or build resilience against shocks. Often, the sector functions as a revolving door: high turnover, low retention, and few long-term career pathways.” 16
In addition, the tourism sector’s contribution to a diverse local private sector is low because of the historical focus on cruises and all-inclusive resorts rather than local experiences. In 2019, the average amount spent locally per individual tourist in the Caribbean (US$712) was half that in the
13 Rethinking Caribbean Tourism: Strategies for a More Sustainable Future, World Bank, 2025, pg. xii. Chart taken from pg. xiii.
14 Both charts reprinted from Rethinking Caribbean Tourism: Strategies for a More Sustainable Future, World Bank, 2025, pg. xiii.
15 Muhummed, A., Beyond tourism: A policy framework for economic diversification and job creation in the Caribbean, International
Labor Organization, 21 May 2025.
16 Llovet Montanes, R., et al., Beyond the Beach Beyond the Beach: Why Job Quality in Caribbean Tourism Matters More Than
Ever, June 26, 2025, World Bank.
Figure 6: Direct Travel & Tourism Sector Employment, as Percentage of Total National
Employment by Age Group (for top 10 countries with highest proportion of young people in2019)
Figure 6: Tourism Direct Employment by Gender in Hotels and Restaurants (2019 or last available year)
Figure 7: Direct Travel & Tourism sector employment, as share of total national employment, top 10 countries for proportion of young people (2019)
Pacific (US$1,428).” 17 To increase the sector’s impact on local jobs, incomes, and profits, it is vital to strengthen local economic linkages by increasing local enterprise engagement directly with tourists and connecting international companies with local supply chains, for example farmers, artisans, and service providers. It is also crucial to increase capacity in local tourism businesses and their workforce, particularly in the areas of digitalization of operations and sustainable tourism. 18
### 3.3 Labor Force Participation
Labor force participation rates in the
region are low, at 64%, although
there is variation among
jurisdictions. 19 An ILO report using
2023-2024 data for nine of the 12
jurisdictions showed labor force
participation ranged from 55% for
Trinid
Caribbean Wealth Structuring 2026 | Mirabello Citizenship Residency Intelligence Real Estate About us Freedom Compass Language Contact Caribbean Wealth Structuring 2026: Using CBI Citizenship to Optimise Your Global Tax Author Vito Magagnino March 2026 All Posts All Posts Caribbean Wealth Structurin...
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Caribbean Wealth Structuring 2026 | Mirabello Citizenship Residency Intelligence Real Estate About us Freedom Compass Language Contact Caribbean Wealth Structuring 2026: Using CBI Citizenship to Optimise Your Global Tax Author Vito Magagnino March 2026 All Posts All Posts Caribbean Wealth Structuring 2026: Using CBI Citizenship to Optimise Your Global Tax Caribbean citizenship by investment is no longer just a passport play — it is an integral component of modern global wealth structuring for high-net-worth and ultra-high-net-worth families. With zero personal income tax, zero capital gains tax, and some of the world's strongest asset protection laws, the Caribbean CBI jurisdictions offer a complete ecosystem for tax-efficient wealth management. Mirabello Consultancy explains how to use CBI citizenship as the foundation of a global tax optimisation strategy in 2026. This guide covers corporate structures (IBCs, LLCs), trust planning (Nevis trusts, Antigua foundations), holding company arrangements, and the compliance framework (CRS, substance requirements) that ensures your structure remains legally sound and internationally defensible. Personal tax-free status: Zero income tax, zero CGT, zero inheritance tax for non-resident citizens Corporate tax-free vehicles: IBCs and LLCs with zero tax on foreign income for 20–50 years Asset protection: Nevis trusts and LLCs offer some of the strongest creditor protection globally Caribbean Wealth Structuring 2026: Using CBI Citizenship to Optimise Your Global Tax Caribbean citizenship by investment is no longer just a passport play — it is an integral component of modern global wealth structuring for high-net-worth and ultra-high-net-worth families. With zero personal income tax, zero capital gains tax, and some of the world's strongest asset protection laws, the Caribbean CBI jurisdictions offer a complete ecosystem for tax-efficient wealth management. Mirabello Consultancy explains how to use CBI citizenship as the foundation of a global tax optimisation strategy in 2026. This guide covers corporate structures (IBCs, LLCs), trust planning (Nevis trusts, Antigua foundations), holding company arrangements, and the compliance framework (CRS, substance requirements) that ensures your structure remains legally sound and internationally defensible. Why Caribbean CBI Is a Wealth Structuring Foundation The five Caribbean CBI nations — Antigua and Barbuda , St. Kitts and Nevis , Dominica , Grenada , and St. Lucia — provide three pillars for wealth structuring: Personal tax-free status: Zero income tax, zero CGT, zero inheritance tax for non-resident citizens Corporate tax-free vehicles: IBCs and LLCs with zero tax on foreign income for 20–50 years Asset protection: Nevis trusts and LLCs offer some of the strongest creditor protection globally Combined, these three pillars allow families to earn, grow, and transfer wealth across generations with minimal tax friction. Considering a Caribbean programme? Speak to our experts for personalised guidance on programme selection, family inclusion, and application strategy. 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Key features include: One-year statute of limitations for creditor claims (compared to 6–10 years in most jurisdictions) Burden of proof falls on the creditor (must prove fraudulent transfer beyond reasonable doubt) No recognition of foreign judgments — creditors must relitigate in Nevis courts No public register of members or managers Zero corporate tax on foreign-sourced income No audit requirements, no filing requirements beyond an annual registered agent fee For CBI citizens of St. Kitts and Nevis, establishing a Nevis LLC is straightforward and can be done alongside the citizenship application. The annual maintenance cost is typically $1,500–$3,000 depending on the registered agent. For a detailed comparison, see our guide on Antigua IBC vs Nevis LLC . Antigua IBC: The Long-Term Tax Exemption Play Antigua's International Business Company offers the longest tax exemption period in the Caribbean: 50 years of zero tax on foreign-sourced income. For families with multi-generational planning horizons, this provides certainty that the structure will remain tax-free for half a century. The Antigua IBC is commonly used for: Holding intellectual property (patents, trademarks, royalties) International trading and consulting Investment holding (shares, bonds, real estate outside Antigua) E-commerce and digital business operations Trust Structures: Nevis Trusts and Antigua Foundations For UHNW families, combining Caribbean citizenship with a trust structure provides the ultimate in asset protection and tax efficiency. The Nevis International Exempt Trust is the most popular option, offering: No registration requirement (the trust deed is a private document) One-year limitation period for fraudulent transfer claims Duress provisions — if a court orders the trustee to act, the trust automatically flees to another jurisdiction Complete tax exemption for 100 years from the date of creation Antigua also offers a foundation structure (the Antigua International Foundation) that operates similarly to a trust but with a legal personality, making it suitable for civil law jurisdictions where trusts are not well understood. Need help choosing the right path? Book a free consultation with Mirabello Consultancy and let our team guide you through every step. Substance Requirements and Compliance The FATF and OECD have significantly increased scrutiny of Caribbean corporate structures. To ensure your wealth structure is legally defensible, you must meet substance requirements: Economic substance: Companies must demonstrate genuine economic activity in the jurisdiction (employees, office space, decision-making) Beneficial ownership registers: All Caribbean CBI nations maintain beneficial ownership registers accessible to regulators CRS compliance: Financial accounts are automatically reported to your country of tax residency Transfer pricing: Cross-border transactions must be at arm's length The era of "brass plate" Caribbean companies with no substance is over. Modern Caribbean wealth structures require genuine operational presence, proper governance, and full compliance with international standards. Mirabello Consultancy works with specialist corporate service providers in each jurisdiction to ensure all substance and compliance requirements are met. Practical Wealth Structuring Examples Example 1: UK Non-Dom Exit A UK-based entrepreneur obtains Grenada CBI citizenship, establishes a Nevis LLC to hold their investment portfolio, and relocates tax residency to the UAE. Result: zero income tax on investment returns, zero CGT on asset sales, E-2 visa access to the US for business, and a Grenada passport providing 140+ visa-free countries. Example 2: GCC Family Office A Saudi family office obtains Antigua CBI citizenship for the principal and dependants, establishes an Antigua IBC to hold European real estate investments, and uses the Antigua passport for Schengen-free travel. Result: 50-year tax exemption on IBC profits, zero inheritance tax for generational transfer, 144 visa-free countries. Example 3: Asian Tech Entrepreneur A Hong Kong tech founder obtains Dominica CBI citizenship ($200,000 — the most affordable option), establishes a Dominica IBC for IP holding, and uses the Dominica passport for Schengen and Singapore access. Result: 20-year tax exemption on royalty income, zero personal income tax, 136 visa-free countries. Visit our citizenship by investment hub to explore all programme options. Frequently Asked Questions What is the best Caribbean jurisdiction for wealth structuring? It depends on your priorities. Nevis (St. Kitts) offers the strongest asset protection. Antigua provides the longest corporate tax exemption (50 years). Grenada adds US E-2 visa access. Dominica offers the lowest entry cost. Mirabello Consultancy can recommend the optimal structure based on your specific situation. Are Caribbean corporate structures still compliant with OECD standards? Yes. All five Caribbean CBI nations comply with FATF and OECD requirements, including economic substance regulations, beneficial ownership registers, and CRS reporting. Modern Caribbean structures must demonstrate genuine substance to remain defensible. How much does it cost to set up a Nevis LLC? A Nevis LLC typically costs $2,000–$5,000 to establish, with annual maintenance fees of $1,500–$3,000. This covers registered agent services, government fees, and basic compliance. More complex structures with trust overlays cost more. Can I combine CBI citizenship with a trust? Yes. Nevis International Exempt Trusts are commonly used alongside CBI citizenship to hold family assets with maximum asset protection and tax efficiency. The trust is tax-exempt for 100 years and offers a one-year limitation period on creditor claims. How do I ensure my structure meets substance requirements? Mirabello Consultancy works with registered agents and corporate service providers in each Caribbean jurisdiction to ensure your structure has adequate economic substance, proper governance, and full compliance with FATF and OECD standards. How do I start planning with Mirabello Consultancy? Contact our team for a complimentary consultation. We coordinate with your existing tax advisers, lawyers, and wealth managers to design a CBI and corporate structure that meets your specific objectives. Book your free consultation today . Not Sure Which Programme Is Right for You? Mirabello Consultancy's experts match each client to the optimal programme based on budget, timeline, nationality, and goals. Book your complimentary consultation today. Book Your Free Consultation → A Saudi family office obtains Antigua CBI citizenship for the principal and dependants, establishes an Antigua IBC to hold European real estate investments, and uses the Antigua passport for Schengen-free travel. Result: 50-year tax exemption on IBC profits, zero inheritance tax for generational transfer, 144 visa-free countries. A Hong Kong tech founder obtains Dominica CBI citizenship ($200,000 — the most affordable option), establishes a Dominica IBC for IP holding, and uses the Dominica passport for Schengen and Singapore access. Result: 20-year tax exemption on royalty income, zero personal income tax, 136 visa-free countries. Visit our citizenship by investment hub to explore all programme options. FAQ Share this post Schedule your free consultation today and secure your future! Schedule free consultation now and explore how we can assist you on your investment journey. Contact us Related Articles There is no related post, stay in touch, more content to come More Articles Caribbean Cost of Living 2026: Monthly Budget by Island Caribbean Family Trust Structures for CBI Investors 2026 Caribbean Citizenship for Indian Investors: Wealth Structuring and Mobility 2026 Caribbean Citizenship for Russian and CIS Investors: Wealth Protection in 2026 Antigua Citizenship and Wealth Structuring 2026: IBC, Trust & Estate Planning Argentina vs Caribbean Citizenship by Investment 2026 Custom Code > Footer Code --> } })
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Boosting Caribbean Economies: The Impact of Diaspora Remittances
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In the wake of global economic challenges, Caribbean nations are turning to a significant yet often underappreciated lifeline: remittances from their diaspora communities. As millions of Caribbean individuals have migrated abroad in search of better opportunities, they have established robust networks that not only support their families back home but also inject vital capital into their home economies. Recent studies underscore the transformative power of these remittances, highlighting their role in sustaining livelihoods, bolstering local businesses, and driving overall economic growth in the region. This article delves into the intricate relationship between diaspora remittances and economic resilience, exploring how these financial flows are reshaping the socio-economic landscape of the Caribbean amidst the ongoing pursuit of sustainable development.
## Table of Contents
- The Role of Diaspora Remittances in Strengthening Caribbean Economies
- Analyzing the Socioeconomic Effects of Remittances on Local Communities
- Strategies for Enhancing Remittance Flows and Financial Inclusion
- Policy Recommendations for Maximizing the Impact of Diaspora Support
- To Conclude
## The Role of Diaspora Remittances in Strengthening Caribbean Economies
The Caribbean region has increasingly become reliant on the financial lifeline provided by its diaspora. These remittances not only serve as crucial support for families but also act as a catalyst for broader economic development. By channeling funds back home, Caribbean nationals living abroad are directly influencing local economies, particularly in rural areas where economic opportunities may be scarce. The inflow of cash is often used for essential household needs, but it also facilitates investments in education, health care, and local businesses, fostering a cycle of sustainable growth.
According to recent studies, remittances contribute significantly to the gross domestic product (GDP) of various Caribbean nations. The impact extends beyond immediate financial support as these funds help to stabilize national economies during times of crisis, such as natural disasters or public health emergencies. Key benefits include:
- Increased consumer spending: Families can purchase goods and services, which stimulates local markets.
- Investment in infrastructure: Funds are often allocated towards enhancing housing and community facilities.
- Support for education: Parents can afford school fees and supplies, improving literacy rates.
To illustrate the magnitude of this phenomenon, the following table shows the percentage of GDP contributed by remittances in selected Caribbean nations:
| Country | Percentage of GDP from Remittances |
| --- | --- |
| Haiti | 37% |
| Jamaica | 16% |
| Dominican Republic | 8% |
| St. Kitts and Nevis | 2% |
As these figures underscore, the influence of diaspora remittances on the Caribbean economy is not only profound but also indispensable for achieving long-term prosperity and alleviating poverty across the region.
## Analyzing the Socioeconomic Effects of Remittances on Local Communities
Remittances have become a crucial lifeline for many families in Caribbean communities, significantly contributing to local economies. Data indicate that remittances often surpass foreign direct investment as a source of income for these regions, leading to a surge in consumer spending. This influx of funds enables families to cover essential needs such as education, healthcare, and housing. Key areas impacted by remittances include:
- Increased access to education and improved school attendance rates.
- Enhanced healthcare services and better nutritional outcomes.
- Boosted local businesses through increased demand for goods and services.
Furthermore, the economic ripple effect of remittances often stimulates local job creation, as businesses expand to meet rising consumer demands. Additionally, the broader socioeconomic implications can be noted in:
- A rise in entrepreneurial ventures as individuals leverage remittance funds to start small businesses.
- Improved infrastructure development driven by increased public and private investment.
- The enhancement of financial inclusion, with more residents participating in the formal banking system.
In some cases, remittances have catalyzed local development policies aimed at optimizing the benefits of these financial flows, ultimately fostering a more resilient economic landscape.
## Strategies for Enhancing Remittance Flows and Financial Inclusion
To catalyze remittance flows and enhance financial inclusion within Caribbean economies, several strategic initiatives can be deployed. Innovative digital platforms can bridge the gap between diasporas and local economies, making transactions more efficient and cost-effective. By leveraging mobile banking technologies, remittance services can be expanded to rural areas, ensuring that even remote communities can access and benefit from these funds. Implementation of financial literacy programs can empower recipients to make informed decisions, encouraging them to invest in local businesses or savings plans that can stimulate economic growth.
Furthermore, establishing partnerships with local banks and international financial organizations can facilitate better regulatory frameworks. These frameworks should aim to reduce transaction costs and improve transparency, which can foster trust and drive up remittance volumes. Additionally, incorporating incentive schemes for both senders and recipients, such as lower fees or bonus payments for remittances used for education or health care, could direct funds toward more productive uses. A collaborative approach that includes government support and private-sector innovation will be crucial for creating an ecosystem that not only boosts remittance flows but also promotes long-term financial stability for individuals and communities alike.
| Strategy | Description |
| --- | --- |
| Digital Platforms | Utilize mobile technology to streamline remittance processes. |
| Financial Literacy | Educate recipients on effective money management and investment. |
| Regulatory Frameworks | Work with banks to ensure transparency and lower fees. |
| Incentive Schemes | Offer rewards for remittances aimed at productive use. |
## Policy Recommendations for Maximizing the Impact of Diaspora Support
To harness the full potential of diaspora support, Caribbean nations should implement comprehensive policy frameworks that foster engagement between expatriates and their home countries. This could involve establishing formal channels for remittance transfers that minimize costs and increase the efficiency of these transactions. Governments may consider partnering with financial institutions to develop innovative solutions, such as mobile banking platforms, which would allow migrants to send money directly to local businesses. Additionally, providing tax incentives for both reminiscing individuals and businesses that reinvest funds into local economies can stimulate productive use of remittances.
Moreover, Caribbean governments should actively promote investment opportunities that specifically appeal to the diaspora. Highlighting sectors such as tourism, technology, and renewable energy can attract investments that align with diaspora interests. Creating a structured support system that informs expatriates about ongoing economic initiatives and offers advisory services can facilitate tangible contributions. Initiatives such as diaspora bonds or community crowdfunding platforms can also be implemented to empower overseas nationals to invest in transformative projects in their home countries. Integrating these strategies ensures that the impact of diaspora remittances transcends mere financial support and becomes a catalyst for sustainable economic growth.
## To Conclude
the significant impact of diaspora remittances on Caribbean economies cannot be overstated. As a crucial financial lifeline for many families and communities, these funds not only enhance individual livelihoods but also contribute to broader economic stability and growth in the region. Governments and policymakers must recognize the potential of remittances as a tool for development and create supportive environments that encourage responsible financial practices and investment. By fostering partnerships between diaspora communities and local stakeholders, the Caribbean can harness the transformative power of remittances to build resilient economies that can withstand future challenges. As we look to the future, the role of the diaspora will undoubtedly remain vital in shaping the Caribbean’s economic landscape and ensuring sustainable development across the islands.
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Full Ownership and Share Opportunities in a Luxury Five-Star Resort Managed by Autograph Collection by Marriott - logicaleye Skip to content DOMINICA Full Ownership and Share Opportunities in a Luxury Five-Star Resort Managed by Autograph Collection by Marriott April 1, 2026 7:30 am Location: Situated on Picard Beach in the city of Portsmouth, on the northwest coast of Dominica. Bungalow Price: $320,000 Annual Yield: 3.5% plus 2% Specifications: Property Cost : $320,000 . Annual Yield : 5.5% Projected Investment Options : Choose between a fractional share for $220,000 or freehold suites priced at $300,000 and $320,000 . Management : All properties are professionally managed by the resort and are dedicated to rental use . Owner Benefits : Shareholders are entitled to 1 week of stay per year at the hotel . Premier Amenities: Total Area : 1 — 2 Room Apartments and Presidential Suites . Object Stage : Under Construction (Completion scheduled for 2Q 2026) . Furniture : Units come fully furnished with standard high-quality renovation . Parking : On-site parking available . Views : Breathtaking views of the Ocean, Pool, Garden, and tropical Plot . This five-star resort is a masterpiece of world-class architecture managed by Autograph Collection, a premium sub-brand of Marriott International . The 128-room complex is positioned as the most desirable destination in Dominica, combining luxury boutique living with the island’s untouched natural beauty . The resort features a huge lagoon-shaped pool, a world-class SPA oasis, and high-end fitness facilities, all designed to offer a premier ecotourism experience . The Potential: Location : Situated on Picard Beach in the city of Portsmouth, on the northwest coast of Dominica . Ocean : Located directly on one of the island's most beautiful beaches, only 50 m from the water . Infrastructure : Essential services and the world-renowned Ross University School of Medicine are within a short 50 m walk . Airport : Approximately 47 km from the international airport . Surroundings : Set within 12 acres of tropical greenery, offering spectacular views of Prince Rupert Bay and Cabrits National Park . Why This Deal Stands Out: This investment is truly exceptional because it carries the prestige of the Marriott International brand in one of the world's top ecotourism hotspots . With a boosted projected yield of 5.5% and a "Ready-lite" stage of construction, it offers a secure entry into luxury Caribbean real estate . The inclusion of world-class amenities—such as luxury boutiques, a water sports center, and health supervision from highly qualified specialists—ensures the resort will remain a high-demand destination, providing stable returns for investors . Considerations: As this project is currently in the construction phase, returns will commence upon the resort's opening in the second quarter of 2026 . It is important to note that these properties are managed exclusively by the resort to maintain five-star standards and are not available for permanent residence . However, the combination of professional Marriott management and the prime location on Picard Beach makes this an ideal asset for those seeking a hands-free, high-end investment . Authorized Strategic Advisory Expert Guidance on Your Investment I will provide a tailored strategy based on your specific financial goals and family requirements. Schedule a Meeting Prefer direct chat? Connect on WhatsApp Scroll to Top Services Consultancy Events Hot Deals!
### ICREPORT September 2025
## ACCESS TO FINANCE FOR WOMEN-OWNED AND LED MSMEs IN THE CARIBBEAN
#### CONTENTS
ACRONYMS AND ABBREVIATIONS 3
ACCESS TO FINANCE FOR WOMEN-OWNED
AND LED MSMES IN THE CARIBBEAN
4
About the report 4
Executive summary 4
I. INTRODUCTION 7
A. Project background and ...
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### ICREPORT September 2025
## ACCESS TO FINANCE FOR WOMEN-OWNED AND LED MSMEs IN THE CARIBBEAN
#### CONTENTS
ACRONYMS AND ABBREVIATIONS 3
ACCESS TO FINANCE FOR WOMEN-OWNED
AND LED MSMES IN THE CARIBBEAN
4
About the report 4
Executive summary 4
I. INTRODUCTION 7
A. Project background and context 7
II. METHODOLOGY 8
III. PROFILE OF MSMES AND WMSMES IN THE CARIBBEAN 8
A. Brief overview of the MSME sector in the Caribbean 8
B. Overview of WMSMEs 9
IV. KEY FINDINGS: DEFINITIONS AND ECOSYSTEM CHARACTERISTICS
11
A. Definitions of MSMEs and WMSMEs 11
B. Access to finance ecosystem characteristics 12
C. The financing gap 15
V. DEMAND SIDE ANALYSIS: INSIGHTS FROM ENTREPRENEURS
17
A. Profile of the WMSME respondents 17
B. Use of financial services 18
C. Challenges faced 18
VI. SUPPLY-SIDE ANALYSIS: FINANCIAL SYSTEM AND INSTITUTIONAL CONSTRAINTS
21
A. Examples of emerging practice 21
B. Challenges and constraints 22
VII. RECOMMENDATIONS 23
VIII. CONCLUDING THOUGHTS 28
IX. APPENDIX 28
#### ACRONYMS AND ABBREVIATIONS
AML/CFT Anti-Money Laundering/Countering the Financing of Terrorism
BIGEE Boosting Innovation, Growth and Entrepreneurship Ecosystem project
BOJ Bank of Jamaica
CARICOM Caribbean Community
CDB Caribbean Development Bank
DBJ The Development Bank of Jamaica
DFI Development Finance Institutions
ECCU Eastern Caribbean Currency Union
ICR International Climate Reform Facility
IDB Inter-American Development Bank
IFC International Finance Corporation (World Bank)
LAC Latin America and the Caribbean
MSMEs Micro, Small and Medium Enterprises
SBDC Small Business Development Center
SIPPA Security Interests in Personal Property Act (Jamaica)
SLDB Saint Lucia Development Bank
SMEs Small and Medium Enterprises
STCR Secured Transactions and Collateral Registry (Belize)
WMSMEs Women-Owned and Women-Led Micro, Small and Medium Enterprises
#### ACCESS TO FINANCE FOR WOMEN-OWNED
#### AND LED MSMES IN THE CARIBBEAN
ABOUT THE REPORT This ICReport distils the findings of a flagship study prepared by the ICR Facility for the Caribbean Development Bank (CDB). That study is available in full here. The original study, written by DevSolutions Consulting LLC, was commissioned to generate high-quality data and evidence on women-owned and led micro, small and medium-sized enterprises (WMSMEs) in the Caribbean and to provide recommendations for building an enabling ecosystem to support their growth. Recognising the richness of the original research, this shorter report highlights the key lessons learned, data insights and distinctive Caribbean perspectives most relevant to development practitioners, policy-makers, financial institutions and other stakeholders seeking clear, actionable insights.
EXECUTIVE SUMMARY Despite their potential to drive economic growth in the Caribbean, women-owned or led micro, small and medium enterprises (WMSMEs) face barriers that create a significant financing gap, hampering their ability to scale and build economic resilience. Similar disparities in access to finance are found globally and are rooted in issues such as traditional banking models, restrictive collateral requirements and unconscious gender biases. Closing this financing gap is an economic imperative, with measurable gains to GDP when women gain increased
access to finance.
This study examines four countries: The Bahamas, Belize, Jamaica and Saint Lucia. It seeks to help fill the research gap on WMSMEs in the region, identify the financing challenges and opportunities they face and propose strategies to expand investment and growth. No common definition: The research highlights that in the Caribbean there is neither a common definition of micro, small and medium-sized enterprises (MSMEs) nor of what constitutes a woman-owned or led company. Profile of WMSMEs: About one-third of all formally registered MSMEs in the four countries are women-owned or led, except for The Bahamas, where they comprise 58% of such firms. Most are microenterprises (sole proprietorships) with progressively fewer classified as small or medium-sized enterprises (SMEs), underscoring the challenges that WMSMEs face in scaling beyond the micro level. Despite national differences, common challenges persist in accessing finance. An analysis of the four countries’ financing ecosystems reveals shared characteristics that affect WMSMEs access to capital.
1. Financial inclusion: Businesses face persistent challenges in accessing financial services, particularly in rural areas. Usage of digital financial services, including mobile payments and e-commerce platforms, is still emerging, and WMSMEs often take more time to adopt technology. Limited financial literacy is also a constraint, exacerbated by high levels of informality.
2. Business climate gaps: Burdensome regulations remain key barriers to formalisation.
3. MSME policy and regulatory frameworks: Strategies are in place in some instances
and progress has been made in developing secured transactions frameworks including
collateral registries that permit moveable assets to be accepted as collateral.
4. Limited financing options: Few financing options exist beyond grants and loans, apart
from Jamaica, which has a vibrant equity investment ecosystem and an angel investor
network.
5. Fragmented ecosystem: Collaboration between public and private sector stakeholders
is limited, and there are gaps in coordination among government agencies.
6. Severe data gaps: A serious lack of WMSME data persists and is reinforced by
fragmentation in the finance ecosystem.
Social and cultural constraints: WMSMEs face constraints shaped by societal norms, cultural expectations and gender roles that influence their ability to start, sustain and scale businesses. This influences women’s risk appetite in business and their perception as business owners. Women are still primarily responsible for household duties and caregiving, limiting the time available for business ventures. This “double burden” pushes many women into informal, low-growth, necessity-driven businesses rather than higher-profit, male-dominated industries. Stakeholder feedback – factors affecting demand: WMSMEs in the four countries face varying degrees of financing challenges, but business feedback highlights some common themes: difficulties in accessing finance due to high collateral requirements, costly funds and onerous loan terms, knowledge gaps and limited opportunities for networking and mentorship.
Stakeholder feedback – factors affecting supply: Unlike development banks, few commercial banks have tailored products for MSMEs, and none specifically for WMSMEs. Many banks say that their lending practices are “gender neutral”, meaning loan applications are assessed in the same way regardless of whether the client is a male- or a female-owned company. Credit unions and microfinance institutions operate mainly at the community level, but seldom design innovative products and services tailored to local needs.
These findings make a strong case for advancing gender finance in the Caribbean, beginning with the four countries in this study. Best practices from Africa, Asia Pacific and Latin America can be adapted to the region. Gender Finance could also be strengthened through the development of a gender-responsive business financing index, drawing on existing international frameworks.
Advancing gender finance will require several steps.
On the demand side:
∙ Addressing the data gap as a first step.
∙ Expanding digital financial services to increase financial inclusion.
∙ Strengthening and extending capacity-building services to improve WMSMEs’ bankability and financial literacy.
##### On the supply side:
∙ Changing institutional perceptions of women-owned businesses.
∙ Developing innovative financing models, including risk-sharing.
∙ Fostering public-private partnerships to support a holistic approach for WMSMEs.
These steps require not only support for necessity-driven firms but also policy and other frameworks that enable the growth of more opportunity-oriented WMSMEs. Finally, the issue of trust must be addressed. Deeply ingrained in Caribbean business culture, mistrust between stakeholders hinders collaboration and ultimately undermines effective support for WMSMEs.
#### I. INTRODUCTION
##### A. PROJECT BACKGROUND AND CONTEXT
1 IDB Invest - www.idbinvest.org/en/news-media/idb-invest-launches-wecode-financing-code-women-entrepreneurs 2 www.issuu.com/caribank/docs/gepsos-2019-final_1_1_/s/14937272
Women-owned and led micro, small, and medium enterprises (WMSMEs) are vital to the Caribbean economy, contributing to job creation, innovation and economic resilience. Yet they remain underserved by financial institutions, constrained by systemic barriers such as restrictive collateral requirements, traditional banking models and persistent gender biases that limit their access to the financial products and services essential for business growth. The result is a significant financing gap that limits opportunities for women and
slows the region’s growth.
The Inter-American Development Bank (IDB) estimates that the financing gap for WMSMEs in Latin America and the Caribbean amounts to a staggering $93 billion 1. Closing this gap is not only a matter of equity but an economic necessity, with clear benefits for inclusive growth and stronger financial markets.
Successful approaches in other regions, such as the
African Development Bank’s Affirmative Finance Action for
Women in Africa (AFAWA) and the International Finance Corporation’s (IFC) Banking on Women (BOW) initiative, provide valuable blueprints. These models demonstrate how risk-sharing instruments, gender-sensitive financial products and targeted technical assistance can increase women’s access to finance. The Caribbean has an opportunity to adapt such approaches to its own context.
However, unlocking finance for WMSMEs requires more than targeted programs: it calls for systemic change, including evidence-based policymaking, supportive regulatory frameworks and multi-stakeholder collaboration to create a financial system that works for
WMSMEs.
To support this, the Caribbean Development Bank (CDB)
commissioned a flagship study through the Investment
Climate Reform (ICR) Facility. Focusing on The Bahamas, Belize, Jamaica and Saint Lucia, the study aimed to:
∙ fill research gaps on WMSMEs in the Caribbean;
∙ identify the specific financial needs and opportunities for women entrepreneurs;
∙ propose strategies to unlock investment and growth;
and
∙ establish tools to track the impact of financial inclusion
efforts.
This ICReport distils the study’s main findings. It highlights lessons learned, promising practices and distinctive Caribbean perspectives to inform policymakers, development finance institutions and practitioners working to build a more inclusive financial ecosystem.
CBD and SheTrades Caribbean Hub:
The CBD has made gender equality a cross-cutting priority in private sector development. Its 2019 Gender Equality Policy and Operational Strategy 2 focus on fostering a supportive business ecosystem, reducing barriers for women and boosting the economic impact of WMSMEs. In 2023, the Bank together with 2X Global and the International Trade Centre, launched the SheTrades
Caribbean Regional Hub – a strategic initiative to expand access to finance and investment for
WMSMEs and strengthen their participation in regional and global trade.
#### II. METHODOLOGY
3 This section is drawn from, IFC, Caribbean Regional Private Sector Diagnostic, 2023.
This study combined desk research, stakeholder mapping, and primary data collection to examine access to finance for WMSMEs in four Caribbean countries: The Bahamas, Belize, Jamaica, and Saint Lucia. These pilot countries were chosen to reflect diverse contexts: The Bahamas for its innovative financing initiatives; Belize for its large informal sector and policy frameworks; Jamaica for its robust private sector support; and Saint Lucia as part of the Organisation of Eastern Caribbean States (OECS) and because of the notable initiatives launched by its development bank. Primary data was gathered through surveys, interviews and focus groups, with stakeholder mapping used to identify the main actors in MSME and gender finance. Secondary sources included national, regional and international policy reports, financial inclusion assessments and gender finance
studies.
A key challenge was the lack of quantitative sex disaggregated data, combined with a reluctance by financial institutions and other stakeholders to share portfolio information. These limitations were partly mitigated through techniques such as leveraging digital survey tools, partnering with local organisations for outreach and triangulating multiple data sources.
Readers interested in more detail on the methodology, including the Theory of Change and country assessments, can consult the appendices to the full flagship study.
#### III. PROFILE OF MSMEs AND WMSMES IN
#### THE CARIBBEAN
##### A. BRIEF OVERVIEW OF THE MSME SECTOR IN THE CARIBBEAN
MSMEs form the backbone of Caribbean economies, accounting for around 90% of all businesses in the region and between 47% and 80% of employment across the four pilot countries. Microenterprises with fewer than 20 employees comprise about 60% of all businesses, reflecting both the sector’s importance and its structural vulnerabilities, as these firms often remain informal, undercapitalised and exposed to shocks. Productivity also remains low compared to larger firms, posing a critical challenge for the region’s economic development and competitiveness.
The four pilot countries illustrate both commonalities and differences – see Table 1. Jamaica shows the strongest employment contribution from MSMEs (80%), while The Bahamas reports the highest share of MSMEs overall (98%). Belize and The Bahamas display more sectoral diversification, while wholesale/retail trade and tourism dominate across all four countries 3.
Table 1: MSME sector overview in the four pilot countries ∙ Thematic Area ∙ The Bahamas ∙ Belize ∙ Jamaica ∙ Saint Lucia
Number of MSMEs
Approximately 17,000 business licenses; MSMEs make up 98% of businesses
About 11,346 businesses;
MSMEs generate 90% of private sector activity
97.6% of classified tax-paying enterpris es are MSMEs
Around 6,469
registered
MSMEs, of which
77% are micro
businesses
Employment contribution
Around 47% of total employment
More than 50% of the labour force
About 80% of jobs from MSMEs, though many are one-person enter prises
Employ about 49% of the labour force (around 38,995 individuals)
ICREPORT September 2025 page 9
4 Beltraide, National MSME Strategy and Roadmap for Belize (2022) p. 47
5 www.genderdata.worldbank.org/en/indicator/ic-wef-llco-zs
6 www.competecaribbean.org/wp-content/uploads/2020/05/2014-Jamaica-Private-Sector-Assessment-Report.pdf
CROSS-CUTTING INSIGHTS:
∙ MSMEs are central to employment and business activity in all four countries, though size and job contributions vary.
∙ Wholesale/retail and tourism are the largest sectors, but Belize and The Bahamas show broader diversification.
∙ Scaling beyond microenterprise remains a persistent challenge.
B. OVERVIEW OF WMSMEs
Women play an integral role in the Caribbean’s enterprise landscape, especially at the micro-business level, yet they remain underrepresented among larger SMEs. In Belize, more than 55% of microenterprise owners are women, yet women own only about one-third of SMEs 4. This suggests that WMSMEs face significant obstacles in transitioning from micro to small and medium enterprises.
Data across multiple years indicate that around 30-40% of formal businesses in the region have some female ownership. For instance, the 2010 World Bank Enterprise
Survey found that 38.2% of Jamaican firms 5 were owned or co-owned by women, while in Belize about 30% of firms had female participation in ownership. The Bahamas stands out with an estimated 58% of firms having a female owner or partner, suggesting comparatively high rates of women’s business ownership. In Saint Lucia, about 32% of firms were women-owned as of 2010 6 , slightly below the Latin America and Caribbean average (around 40%). This pattern is consistent across the region: women are strongly represented in necessity-driven microenterprises, but remain less visible in the larger, growth-oriented SME segment. The Global Entrepreneurship Monitor (GEM) Jamaica 2021/2022 National Report indicates that 59% of individuals engaged in Total Early-Stage Entrepreneurial Activity (TEA) are women, compared with 41% who are men. WMSMEs often face longer startup phases due to limited access to capital and markets, which delays their progression into growth and exit stages. Moreover, despite women’s higher tertiary education rates, this has not translated proportionally into business leadership.
PREVALENCE OF INFORMALITY
There is a high proportion of women-led microbusinesses across the region that operate informally, meaning they are not legally registered, lack access to formal credit and do not benefit from legal protections. According to UN Women,
54% of women in non-agricultural jobs in Latin America and ∙ Thematic Area ∙ The Bahamas ∙ Belize ∙ Jamaica ∙ Saint Lucia
Sectoral distribution
Broadly diversified around wholesale and retail trade, tourism, transport, storage, construc tion, personal and business services, communications, education, health, agriculture and
fisheries
Diversified:
agriculture (14%), accommodation and food services (15.6%), wholesale and retail trade (18.3%), household employment activities (14.9%), construction (6.7%)
Concentrated in wholesale and retail trade (55.7%), com munity and social services (23.3%), with additional rep resentation in manu facturing, services
Wholesale and retail trade (32%), tourism, agricul ture, construction, manufacturing, creative industries
Sources: IDB, Private Sector Country Assessment Reports (2014-2016); Belize - SIB, Impact of COVID-19 on Business Establishments Survey, 2020.
ICREPORT September 2025 page 10 the Caribbean are in informal employment. In Jamaica, around 61% of women-owned firms operate informally or remain unregistered 7, with informal economic activity accounting for an estimated 43% of GDP 8.
Women are also more likely than men to own microenterprises without employees: 37% of such firms are led by women compared to 24% by men. This concentration in micro and informal enterprises limits women’s access to formal financial services and growth opportunities.
WMSMEs often cite three main reasons for remaining informal:
∙ complex and costly business registration processes, which governments are working to reduce through digitalisation to improve the ease of doing business;
∙ tax burdens and regulatory requirements that are perceived as too costly compared with reinvesting earnings in the business; and, ∙ a preference for flexibility, as many women balance business with unpaid household labour.
Informality prevents women entrepreneurs from scaling their businesses, obtaining bank loans and engaging in supply chains, thereby reinforcing gendered economic inequalities. While comparable data for the Caribbean is not available, women in informal employment account for 59% of the total employment in Latin America and the Caribbean, which is considerably lower than South Asia (95%) and Sub-Saharan Africa (89%) 9.
IMPACT OF SOCIETAL NORMS, CULTURAL EXPECTATIONS AND GENDER ROLES
Women entrepreneurs in the Caribbean face systemic constraints rooted in societal norms, cultural expectations and traditional gender roles, which influence their ability to start, sustain and scale businesses. Women remain primarily responsible for household duties and caregiving, restricting the time available for business ventures. This “double burden” o
Middle East Capital and Caribbean Manufacturing: Gulf Investment in the CEC Framework - Esco Global Strategies Search Close Search Home » Middle East Capital and Caribbean Manufacturing: Gulf Investment in the CEC Framework Middle East Capital and Caribbean Manufacturing: Gulf Investment in the CEC ...
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Middle East Capital and Caribbean Manufacturing: Gulf Investment in the CEC Framework - Esco Global Strategies Search Close Search Home » Middle East Capital and Caribbean Manufacturing: Gulf Investment in the CEC Framework Middle East Capital and Caribbean Manufacturing: Gulf Investment in the CEC Framework G C U A S a G C D R C E Gulf Cooperation Council (GCC) sovereign wealth funds, family offices, and industrial conglomerates are expanding their global manufacturing investment portfolios beyond traditional markets in Asia, Europe, and North Africa. The Caribbean Economic Corridor — anchored by the Dominican Republic's CAFTA-DR treaty access, free zone infrastructure, and US market proximity — represents an underpenetrated opportunity for Gulf investors seeking US-market-facing manufacturing exposure with favorable risk-return profiles and strategic trade advantages. This analysis examines the strategic logic for GCC capital deployment in Caribbean manufacturing, the specific structures through which Gulf investors are engaging in the CEC framework, and the practical investment entry points for sovereign, institutional, and family office capital from the UAE, Saudi Arabia, Kuwait, and Qatar. Data Sources: GCC investors deploying capital into Caribbean manufacturing benefit from a structural arbitrage: they access CAFTA-DR zero-tariff US market exposure (available only to treaty signatories) through co-investment with Caribbean-based operators and US partners, without requiring bilateral GCC-US free trade agreement coverage. GCC Capital Motivation for Caribbean Exposure Gulf sovereign wealth funds including Abu Dhabi Investment Authority (ADIA), Mubadala Investment Company, Public Investment Fund (PIF, Saudi Arabia), and Kuwait Investment Authority (KIA) have accelerated global manufacturing and logistics investment as part of economic diversification mandates. Key motivations for Caribbean Manufacturing exposure include: US-market access through CAFTA-DR without direct US investment concentration risk; portfolio diversification away from Asia-Pacific manufacturing exposure; ESG-aligned investment in emerging market industrialization; and strategic positioning in supply chain infrastructure critical to US consumer and healthcare markets. GCC Capital Type Investment Structure Caribbean Entry Point Sovereign wealth funds Direct equity, platform investments $50M+ manufacturing platforms UAE family offices Co-investment, preferred equity $5-25M deal-by-deal Saudi industrial groups Strategic JV, technology transfer Medical, clean tech sectors GCC pension funds Infrastructure bonds, FZ real estate Industrial park development Gulf HNW / UHNW Single-asset direct investment $2-10M free zone facilities UAE Investment Activity and Structure UAE-based investors, including Mubadala and Abu Dhabi Ports (DP World), already have demonstrated Caribbean engagement — DP World operates Port Caucedo, the DR's primary deep-water container terminal. This existing infrastructure footprint provides a natural bridge for broader UAE capital deployment into Dominican manufacturing. UAE family offices with US-facing portfolio strategies are increasingly evaluating CAFTA-DR manufacturing platforms as direct alternatives to US domestic manufacturing investments at significantly lower capital cost. Saudi Arabia Vision 2030 Alignment Saudi Arabia's Vision 2030 industrial diversification agenda — executed through PIF and NEOM-adjacent investment mandates — includes building global manufacturing positions in healthcare, renewable energy, and advanced industries. Dominican Republic free zone manufacturing in medical devices, clean energy components, and pharmaceutical packaging aligns directly with Vision 2030 portfolio themes. Co-investment structures where Saudi capital provides growth equity alongside US operational partners and Dominican free zone developers offer a low-friction entry mechanism. Investment Entry Structures for Gulf Capital Gulf investors accessing Caribbean manufacturing typically use one of three structures: direct equity co-investment in operating manufacturing companies alongside US or Dominican operating partners; real asset investment in free zone industrial facilities (land, buildings) with manufacturing tenant lease income; or preferred equity structures in manufacturing platform companies, providing yield with equity upside linked to CAFTA-DR export revenue growth. EGS structures CEC-aligned investment opportunities across all three formats for qualified GCC and institutional investors. Frequently Asked Questions Do Gulf investors receive the same CAFTA-DR investment protections as US investors? CAFTA-DR investor protections apply to investments made by nationals or enterprises of CAFTA-DR member countries, including the Dominican Republic. A GCC-owned company incorporated in the Dominican Republic would qualify for CAFTA-DR domestic protections. GCC investors may also structure through US corporate entities to access full CAFTA-DR investor protections. Bilateral Investment Treaties (BITs) between GCC countries and the Dominican Republic should be evaluated for additional protection layers. What is the process for a UAE family office to invest in a Dominican free zone manufacturing operation? UAE family office investment in Dominican free zone manufacturing typically follows: (1) Deal sourcing through Caribbean investment advisors, PROINVERSION, or platforms like EGS; (2) Due diligence on operating company, CNZFE status, and financial performance; (3) Investment structure negotiation (equity, preferred equity, or hybrid); (4) Dominican corporate legal setup for the investment vehicle; (5) CNZFE notification of new investor as applicable; (6) Closing and operational integration. Experienced legal counsel in both UAE and Dominican Republic is recommended. Total timeline from term sheet to close is typically 60-120 days for structured transactions. Are there currency repatriation restrictions for GCC investors in Dominican manufacturing? No. The Dominican Republic imposes no capital controls on foreign investment repatriation. GCC investors can repatriate dividends, capital, and exit proceeds in USD without restriction, subject to applicable Dominican withholding taxes. Free zone investment repatriation benefits from withholding tax exemption during the free zone incentive period, making the effective tax on repatriation zero for qualifying distributions. Ready to run the numbers for your operation? Get a free analysis covering costs, timeline, tax structure, and CAFTA-DR eligibility for your specific product and market. Get Your Free Analysis Explore More: EGS Insights Hub | DR Manufacturing Sectors | Contact Our Team Related Resources Caribbean Manufacturing Hub Guide | Caribbean Trade Finance | DR Free Zone Expansion | EGS Advisory Overview Close Menu Esco Global Strategies Home Strategy Corridor Markets Insights Market Comparisons About Apply Esco Global Strategies
How Caribbean Entrepreneurs Actually Get Rich - Dope Living (podcast) | Listen Notes Listen Later API Data 1024) isOpen = false" @mouseover="if (window.screen.width > 1024) isOpen = true" > Discover Real-Time Episodes being played now Explorer Find similar podcasts Best Podcasts Recommended by us Ho...
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How Caribbean Entrepreneurs Actually Get Rich - Dope Living (podcast) | Listen Notes Listen Later API Data 1024) isOpen = false" @mouseover="if (window.screen.width > 1024) isOpen = true" > Discover Real-Time Episodes being played now Explorer Find similar podcasts Best Podcasts Recommended by us Hot Podcasts Popular shows today Curated Podcasts Recommended by media Playlists Playlists from our community Classified Ads Help needed for podcasts Podcast Academy Learn podcasting Podcast Discovery MORE | Login Listen Later API Data 1024) isOpen = false" @mouseover="if (window.screen.width > 1024) isOpen = true" > Discover Real-Time Episodes being played now Explorer Find similar podcasts Best Podcasts Recommended by us Hot Podcasts Popular shows today Curated Podcasts Recommended by media Playlists Playlists from our community Classified Ads Help needed for podcasts Podcast Academy Learn podcasting Podcast Discovery MORE | Login Dope Living ✓ Claim How Caribbean Entrepreneurs Actually Get Rich Jan. 7, 2026 00:57:09 Podcasts RSS Link SAVE SHARE CLIP MORE EPISODE COMMUNITY EMBED EDIT ABOUT THIS EPISODE In this episode of the Dope Living Podcast, host Janay sits down with financial journalist Kalilah Reynolds to break down the truth about Caribbean wealth building, financial literacy, and investing—and why traditional saving advice no longer works in today’s economy. This powerful conversation explores the economic challenges Caribbean people face, the role of financial trauma, and why ownership, investing, and entrepreneurship are essential for building generational wealth. Kalila explains why saving alone is outdated, how mindset impacts money decisions, and how anyone—at any age—can start building wealth with intention. If you’re searching for Caribbean investment strategies, money management advice, or guidance on how to build wealth beyond a paycheck, this episode will challenge everything you’ve been taught about money. 🎧 In this episode, you’ll learn: Why saving alone is no longer enough to build wealth How financial trauma affects money mindset and decision-making Why investing is critical for long-term financial freedom The importance of ownership and entrepreneurship in the Caribbean Practical wealth-building strategies for any income level Why it’s never too early—or too late—to start investing How giving plays a role in sustainable wealth creation 💡 Key takeaway: True wealth isn’t about income—it’s about ownership, smart investing, and financial education. 👇 Chapters 00:00 Redefining Wealth in the Caribbean 10:38 Ownership, Investing & Economic Power 21:26 Long-Term Wealth-Building Strategies 28:59 Financial Trauma & Money Mindset 36:53 Giving, Purpose & Wealth 40:39 Employee vs Entrepreneur Mindset 46:12 Starting Late: Is It Ever Too Late to Invest? 54:17 Affirmations & Final Thoughts 🔔 Subscribe to Dope Living Podcast for more conversations on wealth, mindset, entrepreneurship, and personal growth. 👍 Like & share if this episode helped shift your perspective on money. #CaribbeanWealth #FinancialLiteracy #Investing #GenerationalWealth #MoneyMindset #Entrepreneurship #Ownership #WealthBuilding #EconomicEmpowerment #DopeLivingPodcast Business Entrepreneurship Society & Culture English United States Use API to fetch this episode in JSON IN THIS EPISODE Kalilah Reynold Intentional Living Joyful Spaces Lifestyle Entrepreneurship Authentic Success Dopamine Design Peaceful Environments Creative Wellness Edit these tags TRANSCRIPT 🔗 Are you the producer of this podcast? Add a podcast transcript Need Audio-to-Text? Transcribe with Listen411 in Just 60 Seconds SEARCH PAST EPISODES search Search past episodes of Dope Living. Embed this search bar to your website OTHER EPISODES IN THIS PODCAST Building Success That Feels Good: Wealth, Wellness, and Sustainable Impact with Dr. Sarah Young Dec. 10, 2025 Welcome to the Dope Living podcast. In this episode, host Janay Symonette sits down with Dr. Sarah Young, founder of Neurosynergy Health Institute, to unpack what it truly means to build success that feels good. Dr. Sarah Young shares her personal journey from overcoming a traumatic brain injury to… 00:47:52 SHARE SAVE CLIP What If Healing Starts with Momentum, Not Motivation? (Mind-Body Fitness Explained) #MindBodyWisdom Dec. 24, 2025 In this episode of the Dope Living Podcast, host Janay sits down with intuitive momentum coach Caren Carnegie to explore the powerful connection between the mind, body, and spirit—and why true wellness begins by listening inward. Together, they unpack what it really means to reconnect with your bod… 00:40:40 SHARE SAVE CLIP The Exit Mindset: How to build freedom, not just a business with Alison Koplar Wyatt Nov. 26, 2025 Welcome to the Dope Living podcast. In this episode, host Janay Symonette sits down with Alison Koplar Wyatt, CEO and co-founder of the Female Founder Collective, to unpack the power of the “exit mindset.” Together, they explore how building with the end in mind isn’t just about quitting or selling… 00:53:01 SHARE SAVE CLIP Centropy: The Missing Link Between Success and Meaning Jan. 22, 2026 In this episode of the Dope Living Podcast, host Janay sits down with Bradley Hook, author of Start With Values (Penguin) and Head of the Resilience Lab at the Resilience Institute, to explore the powerful connection between success, fulfillment, and living in alignment with your core values. This … 00:49:33 SHARE SAVE CLIP Disclaimer : The podcast and artwork embedded on this page are from Janay Symonette, which is the property of its owner and not affiliated with or endorsed by Listen Notes, Inc. EDIT Thank you for helping to keep the podcast database up to date. 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Making Money Moves! An Easier Way to Build Your Dreams! – Caribbean POSH
Home/#POSHgirls/ Making Money Moves! An Easier Way to Build Your Dreams!
## Making Money Moves! An Easier Way to Build Your Dreams!
Figuring out how to fund your dreams can be tough, and can be even more so for us Caribbean ...
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Making Money Moves! An Easier Way to Build Your Dreams! – Caribbean POSH
Home/#POSHgirls/ Making Money Moves! An Easier Way to Build Your Dreams!
## Making Money Moves! An Easier Way to Build Your Dreams!
Figuring out how to fund your dreams can be tough, and can be even more so for us Caribbean women. Why? Well between glass door politics, earnings gap, and traditionalist thinking, it can be hard
May 26, 2022
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Figuring out how to fund your dreams can be tough, and can be even more so for us Caribbean women. Why? Well between glass door politics, earnings gap, and traditionalist thinking, it can be hard to navigate the finance space let alone get the money you need to build your dreams. You have to get creative and sometimes even non-traditional to achieve your goals.
Whether you’re a business babe or have something a little more personal in mind, the money has to come from somewhere. Here are a few tips you can do to help get started.
### 1. Have a clear goal
The beginning of any journey starts with a goal, especially one that deals with money. Setting clear objectives is truly essential for achieving success. Without a defined goal, it can be difficult to stay motivated and on track. What’s more, without a clear understanding of what you are working towards, it can be easy to become distracted or to allow other priorities to take precedence. It’s important to know what you are trying to finance and how much.
Are you trying to save for the down payment on that new house, buy a fancy car, or even invest in your business? It’s important to have the goal in mind to find the right approach. Making money takes different forms and some work better than others depending on what you’re trying to do. Have a clear goal first of what needs to be financed and how much it will cost.
### 2. Understand the options available to finance
What are your options available to finance the goal? This can come from internal or external sources……Here’s what I mean:
Review your situation; Are your cash flows, whether it be from salary or business, bringing in anything extra after you’ve spent it on the necessities? If so, you might be in a position to save internally till you get what you need. But be warned though if you take this route and use the savings, it means you won’t have any leftovers in case any emergencies pop up which is risky. So ask yourself: Can you afford to be without that cash? How long will it take for you to rebuild it?
On the flip side, external options may be available. Taking a loan will give you immediate access to the money you need, but it does come with a commitment to pay back and will have consequences if the obligation is not met. Also, consider that this commitment can exist long after the funds were used to achieve the goal. You need to consider if you have sufficient cash flow each month to cater for this.
### 3. Alternative sources of income
Think side hustle! If you already have a business, this means having what we call ‘passive income’ within the business. But the idea is to have a second (or even third) source of income outside regular activities. Why consider an alternative source of income? Because your primary income whether from employment or business is already under pressure with the day-to-day running of life. It has a purpose, which is to sustain you and your current lifestyle. It might be difficult to attach another need to it without causing some strain. Creating a separate source removes the strain and can be wholly devoted to the goal.
### 4. Create a relationship with a financial institution
No conversation about money matters can happen without talking about the banks and other financial institutions, and no type of legitimate business and commerce can happen without them. You want to make sure that you at least have a bank account, but take it a step further and also open an account in a credit union. Credit unions have a long history in the Caribbean, forming a significant part of most islands’ financial landscape.
These institutions continue to be the underdog fighting to ensure that members’ needs are met even when bigger corporate entities say no. So if you are looking to fund your dreams, a credit union is a great place to have a conversation about financing options whether it be to save or otherwise.
As Caribbean women, we already have a lot of struggles, trying to fund our dreams shouldn’t be one of them. We have the drive and determination – it’s in our DNA. With a little help from these tips, we can make it happen.
Andrea Ragoo is the CEO and Founder of ATR Business Solutions, and she has a deep-seated desire to help all entrepreneurs, particularly women of color achieve financial freedom. Based in Trinidad & Tobago, her years of experience has shown her that many Caribbean women struggle today with money matters, and her goal is to help others ‘manage their money instead of having their money manage them’. She believes that every single person can conquer the financial aspects of their life and business, so they can truly be profitable. Feel free to connect with Andrea via her website or on Instagram@atr_business_solutions
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## TOWARDS A SINGLE DEVELOPMENT VISION AND THE ROLE OF THE SINGLE ECONOMY
## By Norman Girvan University of the West Indies
In Collaboration with the CARICOM Secretariat and the
Special Task Force on the Single Economy
As Approved By The Twenty-Eighth Meeting Of The Conference
Of Heads Of Gover...
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## TOWARDS A SINGLE DEVELOPMENT VISION AND THE ROLE OF THE SINGLE ECONOMY
## By Norman Girvan University of the West Indies
In Collaboration with the CARICOM Secretariat and the
Special Task Force on the Single Economy
As Approved By The Twenty-Eighth Meeting Of The Conference
Of Heads Of Government Of The Caribbean Community
(CARICOM), 1-4 July 2007, Needham's Point, Barbados
## TOWARDS A SINGLE DEVELOPMENT VISION AND THE ROLE OF THE SINGLE ECONOMY
CONTENTS
INTRODUCTORY NOTE
MISSION STATEMENT
I. SCOPE AND DEVELOPMENT VISION
I.1 Context and Background
I.2 A Single Development Vision
I.3 The Economic Dimension
I.4 The Social Dimension
I.5 The Environmental Dimension
I.6 The Governance Dimension
II. SECTORAL ECONOMIC DRIVERS OF REGIONAL DEVELOPMENT
II.1 Economic Drivers: Concept and Role
II.2 Energy
II.3 Manufacturing
II.4 Agriculture, Forestry and Fishing
II.5 Sustainable Tourism and Agro-Tourism
II.6 Emerging Export and Other Services
III. ENABLING ENVIRONMENT: ECONOMIC POLICY HARMONISATION
III.1 Foreign Trade Policies
III.2 Investment
III.3 Taxation and Incentives
III.4 Financial Services
III.5 Capital Market Integration
III.6 Interest Rates
III.7 Enhanced Monetary Cooperation/Monetary Union
IV. ENABLING ENVIRONMENT: SOCIAL AND INSTITUTIONAL
STRUCTURES
IV.1 Social Partnership
IV.2 Human Resources
IV.3 Health
IV.4 Security
IV.5 Research and Development
IV.6 Small and Medium Enterprises
IV.7 Corporate Governance
IV.8 Competition Policy
IV.9 Regional Quality Infrastructure
IV.10 Transport
IV.11 CARICOM Development Fund and Regional Development Agency
V. SEQUENCING OF FURTHER CSME IMPLEMENTATION V. 1 Phase 1 (Mid 2005 – Mid 2008): Consolidation of Single Market and Initiation of Single Economy V. 2 Phase 2 (2009-2015): Consolidation and Completion of Single Economy
ANNEXES Annex 1. Programme of Caribbean Connect Symposium Annex 2. Reports and Documents consulted for Concept Paper
### TOWARDS A DEVELOPMENT VISION AND THE ROLE OF THE SINGLE ECONOMY
INTRODUCTORY NOTE
The report is meant to provide a vision for the development of the Caribbean
Community to which all stakeholders can give their support. It serves as the
basis for decisions by the Heads of Government on a ‘road map’ for the further
implementation of the Caricom Single Market and Economy. It is the product of
an extensive process of consultation with regional stakeholders and with the
relevant organs of the Community over the past two years.
The framework was laid out at a Brainstorming Session on the Single Market and Economy among public and private sector representatives in Barbados in May 2005, convened and chaired by Prime Minister Arthur of Barbados in his capacity as Prime Minister with responsibility for the CSME. The next step was the preparation of a Concept Paper on the Vision for the CARICOM Economy for the year 2015 by Professor Norman Girvan of the University of the West Indies Submitted in December 2005; this report drew on a number of reports and policy documents prepared over the past twenty years by international, regional and national agencies 1. During 2006, at the instance of Prime Minister Arthur, a series of consultative symposia and technical meetings organised by the CARICOM Secretariat succeeded in fleshing out the development vision and CSME implementation priorities in considerable detail. A consultation on Enhanced Monetary Cooperation was held in Jamaica in May 2006 and this was followed in June 2006 by a High-Level Symposium on Production Integration, Capacity Building and Institutional Strengthening 2. The Symposium was chaired by Prime Minister Arthur and was attended by over 300 stakeholders discussing over 30 technical presentations. Two significant publications relevant to the
1 See Annex 2
2 See Annex 1
CSME were also launched 3. The Symposium provided convincing evidence that that the Caribbean Community has within it the human resources with the knowledge, expertise, experience and wisdom needed to advance its own development and integration. It marked a significant step in the development of a regional consensus on the direction of the Community’s development and the priorities for implementation of the CSME.
---
📄 Full source: https://caricom.org/documents/11332-single_economy_girvan.pdf
## Barbados Economic Recovery and Transformation Plan 2026
### BERT 2026
#### [Government of Barbados Seal]
Prepared by ….
December 2025
#### Table of Contents
Executive Summary ... 1
1. Introduction ... 4
1.1 From Stabilisation to Growth to Transformation ... 4
1.2 Why BERT 2026? ... 4
1....
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## Barbados Economic Recovery and Transformation Plan 2026
### BERT 2026
#### [Government of Barbados Seal]
Prepared by ….
December 2025
#### Table of Contents
Executive Summary ... 1
1. Introduction ... 4
1.1 From Stabilisation to Growth to Transformation ... 4
1.2 Why BERT 2026? ... 4
1.3 Achievements and Remaining Vulnerabilities ... 4
1.4 Vision for Barbados ... 5
1.5 Global Alignment ... 5
1.6 Structure of the Document ... 5
2. Review of Performance under BERT 2018 and BERT 2022 ... 6
2.1 Introduction ... 6
2.2 Macroeconomic Stabilisation and Debt Reduction ... 7
2.3 Sustained Economic Growth and Employment Recovery ... 8
2.4 External Sector Strengthening and Resilience Building ... 10
2.5 Structural and Institutional Reform Achievements ... 10
2.6 Climate Resilience and Sustainable Development ... 13
2.7 Lessons Learned and Strategic Foundations for BERT 2026 ... 14
2.8 Assessment of Remaining Gaps ... 16
3. Macroeconomic Framework and Fiscal Anchors ... 17
3.1 Overview and Strategic Role of the Macroeconomic Framework ... 17
3.2 Medium-Term Macroeconomic Outlook (2025–2029) ... 17
3.3 Fiscal Anchors and Policy Objectives ... 18
3.4 Public Debt Trajectory and Financing Requirements ... 19
3.5 Financing BERT 2026 ... 20
4. Strategic Pillars of BERT 2026 ... 21
4.1 Pillar I: Enhancing Productivity and Competitiveness ... 21
4.2 Pillar II: Maintaining Debt and Fiscal Sustainability ... 23
4.3 Pillar III: Financial Market Development and Investment Mobilisation ... 24
4.4 Pillar IV: Climate Resilience and the Green Economy Transition ... 26
4.5 Pillar V: Empowering People and Strengthening Human Capital ... 27
5. Implementation Arrangements ... 28
5.1 Institutional Oversight and Coordination ... 28
5.2 Ministry and Agency Responsibilities ... 29
5.3 Program Monitoring, Evaluation, and Reporting ... 30
5.4 Integration with Budgeting and Planning ... 30
5.5 Evaluation and Adaptation ... 30
5.6 Stakeholder Engagement ... 31
6. Risks and Mitigation Measures ... 31
6.1 Macroeconomic and Fiscal Risks ... 31
6.2 Structural and Implementation Risks ... 32
6.3 Climate and Natural Disaster Risks ... 32
6.4 Contingent Liabilities ... 33
7. Conclusion and Next Steps ... 33
APPENDIX 1: Macroeconomic Framework ... 35
Appendix II: Summary of Reforms Under BERT Programmes (2018–2025) ... 43
#### Executive Summary
The Barbados Economic Recovery and Transformation Plan 2026 (BERT 2026) represents the third and most ambitious phase in the country’s economic reform journey. It builds on the stabilisation gains of BERT 2018 and the growth momentum of BERT 2022, and now shifts decisively toward long-term transformation. BERT 2026 sets out a clear path to build a high-performing, inclusive, and climate-resilient Barbados.
From Stabilisation to Growth to Transformation Barbados has made significant strides since 2018. The public debt-to-GDP ratio has fallen from 178.9 percent to 101.1 percent by end-September 2025. Reserves have rebounded from under four weeks of import cover to 31.6 weeks at end-September 2025, with international reserves at $3.3 billion. The economy has expanded for 17 quarters, social services have been protected, and investor confidence has returned, evidenced by the country’s successful $500 million international bond issuance in 2025.
These achievements have restored macroeconomic credibility and created space for targeted investment. But significant challenges remain. Labour productivity growth is still weak. Investment gaps persist in infrastructure, housing, and innovation. Barbados continues to face exposure to climate shocks, contingent liabilities from state-owned enterprises, and external volatility. BERT 2026 addresses these challenges head-on.
Strategic Vision and Objectives
BERT 2026 articulates a bold and forward-looking vision: to transform Barbados into a
high-performing, inclusive, and climate-resilient economy. The plan aligns with the
Sustainable Development Goals (SDGs), the 2035 Net-Zero Target, the Medium-Term Fiscal
Strategy, and the principles of the Bridgetown Initiative.
---
📄 Full source: https://www.barbadosparliament.com/uploads/sittings/attachments/ea8d2c9e3f74ea8c7ff6a4338e9bc1d8.pdf
A Mission-Oriented Strategy for Inclusive and Sustainable Economic Growth in Barbados Mariana Mazzucato
Mission-Oriented Strategy for Inclusive and Sustainable
Economic Growth in Barbados
November 2023
Written by Mariana Mazzucato, Professor in the Economics of Innovation and Public Value, Univ...
# The Economics of Rotating Savings and Credit Associations: Evidence from the Jamaican 'Partner'
**Source:** Handa, S. & Kirton, C. (1999), *Journal of Development Economics* | [Academia.edu Link](https://www.academia.edu/104775168/)
---
## Abstract
> "Using a unique sample of rotating savings ...
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# The Economics of Rotating Savings and Credit Associations: Evidence from the Jamaican 'Partner'
**Source:** Handa, S. & Kirton, C. (1999), *Journal of Development Economics* | [Academia.edu Link](https://www.academia.edu/104775168/)
---
## Abstract
> "Using a unique sample of rotating savings and credit association Rosca members from Jamaica, we provide the first econometric tests of the recent theoretical advances in the literature on Roscas, and find considerable support for an economic theory of Roscas."
Key findings from the abstract:
- **Payments to the Rosca leader significantly enhance sustainability** of the Rosca
- The contractual relationship between leader and members is **'transaction cost minimizing'** — when degree of asset specificity is higher, the contract is more flexible
- **Inverse relationship** between size of Rosca and size of contribution
- Rosca funds are used for **durable goods purchase**
---
## Key Takeaways
1. **Social connections** among members increase sustainability, but **payments to the banker are more critical** for reducing default risk
2. Study analyzes **1,000 Jamaican Rosca members**, validating theoretical models through econometric tests
3. **~71% of Rosca funds** used for purchasing durable goods, reflecting their role in addressing indivisibility issues
4. **Larger Roscas → smaller individual contributions**, supporting the inverse relationship between size and hand size
5. Payments to the Rosca banker enhance sustainability, demonstrating a **transaction cost-minimizing governance structure**
---
## FAQs (Key Findings Elaborated)
### Role of the Banker
- Payments to the banker **reduce the probability of problems by 16 percentage points**
- Bankers are crucial for organizing and managing transactions, minimizing costs associated with defaults
- The probability of experiencing a partner problem **decreases with banker fee payments**
[... additional sections omitted for brevity ...]
---
📄 Full source: https://www.academia.edu/104775168/The_economics_of_rotating_savings_and_credit_associations_evidence_from_the_Jamaican_Partner
# Black Women as Co-operators: Rotating Savings and Credit Associations (ROSCAs) in the Caribbean and Canada
**Author:** Caroline S. Hossein, University of Toronto
**Format:** Academic paper (12 pages)
---
## Abstract
The paper examines ROSCAs' role in empowering Black women across the Caribbean...
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# Black Women as Co-operators: Rotating Savings and Credit Associations (ROSCAs) in the Caribbean and Canada
**Author:** Caroline S. Hossein, University of Toronto
**Format:** Academic paper (12 pages)
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## Abstract
The paper examines ROSCAs' role in empowering Black women across the Caribbean and Canada. It critiques the **male-centric narrative of co-operative banking** by highlighting the historical significance and contemporary relevance of ROSCAs, which foster communal support and resilience among women of color. Through qualitative interviews, it illustrates how these financial collectives serve as both **economic lifelines** and **vital social networks** that challenge economic exclusion.
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## Key Takeaways
1. **ROSCAs serve as critical financial institutions** for Black women, fostering economic agency and social connections
2. Documents Black women's **historical contributions to co-operative banking** in the Americas
3. Women operate ROSCAs to **navigate financial exclusion** from traditional banking systems and promote mutual aid
4. **332 women participated** across five Caribbean countries and Canada, highlighting diverse community practices
5. ROSCAs are **rooted in African traditions**, providing culturally relevant financial solutions since the 1500s
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## Methodology
- **332 women** interviewed across five Caribbean countries (Haiti, Grenada, Jamaica, Trinidad & Tobago, Guyana) and Toronto, Canada
- Qualitative methods: interviews and focus groups
- Study period: **2007–2015**
- Multi-method approach for in-depth understanding of participants' experiences and motivations
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## Core Themes & Findings
[... additional sections omitted for brevity ...]
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📄 Full source: https://www.academia.edu/26862714/Black_Women_as_Co_operators_Rotating_Savings_and_Credit_Associations_ROSCAs_in_the_Caribbean_and_Canada
## Women’s Power and Community Resilience Rotating Savings and Credit Associations in Barbados and The Bahamas
Brent W. Stoffle
Richard W. Stoffle
Jessica Minnis
Kathleen Van Vlack
Abstract
Rotating Savings and Credit Associations or ROSCA are perceived by many in the Caribbean as derived fro...
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## Women’s Power and Community Resilience Rotating Savings and Credit Associations in Barbados and The Bahamas
Brent W. Stoffle
Richard W. Stoffle
Jessica Minnis
Kathleen Van Vlack
Abstract
Rotating Savings and Credit Associations or ROSCA are perceived by many in the Caribbean as derived from West Africa where they were a traditional (pre-colonial) means of accumulating and distributing resources. Brought to the Caribbean as part of the non-material culture of African people, ROSCAs were reestablished and adapted to the new social, economic, and political conditions. Also a challenge for African ancestry peoples was the creation of new communities in a suppressive social environment where such communities were perceived as a threat to established colonial order. This paper is based on historic documents and two separate ethnographic studies involving more than a thousand direct interviews. Although the two studies in Barbados and the central Bahamas had different purposes, both documented that these associa tions emerged as historically and contemporarily important to women and a foundation of their communities. The findings argue that begin ning during slavery ROSCAs were used by women to achieve power (agency) and in so doing provided resilience to their community. Keywords: Rotating Savings and Credit Associations, Barbados, Baha mas, micro-credit
Resumen
Las Rotativas de Ahorro y Crédito o ROSCA son percibidas por muchos en el Caribe como derivadas de África Occidental, donde eran un tradicional (pre-colonial ) medio de acumulación y distribución de recursos. Transportadas al Caribe como parte de la cultura inmaterial de los pueblos africanos, las ROSCA se restablecieron y se adaptaron a las nuevas condiciones sociales, económicas y políticas. Un desafío para los pueblos de ascendencia africana fue la creación de nuevas comunidades en un entorno social represivo que en dichas comunida des se percibía como una amenaza al orden colonial establecido. Este
Caribbean Studies Vol. 42, No. 1 (January - June 2014), 45-69 trabajo se basa en documentos históricos y dos estudios etnográficos separados basados en más de mil entrevistas directas. Aunque los dos estudios realizados en Barbados y las Bahamas centrales tuvieron diferentes propósitos, ambos documentaron que estas asociaciones surgieron históricamente y fueron al mismo tiempo importantes para las mujeres y un pilar para sus comunidades. Los hallazgos sostienen que en tiempos de la esclavitud las ROSCA fueron utilizadas por las mujeres para aumentar su poder (agencia) y al hacerlo, proporcionaron resistencia a su comunidad. Palabras clave: Rotación de Ahorro y Crédito, Barbados, Bahamas, micro-crédito
Résumé
Beaucoup de gens dans les Caraïbes perçoivent les associations rotatives d’epargne et de crédit ou AREC comme étant originaires d’Afrique de l’ouest où elles étaient un moyen traditionell (pré-colo nial) d’accumulation et de répartitions des ressources. Importées dans les Caraïbes en tant que culture immatérielle du peuple africain, les AREC ont été rétablies et adaptées aux nouvelles conditions sociales, politiques et économiques. Le défi pour les descendants d’Africains, a été la création de nouvelles communautés dans un environnement social suppresif où lesdites communautés étaient perçues comme una menace de l’ordre colonial établi. Cet article s’appuie sur des docu ments historiques et deux études ethnographiques distinctes incluant plus d’une centaine d’entrevues directes. Bien que les deux études menées l’une à la Barbade et l’autre dans le centre des Bahamas ont des objectifs différents, ces dernières convergent pour attester de l’impor tance de ces associations pour les femmes tant sur le plan historique que contemporain. Ce système de coopérative constitue la base de leurs communautés. Les résultats soutiennent que durant l’esclavage les AREC étaient utilisées par les femmes comme moyen d’atteindre le pouvoir (l’agentivité) et, ce faisant procurer de la résilience à leur communauté. Mots-clés : Association rotatives d’epargne et de crédit, La Barbade, les Bahamas, microcrédit
T
his paper brings interview, oral history, and document data
to the question of how women acquired power (often called
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📄 Full source: https://www.bajanthings.com/wp-content/uploads/2025/12/ROSCAs_Barbados_Bahamas.pdf