Caribbean News

JAMAICA: IDB to provide more than US $50 Million per year for investment projects in Jamaica

Published

5 years ago

October 23, 2018

#Washington, DC, October 23, 2018 – USA – The Inter-American Development Bank (IDB) is making more than US$50 million a year available for investment in a number of projects in Jamaica, through its investment arm, IDB Invest.

IDB Invest General Manager, James P. Scriven, who made the disclosure on Friday (October 19), said that tourism, infrastructure, transportation, ports, roads, as well as the financial sector, are the areas identified to benefit. He said the funds will be made available over “a couple of years”.

He was speaking at a luncheon hosted by the IDB’s new Executive Director for Caribbean countries, Ambassador Selwin Hart, at the organisation’s headquarters in Washington DC.

Mr. Scriven told the Caribbean Ambassadors and IDB officials in attendance that IDB Invest is taking keen interest in Jamaica and its development, noting that the funds being made available will support key growth projects.

Meanwhile, he affirmed the IDB Group’s commitment to supporting investments for projects within the wider Caribbean.

“We have over US$300 million that we will loan to various projects in the Caribbean, as we feel the IDB needs to pay more attention and give more financial support to the Caribbean,” he informed. He noted that the Bank had employed staff in all the Caribbean countries where it has a presence, in order to ensure that the necessary groundwork for the expansion of IDB Invest can take place.

Jamaica’s Ambassador to the United States and Chairman of the CARICOM Caucus of Ambassadors, Her Excellency Audrey P. Marks, welcomed the announcement of IDB funds to be made available for projects in Jamaica.

“This latest expanded financial framework from IDB Invest, which will allow projects as small as US$1 million to be included, will help tremendously in improving small and medium-sized enterprise investment in our tourism, infrastructure, transportation and financial sectors,” she pointed out.

Ambassador Marks said that as Chairman of the CARICOM Caucus of Ambassadors, she is pleased that IDB Invest is looking to help finance a number of projects throughout the region.

“A major focus of the CARICOM Caucus of Ambassadors over the next couple of months is to find ways to attract new investments into the Caribbean and with new investors, the partnership with international financial institutions such as IDB Invest, will add credibility and viability to projects. I am, therefore, happy to note this additional over US$300 million for investment projects throughout the Caribbean,” she pointed out.

Ambassador Marks congratulated Ambassador Hart, who is from Barbados, on his IDB appointment, and expressed support on behalf of Caribbean Ambassadors in Washington, DC, “in working together to get the job done”.

Ambassador Hart, for his part, said the Caribbean office is “strategically engaging key departments across the IDB Group to identify new opportunities for the region, and are keen to work with management on bringing more Caribbean talent into the Bank, including at senior levels”.

“We are working on strengthening our internal coordination and collaboration to better project a strong Caribbean identity across the Bank, strengthening existing relationships and building new ones, as well as working closely with the other CARICOM countries that are not formally part of our constituency on the Board but, nevertheless, share the same priorities and interests,” he added.

Release: JIS

Photo Caption: Jamaica’s Ambassador to the United States and Chairman of the CARICOM Caucus of Ambassadors, Her Excellency Audrey Marks (third right), congratulates newly appointed Inter-American Development Bank Executive Director for the Caribbean, Ambassador Selwin Hart (second left), after a luncheon at the IDB headquarters in Washington DC on Friday (October 19). Others (from left) are Manager of IDB Multilateral Invest Fund, Irene Arias-Hoffman; Jamaica’s representative to the IDB, Arthur Williams; and General Manager of IDB Invest, James Scriven.

(Photo: Derrick Scott)

Caribbean News

CARICOM pushes need for Reparations Tribunal at Forum in Geneva

Published

5 hours ago

April 19, 2024

Shanieka

Rashaed Esson
Staff Writer

Words are in circulation in support for the establishment of an international tribunal, geared towards seeking reparations for centuries long transatlantic slave trade, after a CARICOM official made calls at the third session of the Permanent Forum on People of African Descent (PFPAD) in Geneva, Switzerland.

During day two of the gathering held from April 16 to 19, 2024, David Comissiong, Barbados Ambassador to the Caribbean Community, stated there is a need for the tribunal as there is currently no international court to deal with the issues of reparations.

Commision, like the other members that support his view, according to reports, are aware this won’t be an easy feat, as he expressed that establishing the tribunal would require a “positive decision” by the UN General Assembly, further calling on the officials at the Forum and the UN, to come together through international collaboration and “make this happen.”

The idea creation of the tribunal was born last year 2023, suggested by the PFPAD, now reiterated by Comissiong.

Antonio Guterres, the UN Secretary General, in a video, addressing the opening of the forum, supported the ongoing calls for respiratory efforts, a sentiment not shared by many.

Mentioning that racism is still an issue in today’s society, Guterres said, “ now we must build on that momentum, to drive meaningful change by ensuring that people of African descent enjoy the full and equal realization of their human rights; by stepping up efforts to eliminate racism and discrimination, including through reparations.”

Caribbean News

CARICOM sends warning as Oil prices creep higher in the Israel v Iran conflict; 14 regional states import energy

Published

5 hours ago

April 19, 2024

Shanieka

Garfield Ekon
Staff Writer

The recent attack on the Sate of Israel by the Islamic Republic of Iran, has delivered growing uncertainty across the Caribbean region, and the rest of the global economy.

Chief among the many concerns, is the free flow of oil from the Middle East, which stands at 31% of daily production for the global economy. At minimum, shipping costs are likely to increase based on the increased risk of military action in the Persian Gulf.

Pressure is also building on US and European insurance clubs to avoid any transaction, including those with China, that involve Iranian crude and additional rerouting of oil and gas shipments in response to Houthi threats, or Allied responses.

According to the Caribbean Community Council of Foreign and Community Relations (COFCOR), “these developments not only exacerbate the already tense situation but also pose significant threats to regional stability and international peace,” the group warned in a media statement.

It added that the continued cycle of retaliation, including the recent attack on Israel by Hamas, Israel’s “disproportionate response” in Gaza, and the “alarming new dimension of direct confrontations between Israel and Iran, leads to an untenable situation fraught with potential for greater regional conflict and global instability.

“The human toll of this conflict, highlighted by tragic incidents such as deaths and injuries to children, demand an immediate and empathetic response from the global community. It is imperative that there be no further escalation that can lead to more suffering and instability,” it said.

While calling for an immediate cessation of hostilities between Israel and Iran, the regional body underscored that it strongly urges both nations to halt any further military actions that could worsen the situation, endangering not only their own populations but also the broader international community.

“We implore all parties to consider the severe consequences of further conflict and to commit to diplomatic solutions that ensure the safety, sovereignty, and dignity of all people involved,” the CARICOM statement said.

On October 6, 2023, the day before Hamas attacked Israel, the international benchmark Brent crude was trading at $85 per barrel and has been fluctuating at up to $96.

On Thursday, it traded at $91 per barrel. With the exception of gas-rich Trinidad and Tobago, the 14 other countries of CARICOM, are energy importers.

Approximately 93 percent of the region’s energy needs are met by oil imports, which average 13% of Gross Domestic Product (GDP).

Caribbean News

Gov’t Committed to Seeking Reparations for Chattel Slavery – Minister Grange

Published

5 hours ago

April 19, 2024

Shanieka

KINGSTON, April 16 (JIS):

Minister of Culture, Gender, Entertainment and Sport, Hon. Olivia Grange, says the Jamaican Government remains committed to seeking reparations for the prolonged period of chattel enslavement endured by the African forefathers on the country’s plantations.

Minister Grange said that the historical events of the transatlantic slave trade continue to have a lasting impact on Black communities to this day.

She contended that the ongoing struggles to finance education and healthcare, address poverty and housing issues, respond to economic shocks and climate change impacts, and foster peaceful societies are all rooted in the historical legacy of enslavement.

Minister Grange was addressing a church service on Sunday (April 14) at the Webster Memorial United Church in St. Andrew, where an apology was issued on behalf of the United Reform Church (URC) in the United Kingdom (UK) by Moderator of the Assembly of the URC, Reverend Tessa Henry-Robinson, for the church’s historical involvement in slavery.

“We, the general assembly of the United Reform Church, mindful of our own history and that of our antecedent bodies, wish to confess and apologise for our role in transatlantic slavery and the scars which continue to blight our society, our church and the lives of Black people in our midst and around the globe today,” the apology read.

Minister Grange, in accepting the apology, urged UK churches, particularly those whose representatives were present for the historic apology in Jamaica, to communicate to their government the ethical imperative of admitting culpability through an apology and working with Jamaica to discern the potential avenues for reparations.

She said that the church’s role in the transatlantic slave trade has had significant and enduring effects on Black communities, impacting society, the church itself, and the lives of Black individuals worldwide.

“It is this complicity of the church that gave solace and comfort to the citizens and governments of UK and Europe as they endorsed and defended with their military project, that saw the capture, the torture, the dehumanisation, and devaluation of African people, legacies of which we experience today as racism, white supremacy, and discrimination,” she stated.

“We struggle to build peaceful, stable societies because of the perpetration of violence which was the platform on which enslavement was executed yet, in spite of this, we have been good converts to these same religions. Our people have adopted and adapted the doctrines and rituals of these new religions and in many instances have energised and revitalised them with cultural practices of African spirituality,” the Minister emphasised.

The URC is a community of Christians gathering in local churches across England, Scotland, and Wales, and is part of the global family of Reformed Churches, comprising more than 70 million Christians.

With approximately 42,000 members in around 1,200 congregations, supported by more than 600 ministers, the URC plays a significant role in the spiritual and communal life of its members and the broader community.

CONTACT: BRITNEY STEVENS