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JAMAICA: 90 per cent of loans from China to be repaid in 10 years

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#Kingston, November 2, 2018 – Jamaica – Finance and the Public Service Minister, Dr. the Hon. Nigel Clarke, says 90 per cent of outstanding debt to the Export-Import (EXIM) Bank of China will be repaid in 10 years.

Dr. Clarke informed that 99 per cent of the loans secured from China on behalf of Jamaica are at fixed interest rates of two and three per cent, which “are among the lowest interest rates in our entire loan portfolio”.

“Loans from China [also] represent a mere 3.9 per cent of the total $2-trillion debt of Jamaica.  When you hear a loan being executed of (about) US$200 million from the China EXIM Bank, bearing in mind that at current exchange rates US$200 million is roughly $25 billion and then in a debt size of $2 trillion, it is just about one per cent,” he said.

The Minister was speaking at LatinFinance’s third Caribbean Finance and Investment Forum, at The Jamaica Pegasus hotel in New Kingston on November 1.

Dr. Clarke’s sentiments are consistent with those of Prime Minister, the Most Hon. Andrew Holness, who, a day before, noted that the loans secured on behalf of Jamaica are done at the best interest rates and that there is no need to fear Jamaica’s relationship with China.

“I don’t think that there needs to be any fear-mongering. The Government of Jamaica has been very strategic and the sovereignty of Jamaica is always foremost in my mind. So when we engage, we engage with that as a non-negotiable part of the partnership,” Mr. Holness said.

Meanwhile, Dr. Clarke assured the group of regional bankers and potential investors at LatinFinance’s forum that “there is no better place to invest than in Jamaica”.  He noted that all the economic indicators suggest that the Jamaican economy “is stronger than it has ever been”.

“We have inflation at record lows, but more important than being at record lows is that inflation has been stable over the past four years and is increasingly becoming predictable. On top of that, loan growth is increasing at accelerated levels… foreign direct investments have been steady and capital imports have increased by five-fold over the past six years,” he indicated.

Dr. Clarke reiterated plans for the establishment of an independent fiscal council designed to strengthen Jamaica’s fiscal responsibility framework and the modernization of the country’s central bank, the Bank of Jamaica.

Hosted in partnership with the Ministry of Finance and the Public Service, LatinFinance’s third Caribbean Finance and Investment Forum brings together global banks and investors to lay out the road map towards achieving sustainable growth and investment.

LatinFinance is the leading source of intelligence on the financial markets and economies of Latin America and the Caribbean.

The entity’s Chief Executive Officer (CEO), Taimur Ahmad, acknowledged the ongoing growth in the Caribbean, which has “picked up in recent years, supporting the (existing) view that the region has finally turned the corner”.

He said part of the aim of the forum is to explore the promise held by the region, which, he noted, is significant.

Themes explored at the finance forum included exploring the new directions in the Caribbean economic outlook, understanding Caribbean fixed-income and Caribbean corporate finance and capital markets integration, among others.

 

Release: JIS

Contact: Chad Bryan

Photo  Captions: 

Header: Finance and the Public Service Minister, Dr. the Hon. Nigel Clarke (centre), shares a light moment with Political/Economic Specialist of the United States Embassy in Kingston, Elvis James (left); and Education, Youth and Information Minister, Senator the Hon. Ruel Reid, at the third Caribbean Finance and Investment Forum at the Jamaica Pegasus hotel in New Kingston on November 1.

Insert: Finance and the Public Service Minister, Dr. the Hon. Nigel Clarke (left) listens attentively to a point made by LatinFinance’s Chief Executive Officer, Taimur Ahmad, at the third Caribbean Finance and Investment Forum, at The Jamaica Pegasus hotel in New Kingston on November 1.

Dave Reid photos

 

 

 

 

 

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Jamaica Joins Afreximbank Agreement, Strengthening Africa–Caribbean Partnership

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CARIBBEAN — Jamaica has become the 13th CARICOM member state to accede to the African Export-Import Bank Establishment Agreement, further strengthening economic ties between Africa and the Caribbean.

The development was confirmed during the 50th CARICOM Heads of Government Meeting, where an Afreximbank delegation led by George Elombi and Kanayo Awani met with Jamaica’s Prime Minister Andrew Holness to advance cooperation.

Prime Minister Holness thanked the bank for its support following Jamaica’s recent hurricane, noting that Afreximbank financing helped restore critical infrastructure including water, electricity, sewage systems and roads, while also assisting reconstruction efforts aimed at building stronger resilience to future disasters.

The meeting also focused on broader development opportunities tied to Jamaica’s membership in the agreement. Discussions included rebuilding and modernising infrastructure such as railways, hospitals and other public facilities, while strengthening regional transportation and trade networks to improve the movement of people and goods across the Caribbean.

Afreximbank has been expanding its presence in the Caribbean as part of its strategy to connect Africa with the region often referred to as “Global Africa.” The bank has already committed billions of dollars in financing and trade support to Caribbean economies in recent years, including funding for infrastructure, trade facilitation and private sector investment.

By joining the agreement, Jamaica gains expanded access to Afreximbank’s financial instruments, technical support and trade networks designed to promote commerce between Africa and CARICOM states.

Regional leaders say the growing partnership could unlock new opportunities in areas such as trade, logistics, tourism, manufacturing and cultural exchange, strengthening economic cooperation between the two regions with deep historical and diaspora ties.

Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.

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Liberty Caribbean Supports Regional Forum on AI, Cyber Resilience and Digital Inclusion  

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Port of Spain, TRINIDAD & TOBAGO (February 24, 2026) — Liberty Caribbean, the operators of Flow, Liberty Business and BTC, recently served as Gold-Level Partner of the two-day Trinidad and Tobago Internet Governance Forum (TTIGF), themed “The Innovation Paradox – Balancing Progress with Responsibility and Resilience”.

The Digital Divide is of particular interest to Liberty Caribbean and is being addressed through its Charitable Foundation across the region. Low broadband penetration in the Caribbean contributes to diminished opportunities for individuals, communities, and local economies, but with the support of funding partners, this gap can be addressed through a comprehensive programme – JUMP – that focuses on providing access, devices, and digital skills.

“Liberty Caribbean was proud to serve as Gold-Level Partner of the TTIGF because the conversations taking place here shape key digital policies for multiple stakeholders,” said Simone Martin-Sulgan, Vice President and General Manager, Flow Trinidad.

“As technology accelerates at an unprecedented pace, we must ensure that innovation strengthens our societies rather than fragments them. The theme, ‘The Innovation Paradox – Balancing Progress with Responsibility and Resilience,’ speaks directly to the work we do every day: building networks that are not only fast and reliable, but secure, inclusive and future-ready.”

Across the Caribbean, the digital divide remains one of the most pressing barriers to equitable growth. Low broadband penetration limits access to education, entrepreneurship and essential services, and that is why we are deeply committed to closing this gap.

Through the Liberty Caribbean Charitable Foundation and initiatives like the JUMP Programme, the company is expanding access to technology, affordable connectivity and digital skills training so that individuals and communities are empowered to participate fully in the digital economy.

Martin-Sulgan further stated “at Liberty Caribbean, we believe progress and responsibility must move in lock step. By investing in resilient networks, inclusive programmes and trusted partnerships, we are helping to build a Caribbean that is innovative, secure and prepared for the opportunities ahead.”

Topics covered during the Forum, with over 140 participants, included “Securing Critical Infrastructure”, Integrating AI into Digital Transformation”, “The Digital Divide”, The Human Cost of Innovation – Mental Health and Well-being in the Digital Age’, and AI, Cyber Resilience and Regional Innovation”.

Focused on the underlying mandate of the Conference theme thought leaders, innovators, policymakers, technologists, researchers, and community stakeholders were invited to explore how countries can evolve boldly without compromising values or long-term stability.

Photo Caption: 

TTIGF – l-r Darren Campo, Regulatory & Compliance Officer; Yolande Agard-Simmons, Senior Manager Communications; and Kevon Swift, Senior Manager Government and Regulatory Affairs of Flow Trinidad in attendance at the Post Event Mixer at Caribbean Telecommunications Union’s Head Office in St Clair, Port of Spain

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Mottley Sworn in After Historic Clean Sweep in Barbados Election

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Barbados, February 12, 2026 – Prime Minister Mia Amor Mottley was this afternoon officially sworn in for a third consecutive term, hours after delivering one of the most emphatic election victories in Caribbean political history — another complete capture of all 30 seats in Barbados’ House of Assembly.

The ceremony, conducted by President His Excellency Lt. Col. The Most Honourable Jeffrey Bostic, marked the formal start of a new administration following the February 11, 2026 general election, which returned the Barbados Labour Party (BLP) to power with a renewed and overwhelming mandate.

In a statement after taking the oath, Mottley said she accepted the responsibility “with humility and resolve,” thanking the people of Barbados for placing their trust in her leadership once again and urging national unity as her government begins its new term. Attorney Wilfred Abrahams was also sworn in as Attorney General.

The result is historic not only for its scale but for its consistency. This is the third straight general election in which the BLP has won every constituency, reinforcing Mottley’s dominance in national politics and extending an unmatched era of one-party control in the modern democratic period.

Voting day unfolded under the watch of a CARICOM Election Observation Mission, led by Antigua and Barbuda’s Supervisor of Elections Ian Hughes and supported by senior electoral officials from Belize and Jamaica. The team engaged key institutions ahead of the poll and monitored the process across the island.

Regional leaders were swift in their congratulations.

Guyana’s President Irfaan Ali described the outcome as “emphatic and historic,” saying the clean sweep reflected how deeply Mottley’s leadership has connected with Barbadians and expressing optimism about strengthening ties between the two countries.

Jamaica’s Prime Minister Andrew Holness also hailed the victory, noting that her re-election provides an opportunity to deepen cooperation within CARICOM and advance shared regional priorities.

The scale of the win again leaves Barbados without a parliamentary opposition, a reality that has become a defining feature of the political landscape since 2018. Supporters argue the repeated mandate reflects public confidence in Mottley’s stewardship of economic reform, climate diplomacy, the transition to a republic, and Barbados’ expanding global influence.

Now, newly sworn in and backed by another unanimous parliamentary majority, Mottley begins a third term with both extraordinary political capital and equally high expectations at home and across the region.

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