TCI News
TCI: UK Govt says alternative Brexit funding may lead to OT Development Fund
#Providenciales, May 14, 2019 – Turks and Caicos – United Kingdom explains that the Government it is committed to filling gaps left due to the imminent British exit from the European Union.
The Government in a recently published report explains the plan of action.
“Future funding arrangements for the OTs will be considered as part of the next Spending Review, which will conclude at the budget. To feed into Spending Review considerations, the Government is establishing an Inter-Ministerial Group to meet to examine the issue of whether to develop a dedicated OT fund, including ODA assistance, together with other longer-term issues, including those raised in the Committee’s report. We will inform the Committee of its outcome.”
The Foreign Affairs Committee advised the UK Government that it needed to begin to consider how it would manage the void as the EU is credited with partnerships with Overseas Territories to the tune of tens of millions of dollars.
“… the Government should explore options for a dedicated development and stimulus fund for the OTs, which would allow for the long-term, sustainable development of aid-dependent territories; help to stimulate the economies of those who need a stimulus but do not qualify for official development assistance; and help territories that are otherwise financially self-sufficient respond to crises such as hurricanes. This long-term vision must be based on a clear-eyed assessment of how the UK will balance the needs of individual OTs against value for money for UK taxpayers. There must be scope to ask hard questions about the long-term sustainability and viability of individual OTs without further significant levels of UK capital investment. If the Government does not think significant capital investment is possible, then it must be frank about what it will spend and towards what end,” recommended the FAC in February 2019.
The Foreign and Commonwealth Office added, “The Government will also be considering future funding for the Blue Belt programme as part of the forthcoming Spending Review, as the current programme ends in March 2020. The Government announced in the Spring Statement 2019 that it will support the call from Ascension Island Council for a fully protected, no-take Marine Protected Area in its offshore waters. The Chancellor confirmed that funding for ongoing costs associated with Ascension’s MPA will be delivered at the forthcoming Spending Review.”
The FAC was informed that research and understanding has long been started as the UK Government aims to ensure there remains some kind of support to the OTs. In the conclusions section of the report, released on May 7, 2019, this was said: “The OTs currently benefit from a number of EU programmes, specifically the European Development Fund, Horizon 2020, The Voluntary Scheme for Biodiversity and Ecosystem Services in EU Outermost Regions and Overseas Countries and Territories (BEST) and Erasmus+. Gibraltar also receives EU structural funds, specifically the European Regional Development Fund (ERDF) and the European Social Fund (ESF) and takes part in European Territorial Cooperation (ETC) programmes. In the event of no deal, the Chancellor has agreed that the UK government will guarantee funding for specific EU projects over their lifetime, should it be required; further details are set out in the Technical Notice, which was published on 12 October 2018. This will provide certainty for the OTs and participating organisations over the course of EU exit.”
While the tone of the commentary is one of committedness by the UK Government, there is also caution which the OTs will likely note and discuss in upcoming meetings with the FCO.
“Any future funding arrangements will need to demonstrate value for money and adopt a consistent approach across all government departments that manage such funds. No decisions have yet been taken on this matter. The OTs will be fully consulted in the process.”
Providenciales, Turks and Caicos Islands – May 14th, 2024 – The Turks and Caicos Islands Government and Molo Hotel Group reached a pivotal juncture on Monday, May 13th, 2024, with the ceremonial signing of a development agreement at the Premier’s Office on Providenciales. The agreement, which received official Cabinet approval on March 13th, 2024, signifies a steadfast commitment to advancing the economic landscape of the Turks and Caicos Islands.
Molo Hotel Group is a family-owned business, renowned for its distinguished portfolio of high-quality hotels worldwide. The
development initiative encompasses the construction of three distinct IHG branded hotels: InterContinental Turks and Caicos, Kimpton Turks and Caicos and Hotel Indigo Turks and Caicos. Scheduled for completion by 2027, each resort boasts a distinctive design from luxury to laidback sophistication spanning across the shores of Grace Bay Beach.
Kimpton Turks and Caicos – an epitome of luxury lifestyle living, will feature 192 guest rooms including three outdoor pools, a luxury spa and a fitness center. Additionally, seven dining options ranging from a beachfront restaurant to a rooftop bar.
Adjacent to the Kimpton, InterContinental Turks and Caicos will offer 59 classic luxury suites with panoramic ocean views. Mirroring its counterpart, this resort will offer an array of dining options and upscale facilities.
Steps away from the Intercontinental and Kimpton resorts, Hotel Indigo Turks and Caicos will embrace a sense of community and contemporary elegance, offering 56 bedrooms. The resort will feature an onsite restaurant, lobby bar, outdoor pool, and fitness room.
Beyond the realm of hospitality, this development agreement underscores the government’s commitment to fostering economic growth and enhancing employment opportunities in the Turks and Caicos Islands. Molo is partnering with the Turks and Caicos Islands Community College (TCICC) to actively promote hospitality as a career choice and support in developing training programs, career fairs, seminars, workshops, and events to raise awareness about hospitality careers. Molo has committed to provide employment and apprentice opportunities to TCICC students and provide mentoring and practical on property training to students.
The signing event was graced by Hon. Charles Washington Missick, Premier of the Turks and Caicos Islands, Hon. Jamell Robinson, Deputy Premier, Hon. Kyle Knowles, Minister of Public Safety and Utilities, Hon. Rachel Taylor, Minister of Education, Youth, Sports and Culture, Łukasz and Marcin Slominski, Owners of Molo, Ross Morrow, Managing Director Molo, Arik Kono, Vice President Upscale Development for IHG, Dr. Candice Williams, President and CEO of the Turks and Caicos Islands Community College, Angela Musgrove, InvestTCI CEO, Dr. Barbara Ambrister, Chairperson of the Turks and Caicos Islands Community College, Dr. Delores Stapleton- Harris, Vice President of Academic, Vocational and Student Affairs for the Turks and Caicos Islands Community College, Mr. Kevin Baxter, Dean of Technical Vocational Education Training (TVET) and Sheryl McLaughlin, InvestTCI Investment Services Executive.
Commenting on the development agreement, Premier, Hon. Misick, stated “The Memorandum of Understanding (MOU) signing of
IHG/Molo Hotels is a significant step towards a sustainable future for hospitality in the Turks and Caicos Islands. Three hotels, Kimpton, Intercontinental, and Hotel Indigo, will be introduced, enhancing our tourism product and creating employment opportunities.”
He further added, “Partnerships with the Turks and Caicos Islands Community College and Turks and Caicos Islands Sports Commission are underway, demonstrating the Government’s commitment to developing human capital and elevating tourism offerings. This project will bring economic growth, embrace local talent, and enrich our economy.”
Additionally, Mrs. Angela Musgrove, CEO of Invest Turks and Caicos Islands, emphasized “This collaboration confirms our commitment to fostering economic growth and prosperity within our country. We have worked closely with Molo Hotel Group, and we are confident that this transformative project will further position the Turks and Caicos Islands as a premier destination for travel and investment. Much to our delight, it will also provide opportunities for engagement with our Community College and small business community.”
The Government of the Turks and Caicos Islands, operating through its primary Investment Promotion
Agency, Invest Turks and Caicos Islands, remains committed to attracting and facilitating Foreign Direct Investments to the country by providing a comprehensive suite of services. Through strategic initiatives and targeted promotion, the agency catalyzes sustainable development, driving innovation and small business opportunities across various sectors of the economy.
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