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EXCLUSIVE: TCI Financial Services Sector has a NEW Management & Marketing entity; introduction is made by Finance & Investment Minister 

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By Dana Malcolm 

Staff Writer  

 

 

#TurksandCaicos, March 20, 2023 – It has been designed and assembled out of the spotlight and scrutiny of the public, but it’s mission proposes an appealing result:  the potential for millions in profit for the Turks and Caicos Islands through a new entity with the power to ‘Shape the future’ of the country’s financial services sector.  

That is how it was explained to Magnetic Media in an exclusive where another new engine is created; this one materializing in order to transform the TCIs No. 2 industry.  

The news of the previously unmentioned statutory body, ‘TCI Finance Ltd’ which is already in operation came directly from E Jay Saunders, Deputy Premier and Finance Minister.  

The board of TCI Finance Limited cuts a powerful and experienced figure, made up of top consultants in the financial field. Impressive, but birthed is another concept with woefully little public consultation or acquaintance and likely to face push back despite its touted advantages.  

As an explanation for the low-key entry onto the financial scene of TCI Finance Limited, DP Saunders said results from a 2018 KPMG study birthed the agency; the study was commissioned, and the public consultations run under the Sharlene Robinson-led Government Administration. Those consultations, however, drew largely from the professionals populating the banking industry and not the layperson.  It is likely that not many people, if any, will recall these deliberations making this report the first traceable introduction to the public of TCI Finance Ltd.   

The PNP administration, under the Minister of Finance whose remit it is to market the financial services sector, has dusted off the documents and breathed life into the entity, which has been operational, Saunders says, since February 2022.  

We were virtually introduced and spoke to members of that board to get a handle on exactly what TCI Finance Ltd stands for, what it plans to do, and who will keep it in check and on track.  

“TCI Finance Limited (‘TCIF’) was incorporated in early 2022 to promote and market the Turks and Caicos Islands as a welcoming, supportive, and well-regulated jurisdiction for international financial services,” said David Stewart, a 30-year-old lawyer and Co-Chair of TCI Finance.  

Its mission is built around the findings of a 2018 KPMG report on the Turks and Caicos which opened insight into a floundering financial sector and heralded a most certain flatlining of the industry without life-giving investment and serious promotion. Armed with the 49 recommendations in that report, TCIF’s main purpose at its barest, is to sell TCI as the best place to do financial business, chomping into the market that Cayman and the British Virgin Islands dominate so well.  

And successfully run, it stands to make the country tens of millions.  

It’s a big job, and that ‘welcoming and well-regulated reputation’ will need work to be cultivated as the country remains on the EU tax Blacklist. It’s something that advisor David Lewis is confident his company, Kroll, has under control.  

“Kroll is working closely with the Government and with the Financial Services sector to help TCI meet global standards and the expectations of international bodies and partners, including the OECD and the EU, and to support TCI’s broader objectives for its businesses and citizens,” he told us the following glowing commendations from Deputy Premier Saunders.  

As for the matter of where the money will come from; TCIF is a non-profit partially owned by the Government and the Finance Industry Association (FIA), explained Stewart, who chairs the FIA.  

FIA members include the Bar Association, the Accountancy Association, Bankers, Insurers, Money Transmitters and others involved in TCI financial services. They will provide 25 percent of TCIF financing; the rest will come from taxpayer dollars through the TCIG and to whom the TCIF will have to answer. Saunders told us the budget for TCIF was $1 million. 

Acknowledging the mammoth undertaking for this new entity to rebrand and to sell the Turks and Caicos to finance heavyweights worldwide, Stewart said the work had already begun. So far, the agency has:   

  • commissioned an international consultancy to help identify likely areas for growth  
  • recruited a high profile and senior banker from Europe to head TCIF    

Most importantly they say they will be creating opportunities for wealth building for islanders as well as give them access to the ‘very best international wealth management professionals.’ 

Stewart said the key to success was a strong public launch on which they were already working. The result should be visible on both local and international levels.  

“Our measures of success will be in investors won, and good quality and well-paid professional jobs for residents of TCI created, alongside the creation of a strong, reputable, and attractive brand aligned with and connected to our superb reputation as a luxurious, beautiful place to work, live and play,” he maintained.  

Should this ‘cauldron of innovation, collaboration, and implementation’ prove successful, not only could it increase the country’s revenue to never before seen heights, it could create a new largely untapped sector of growth in which TC Islanders could not only be employed but build generational wealth. 

Saunders says he wants to more than double the financial services revenue from $10.5 million in the 2020/21 financial year to $25 million in the next 6 years.   

Standing along with Stewart to execute this overhaul, is the rest of the board namely: 

  • Chair – E Jay Saunders (in his capacity as Minister of Finance)  
  • Vice-Chair – David Stewart (in his capacity as President of the FIA)  
  • Angela Musgrove (in her capacity as CEO of Invest TCI) 
  •  Athenee Harvey-Basden (in her capacity as PS, Ministry of Finance) 
  • Niguel Streete (in his capacity as CEO, Turks and Caicos Financial Services Commission) 
  • Drexwell Seymour, Certified Public Accountant  
  • Mr Marcus Samuel (in his capacity as Chair of the Bankers association) 
  • Sally-Ann Astwood (appointed by the Hon. Leader of the Opposition) 
  • Ryan Blain (on behalf of the accountancy association) 
  •  Rochelle Musgrove  
  •  Ervine Quelch (corporate development, former NIB board member) 

With the wheels already turning, it will bring new intrigue and possibly raise many questions once there is that formal launch and introduction of the entity.  

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Government dismisses IDPADA-G remarks as nonsensical, divisive

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– Labour minister reaffirms the government’s inclusive approach

Minister of Labour Joseph Hamilton has dismissed as “nonsensical” and “divisive” the recent comments made by Chairman of the International Decade for People of African Descent-Guyana (IDPADA-G), Vincent Alexander, which accused the government of marginalising Afro-Guyanese.

The comments were made following Minister Hamilton’s address at the United Nations Permanent Forum on People of African Descent, held at the UN Headquarters in New York.

The forum, which runs under the theme “United for reparatory justice in the age of artificial intelligence,” concludes on Thursday.

In a Tuesday interview with the Department of Public Information, Minister Hamilton said the claim bears no relation to the government’s track record.

“It’s so sad that when these guys who want to suggest that they represent people of African descent’s interest, when they have the opportunity…they [would] rather utilise their two minutes to…bring this narrative that is profane in nature [and] has no basis in reality,” he said.

The minister added that while the forum was designed to address developmental challenges, such as those posed by artificial intelligence, individuals had used the platform to promote what he described as hate, racism, and division.

The labour minister argued that Afro-Guyanese have begun to reject what they see as an attempt to monopolise their representation.

“Vincent Alexander and IDPADA-G have assigned to themselves that they are the spokespersons for Afro-Guyanese.  And daily, thousands of Guyanese are saying to them, ‘you go to hell, you don’t speak for me’,” he stated.

Responding to criticisms that the Ethnic Relations Commission (ERC) had failed to include an Afro-Guyanese commissioner in its delegation, the minister said this was not intentional.

“The reality is that Norris Whitter, who is a member of the ERC, was slated to come to New York…and at the late moment, he declined to come,” he explained.

Minister Hamilton stressed that the Government of Guyana remains committed to delivering inclusive development policies.

“We have rolled out educational programs that will affect positively every Guyanese, including people of African descent. The University of Guyana, being free from this year, will affect positively thousands and tens of thousands of Afro-Guyanese…so the government’s program is delivering to the Guyanese people [and] that includes people of African descent,” he said.

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PM Davis: New Solar Power PPA is ‘a bold step forward’

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NASSAU, The Bahamas – Prime Minister and Minister of Finance the Hon. Philip Davis said, during his remarks at the Power Purchase Agreement (PPA) signing between Bahamas Power and Light (BPL) and Madeleine Solar Power Ltd., on March 17, 2025, that it was “a bold step forward”.

“We take a step toward energy security, where clean, reliable, and affordable power is no longer a distant dream but a reality unfolding right before us,” Prime Minister Davis said, during the ceremony held at the Blue Hills Power Station.

“This signing represents a promise fulfilled: a declaration made by this administration signaling to the nation and the world that The Bahamas is ready to embrace renewable energy,” he added.  “For too long, we have been at the mercy of volatile fuel markets, burdened by high electricity costs, and vulnerable to the devastating impacts of climate change. From this moment onward, we will begin redefining our energy reality.”

Prime Minister Davis noted that, with that agreement, his Government accelerated its” mission to achieve 30% renewable energy by 2030.

“As we advocate for more international action to lower global carbon emissions, we are demonstrating to the world that we will lead by example,” he said.                                                                                                                                                                      Prime Minister Davis added:  “INTI’s – trading as Madeleine Solar Power, Ltd. — project will integrate seamlessly into the national grid, adding critical capacity right here at Blue Hills Power Station. Seventy megawatts of solar power is supported by 35 megawatts of battery storage.  That is the overall goal; but this contract provides for 20 megawatts. This system is designed to stabilize, sustain, and support our growing energy demands.”

He pointed out that, of course, his Government’s solar expansion was bigger than New Providence.

“Across our Family Islands, independent power producers are laying the foundation for a cleaner, more independent energy future for our Family Islands – Abaco to Andros, Eleuthera to Exuma, Long Island to San Salvador – the shift is happening with tailor-made solutions for each island,” Prime Minister Davis said.

“Minister Coleby-Davis and her team have worked tirelessly to bring this vision to life,” he added.  “I commend their dedication, and their determination to push past bureaucratic barriers and drive real, tangible change.”

He also thanked the Energy Committee for their integral role.

Prime Minister Davis said:  “To INTI – trading as Madeleine, partners – thank you. Your investment, expertise, and commitment will power homes, businesses, and industries. More importantly, we will power hope.  We are powering a future where Bahamians no longer ask, “Can we afford electricity?” but instead ask, “What more can we achieve with it?”

“Let me be clear – this is only the beginning,” he added.  “As we continue to integrate renewables and invest in cleaner fuel alternatives, we are creating a new energy paradigm for future success where Bahamian families and businesses no longer struggle with keeping the lights on.”

He continued:  “We are proving that small island nations can think big; that we can innovate; that we can rise above our challenges, carve out a sustainable path forward, and lead the way.

“Today, we sign this contract.  Tomorrow, we break ground.  Soon, we will enter this new era for energy in this country, powered by the sun.”

PHOTO CAPTION

Prime Minister and Minister of Finance the Hon. Philip Davis takes part in the Power Purchase Agreement (PPA) signing between Bahamas Power and Light (BPL) and Madeleine Solar Power Ltd., on March 17, 2025, at Blue Hills Power Station.  Also bringing remarks was Minister of Energy and Transport, the Hon. JoBeth Coleby-Davis.

(BIS Photos/Eric Rose)

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NASSAU CRUISE PORT AND ARAWAK PORT DEVELOPMENT CELEBRATE WOMEN’S ACHIEVEMENTS IN MARITIME AND CRUISE

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Dr. Brenda Cleare of the LJM Maritime Academy with students

Nassau, Bahamas, March 15, 2025 – On Friday, March 7, 2025, Nassau Cruise Port (NCP) and Arawak Port Development (APD) held an exclusive luncheon in honour of International Women’s Day.  The goal of this special event was to celebrate the remarkable achievements of Bahamian women in the maritime and cruise industries under the theme “A Sea of Change: Women Accelerating Action.”

The event brought influential women from Nassau Cruise Port, Arawak Port Development, Royal Bahamas Defence Force, Bahamas Maritime Authority, the Port Department, Bahamas Ministry of Tourism, Royal Caribbean Group Bahamas, LJM Maritime Academy, and other key stakeholder organizations together, providing an elevated platform for networking, collaboration, and empowerment.

“Women have been instrumental in the driving growth of the Bahamian maritime and cruise industries in many ways, and it is important that we recognize and celebrate their outstanding contributions.

“Women play a vital role in the success of Nassau Cruise Port with over 50% of our team being female maritime professionals,” stated Mike Maura, CEO & Director of Nassau Cruise Port.

“This event marks the beginning of an annual tradition to empower the women in our sector and to inspire future female leaders.  Congratulations to all the women who were honored today and attended this event, and to women everywhere. Your efforts are driving positive change in our industry, and we wholeheartedly support your success.”

Dion Bethell, President & CFO of Arawak Port Development, provided some additional perspective. “Women are making waves in the maritime sector, and their impact is undeniable. According to recent statistics, women now represent 20% of the global maritime workforce—an impressive increase that highlights the potential for growth, innovation, and leadership in this vital industry.  At Arawak Port Development, we are committed to fostering an inclusive environment where women are empowered to chart new courses and redefine the future of maritime.”

The keynote address was delivered by Senator Ja’Ann M. Major, a Director at the Bahamas Maritime Authority, who highlighted some of the major accomplishments of Bahamian women in the maritime industry. She also encouraged the audience to embrace leadership opportunities and to continue to advocate for a more inclusive industry.  “It is often said that when women gather with purpose and passion, the energy is palpable, and theimpact is transformative. Standing here today, I can’t help but feel inspired by the resilience and unwavering commitment of Bahamian women to making a difference in our maritime industry.”

She continued, “Women are increasingly taking on pivotal roles, steering the industry toward a more inclusive and dynamic future.  Events like this one are not only necessary to celebrate the remarkable achievements of women in this industry, but it underscores our collective commitment to fostering an environment where women continue to thrive and lead.

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