News
New TCI Governor talks Problems and Possibilities in Financial Sector
By Deandrea Hamilton
Editor
#TurksandCaicos, September 2, 2023 – The regulations, the development and the stability of the Financial Services Sector – the country’s No. 2 industry – are seriously challenged, and it will require an above average approach through ingenuity and agility by all stakeholders to keep it competitive; sentiments from Governor Daleeni Daniel-Selvaratnam who also explained why it so tough keeping pace.
“These changes include financial and geopolitical facts, population growth, Global warming and environmental health, technology advances, international standards and financial crimes such as money laundering, terrorist financing, fraud, identity theft and nefarious internet-based schemes,” said Her Excellency as part of the opening panel for the one day meeting held at the Shore Club.
The Annual General Meeting of the Financial Services Commission or FSC was held under the theme, Navigating Change and welcomed as keynote speaker, Cindy Scotland, the managing Director of the Cayman Islands Monetary
Authority.
“The Commission has an extensive mandate which includes education, outreach and advising all matters pertaining to financial services. The commission’s work must not only withstand economic, social and political stress but must be the vanguard in an industry that continues to see widespread change post pandemic. The ability to evolve and steer the required changes to create the necessary environment that encourages growth is essential,” said the governor.
The Governor of the Turks and Caicos Islands heads the regulatory framework of the FSC; new Governor Daniel-Selvaratnam said she had met with Commission the day before, assuring during her presentation that work was ongoing toward establishing a financial sector which was both attractive and compliant.
“The Turks and Caicos Islands continues to ensure regulatory compliance as well as seeking to make strides in building its financial services notwithstanding the ongoing international, regional and national pressures. As Governor I have direct oversight over the regulation of international financial services and support keenly the commission and its continued efforts towards the evolution of the financial services industry here.”
The governor conveyed that the Commission is busy considering how best to position the Turks and Caicos, with thoughts lingering on ease of doing business in a modern environment.
“True resilience in today’s climate must see resolve for change as means of not only surviving but thriving.”
Also on that panel with the governor, Hon C. Washington Misick, TCI Premier and David Oakden, Chairman of the TCI FSC.
The Bahamas, February 15, 2026 – For the better part of three years, Bahamians have been told that major Afreximbank financing would help transform access to capital, rebuild infrastructure and unlock economic growth across the islands. The headline figures are large. The signing ceremonies are high profile. The language is ambitious. What remains far harder to see is the measurable impact in the daily lives of the people those announcements are meant to serve.
The Government’s push to secure up to $100 million from Afreximbank for roughly 200 miles of Family Island roads dates back to 2025. In
its February 11 disclosure, the bank outlined a receivables-discounting facility — a structure that allows a contractor to be paid early once work is completed, certified and invoiced, with the Government settling the bill later. It is not cash placed into the economy upfront. It does not, by itself, build a single mile of road. Every dollar depends on work first being delivered and approved.
The wider framework has been described as support for “climate-resilient and trade-enhancing infrastructure,” a phrase that, in practical terms, should mean projects that lower the cost of doing business, move people and goods faster, and keep the economy functioning. But for communities, that promise becomes real only when the projects are named, the standards are defined and a clear timeline is given for when work will begin — and when it will be finished.
Bahamians have seen this moment before.
In 2023, a $30 million Afreximbank facility for the Bahamas Development Bank was hailed as a breakthrough that would expand access to financing for local enterprise. It worked in one immediate and measurable way: it encouraged businesses to apply. Established, revenue-generating Bahamian companies responded to the call, prepared plans, and entered a process they believed had been capitalised to support growth. The unanswered question is how much of that capital has reached the private sector in a form that allowed those businesses to expand, hire and generate new economic activity.
Because development is not measured in the size of announcements.
It is measured in loans disbursed, projects completed and businesses expanded.
The pattern is becoming difficult to ignore. In June 2024, when Afreximbank held its inaugural Caribbean Annual Meetings in Nassau,
Grand Bahama was presented as the future home of an Afro-Caribbean marketplace said to carry tens of millions of dollars in investment. What was confirmed at that stage was a $1.86 million project-preparation facility — funding for studies and planning to make the development bankable, not construction financing. The larger build-out remains dependent on additional approvals, land acquisition and further capital.
This distinction — between financing announced and financing that produces visible, measurable outcomes — is now at the centre of the national conversation.
Because while the numbers grow larger on paper, entrepreneurs still describe access to capital as out of reach, and communities across the Family Islands are still waiting to see where the work will start.
And in an economy where stalled growth translates into lost opportunity, rising frustration and real social consequences, the gap between promise and delivery is no longer a communications issue.
It is an inability to convert announcements into outcomes.
Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.
Almost two million visitors recorded in 2025
PROVIDENCIALES, TURKS AND CAICOS ISLANDS – The Turks and Caicos Islands saw an increase in stayover arrivals in December, seven percent higher than the corresponding period in 2024.
Preliminary data suggests that stay over arrivals by air for the month of December was 66,427 in comparison to 62,610 in December 2024.
From January to December 2025, preliminary visitor arrival numbers totalled 640,754; on par with the number recorded for the same period of 2024.
Stay Over Arrivals YTD December 2024/2025
The first quarter of the calendar year attracted the largest number of arrivals with visitor arrivals three percent higher than the first quarter of 2024. Reduced airlift from the United Kingdom and the United States, most notably the Virgin Atlantic and JetBlue services, was however felt from the second quarter (April to June). As a result, visitor arrivals dropped three percent in the second quarter.
By the third quarter of this year (July to September), geopolitical and economic conditions in the key source markets, namely the United States, led to further contraction of arrivals. In the last quarter of 2025, arrivals were impacted in October due to the passage of Hurricane Melissa but additional airlift from the USA and Canada resulted in an increase in arrivals in November and December.
Mr. Paul Pennicook, Interim CEO Consultant of Experience Turks and Caicos, said December’s increase in stayover arrivals is an encouraging indicator of the sustained interest in the Turks and Caicos Islands as a premier destination.
“While we note and continue to monitor geopolitical shifts that affect us, Experience Turks and Caicos is focused on increasing marketing initiatives in our primary source markets. We have spent the last two years investing in groundwork such as crucial travel advisor training to assist them in selling the destination more effectively. In the next fiscal, we will be building on those initiatives with co-op activities with partners as well as out of home advertising to increase visitation to our destination,” he said.
In Cruise, the preliminary count of passenger arrivals for the month of December 2025 was 129,346, a 22 percent increase over last December. This growth follows the berthing of 11 additional ships in Grand Turk this month.
From January to December, the cruise sector continued to outperform the same period last year, as the 1.3 million total cruise passengers recorded, marks a five percent Year-on-Year increase. 
The cruise sector experienced significant growth in the first quarter of 2025, with passenger arrivals surpassing last quarter by 53 percent. In the second and third quarter however, several cruise lines adjusted their itineraries as vessels were pulled from the fleet or from the Caribbean region, which resulted in fewer passengers.
Arrivals dropped seven percent and 10 percent in the second and third quarters, respectively. Double digit growth was recorded in the last two months of Quarter 4. This growth however, was not sufficient to outweigh the drop in arrivals experienced in October, following the cancellation of cruise calls due to the passage of Hurricane Melissa. Despite the late-quarter rebound, arrivals for the final quarter of 2025 closed six percent below the same period in 2024.
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