NASSAU, The Bahamas – While addressing the African Export-Import Bank (Afreximbank) 31st Annual Meetings (AAM2024), on June 13, 2024, Prime Minister and Minister of Finance the Hon. Philip Davis noted that he was reminded of the “boundless possibilities that define the Caribbean and, indeed, The Bahamas.”

“Our region is not just a collection of islands but a vibrant tapestry of culture, innovation, and opportunity,” Prime Minister Davis said, at the event held at the Baha Mar Convention Centre.  “The Bahamas, with its strategic location and dynamic economy, serves as a symbol of possibility and a gateway to broader economic horizons.”

He added:  “Growing up on Cat Island, one of our country’s beautiful family of islands, I was always filled with big dreams for my country. I may not have envisioned the specific paths our economy would take, but I always believed in the limitless potential of our nation.  Our history is one of invention, disruption, resilience, and innovation. We have pioneered in various fields, from tourism to financial services, transforming challenges into opportunities and showcasing our ability to innovate and lead.”

Prime Minister Davis pointed out that, just as The Bahamas had embraced its unique position to become a global leader in tourism and financial services, so too can they, as a collective of African and Caribbean nations, harness “our potential to shape our own economic destiny.”

“Today, our presence here underscores the readiness of The Bahamas, and indeed the Caribbean, to be a home for global leaders in various sectors,” he noted.  “The Bahamas has always been more than just a tropical paradise. It is a place of possibility, where dreams are not just dreamt but realized. This ethos is reflected in our history and in the transformative innovations we continue to champion.”

“In a similar vein, Africa is a land of immense potential, brimming with opportunities for growth and development,” Prime Minister Davis noted.  “Our collective mission is to harness this potential, creating pathways to prosperity that benefit not just our regions but the global community.”

Prime Minister Davis went further to outline “a blueprint for collaboration that we all can embrace.”

“This blueprint encompasses key initiatives designed to unite our banking systems, enhance financial inclusivity, and catalyze economic growth across Africa and the Caribbean,” he said.  “This strategic plan is anchored in our shared desire for prosperity and our commitment to overcoming the challenges of distance and disparate regulatory environments.”

Prime Minister Davis added:  “Establishing a Joint Financial Task Force can be the cornerstone of our blueprint. This collaborative body will harness the expertise of banking and finance leaders, policymakers, and stakeholders from both regions. Tasked with identifying and dismantling barriers to banking integration, this task force symbolizes our collective will to forge a unified path forward.”

Prime Minister Davis suggested that they could also harmonize their regulatory frameworks to address “critical hurdles” in their journey.

“By aligning our anti-money laundering (AML) standards, counter-financing of terrorism (CFT) policies, and digital currency regulations, we create a seamless environment conducive to cross-regional banking operations,” he stated.  “With its robust regulatory landscape, exemplified by the DARE Act, The Bahamas is a pioneer in this endeavor, guiding our efforts towards regulatory excellence and stability.”

He added:  “Additionally, promoting financial inclusion and digital banking leverages the power of technology to erase boundaries and open doors. Inspired by The Bahamas’ pioneering launch of the Sand Dollar, the world’s first central bank digital currency, this facet of the blueprint envisions a future where digital banking platforms extend financial services to every corner of our regions, ensuring that none of our citizens is left behind.”

Prime Minister Davis said that facilitating trade and investment through streamlined banking procedures and dedicated financial instruments could bolster economic exchanges between Africa and the Caribbean. By focusing on sectors of mutual interest like tourism, agriculture, renewable energy, and technology, he added, they could unlock new avenues for growth and collaboration.

“Key to this blueprint is developing human capital, underscoring the belief that our greatest asset is our people,” Prime Minister Davis said.  “Joint educational initiatives and training programs will equip banking professionals with cutting-edge skills in fintech, cybersecurity, and regulatory compliance, ensuring our financial sector is robust, secure, and innovative.”

“Creating a bilateral payment system or exploring the development of a shared digital currency represents a bold step towards financial sovereignty and integration,” he added.  “Such an initiative will facilitate smoother trade and investment, reduce our reliance on external currencies, and strengthen our economic bonds.

“Together, Africa and the Caribbean can embark on this transformative journey, driven by unity, innovation, and mutual respect. Let this blueprint be our guide as we strive to unlock the full potential of our regions, forging a path towards prosperity that will be remembered for generations yet to come.”

Prime Minister Davis noted that the Afreximbank annual meeting represented “a pivotal moment for all of us, especially for Small Island Developing States (SIDS).”

He said: “We face a global financial system that often locks us out, creating inequities perpetuated by the Global North. These powerful nations frequently establish one set of rules for themselves and another for developing states, undermining our progress and prosperity.  It is imperative that we call out this behavior and demand an inclusive, fair model for the global financial system.”

Prime Minister Davis continued:  “Our journey together – Africa and the Caribbean – supported by the visions we share and the actions we are committed to, heralds the dawn of a new era.  An era where financial inclusivity fostered by innovations like the Sand Dollar and robust regulatory frameworks become the standard across our waters.  An era where our joint task forces and harmonized policies pave the way for a future where trade, investment, and mutual growth flow as freely as the waters that connect us.”

He said that, as they all looked to the horizon, they should see not a barrier but a vast, uncharted ocean of potential.

“Let us decide, here and now, that the waters which separate our lands will not impede our progress but will act as the very medium through which we unite our dreams and ambitions,” Prime Minister Davis said.

He added:  “Friends, I ask the question again – will we allow the separation of water to get in our way? Or will we embark together on this bold journey, proving that our spirits are stronger than the oceans, our resolve deeper than the deepest sea, and our potential boundless as the sky above?  The choice is ours. Let us choose to bridge the waters, to unite our dreams, and to craft a future where Africa and the Caribbean thrive together, in prosperity and partnership. This is our moment. Let us seize it with both hands, for the sake of our present and for the countless generations to come.”

“Lastly, I hope that this annual meeting in the Bahamas is successful – and I have no doubt that it will be – and that you have time to kick off your shoes, get your feet wet in our sands, get some sand in your toes, enjoy the warmth of our people, and discover why it is better in The Bahamas,” Prime Minister Davis said.

“The moment is now.  Let us seize the moment.”

PHOTO CAPTION

Prime Minister and Minister of Finance the Hon. Philip Davis addresses the African Export-Import Bank (Afreximbank) 31st Annual Meetings (AAM2024), on June 13, 2024, held at Baha Mar Convention Centre.

(BIS Photos/Eric Rose)

TCI Sports Commission delegation traveled to the Cayman Islands and Barbados to visit with key Sport leaders. The TCI delegation included the Sports Commission Director, Mr. Jarrett Forbes, Deputy Director, Mr. Alvin Parker, and Facility Manager for Providenciales, Mr. Darian Forbes. The aim of the travel was to visit major facilities, with priorities being pool facilities, and discuss sport development strategies.

The team had the pleasure of being hosted by the Deputy Chief Officer for Sport, Dr. Dalton Walter, and the Director of Sports, Mr. Kurt Hyde in the Cayman Islands; who facilitated the facility tours and shared valuable information on Sports Development. Meetings were held with Deputy Chief Officer Ms. Joan West and Technical Director for the Cayman Islands Aquatics Sport Association, Mr. Jacky Pellerin, on the Cayman Islands’ new 50-meter and 25 meter 10 lanes Mrytha pool facility, as well as with Ms. Shakeina Bush from the National Olympic Office on National Federation development and funding opportunities. The Sports Commission delegation was also grateful for the courtesy call with the Minister of Sport for the Cayman Islands, Hon. Isaac Rankine, and the Chief Officer Ms. Teresa Echenique.

During the Barbados leg of the exploratory travel, the Sports Commission team was hosted by the Director of the National Sports Council, Mr. Neil Murrell, and the Assistant Director of Sports, Mr. Ryan Toppin. The TCI team toured the National Sport Council facilities and visited the Barbados National Olympic Association. Significant to the TCI’s plan to develop an aquatic center, the TCI Sports Commission visited the Barbados Aquatic Sport Association and met with former National Olympic Academy Director, Mr. Dave Farmer, and the President and Second Vice President of the Barbados Swim Association, Mr. Robert Armstrong and Mr. Nicholas Mathis. Insights were shared regarding swimming pool design, development and maintenance as well as pool programming strategies to ensure the growth and sustainability of swimming in the islands.

The TCI delegation also visited other stadium facilities such as Track and Field, Football and Cricket, and other major facilities in Basketball and Boxing. The TCI Sport Commission officials had great discussions with both the Cayman Islands and Barbados sports officials surrounding the development of coaches, athlete development pathways, and strengthening relationships with National Sport Governing Bodies.

Director of Sports, Mr. Jarrett Forbes, said, “We were very grateful for the hospitality and support extended by our Caribbean colleagues. Their support affirmed the commitment and unity among the Caribbean community to develop sports in the region.”

Garfield Ekon

Staff Writer

June 7, 2024 – United Nations (UN) Secretary General, His Excellency Antonio Guterres has said that international financing is the “fuel for sustainable development” but small island States are running low on the funding.

Addressing  day two of the Fourth International Conference on Small Island Developing States (SIDS24), in Caribbean twin island nation of Antigua and Barbuda, the Secretary General said while financing is low, the countries are drowning in debt and rising sea levs due to Climate Change.

“You are leading by example, but too often you are facing closed doors, from institutions and, adding that the COVID-19 pandemic and other global happenings have negatively impacted vulnerable economies, and “battered by a Climate catastrophe they did not create”, he told the gathering.

The SIDS countries are paying more to service their own debt than they invest in healthcare and education, the UN chief warned, leaving the nations unable to make the investments they need to meet the 2030 Sustainable Development Goals (SDGs).

Many of the States are classified as middle-income, shutting them out of the debt support reserved for the poorest nations, the UN Chief argued that vital actions are needed from international financial institutions, in addition to an immediate SDG stimulus for the SIDS nations.

He outlined that the debt burden should be relieved, by providing access to effective relief mechanisms, including pauses in payments during times of economic volatility, while also transforming lending practices by changing the rules on concessional finance to lower borrowing costs. “You cannot finance education and health with 15-year loans. Let us make SIDS a real priority in everything we do,” he said.

Prime Minister of Barbados, Mia Mottley said there was simply no political will on the part of the developed world to make the financial system work fairly,  as she enquired  how many  of those leaders have turned up in Antigua. “We are not seen”, she said, adding that “we continue to be serfs” when it comes to the power imbalance.

Small Island Developing States (SIDS) are in the crossfires of multiple crises: Climate Change, the economic and social repercussions of COVID-19, and a crisis of debt. The pandemic hugely impacted all island nations, especially those dependent on tourism. Global lockdowns left large holes in islands’ coffers and severely set back efforts to invest in the SDGs.