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CARPHA and IDB Sign Landmark Pandemic Fund Technical Cooperation Agreement for Reducing the Public Health Impact of Pandemics in the Caribbean

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#Trinidad, December 15, 2023 – The Caribbean Public Health Agency (CARPHA) and the Inter-American Development Bank (IDB) held a landmark Public Signing Ceremony for the Pandemic Fund (PF) Technical Cooperation (TC) Agreement (“Reducing the Public Health Impact of Pandemics in the Caribbean through Prevention, Preparedness, and Response” [RG-T4387] Project) on December 14, 2023, at the Scarlet Ibis Room, Hilton Trinidad and Conference Centre. The Agreement was signed by Dr. Joy St. John, Executive Director, CARPHA and Ms. Carina Cockburn, IDB Country Representative for Trinidad and Tobago.

The Pandemic Fund (PF) is the first multilateral financing mechanism dedicated to providing multiyear grants to help low- and middle-income countries become better prepared for future pandemics. The PF’s first Call for Proposals provides additional financing to strengthen prevention, preparedness and response (PPR) capabilities, and address critical gaps in countries through investments and technical support at the national, regional and global levels. It is also expected to support and reinforce capacity building and implementation of PPR under the IHR (2005) and other frameworks, consistent with the One Health approach. [Pandemic Fund Allocates First Grants to Help Countries Be Better Prepared for Future Pandemics (worldbank.org)]

CARPHA’s regional entity proposal was successfully selected in July 2023 for the first round of PF financing, with CARPHA as the Executing Agency and IDB as the Implementing Entity.  It was one of only 19 proposals selected from over 300 submissions and the only regional project. This regional project, with CARPHA as beneficiary and CARPHA Member States as the participants, serves to support CARPHA in reducing the public health impact of pandemics in the Caribbean region, whilst building pandemic prevention, preparedness and response (PPR) through strengthening i) disease surveillance and early warning systems (EWS), ii) laboratory systems and iii) workforce capacity, regionally at CARPHA and at country levels.  Dr. Lisa Indar, Director, Surveillance, Disease Prevention and Control Division is the Project lead at CARPHA and Mr. Ramiro Guerrero, Principal Sector Specialist of IDB Headquarters and Mr. Ian Ho-a-Shu, Senior Health Specialist of IDB Country Office, Trinidad and Tobago, are the leads from the IDB.

In recent years, the Caribbean region has experienced many infectious disease outbreaks, including COVID-19, Cholera, Chikungunya, Dengue, Norovirus, H1N1, Mpox, SARS and Zika, which have had profound human, economic and social impacts. Pandemic PPR needs to be improved not only at the national levels, but at the regional level, as functional regional capacities can achieve the economies of scale and necessary coordination/integration that small territories cannot achieve on their own.

The Agreement signing in December is, as a result of rigorous preparation activities by CARPHA and IDB, culminating with the IDB Board of Directors’ approval in just three months on November 15th, 2023. Remarks for this milestone event were delivered by Mr. Cassanni Laville, Chairman of the CARPHA Executive Board, and Council for Human and Social Development (COHSOD), the Honourable Minister of Health, Wellness and Social Services, Dominica, Mr. Terrence Deyalsingh, Honourable Minister of Health, Trinidad and Tobago, Ms. Carina Cockburn, IDB Country Representative for Trinidad and Tobago, Dr. Joy St. John, Executive Director, CARPHA, Dr. Lisa Indar, Pandemic Fund Project Director, CARPHA, Dr. Mark Sami, Director, Corporate Services and Dr. Priya Basu, Executive Head of the Pandemic Fund, with Ministers of Health, Chief Medical Officers, the Pandemic Fund Secretariat, CARPHA partners and CARPHA Divisional Management Team in attendance.

In his welcome remarks, Dr. Mark Sami, Director, Corporate Services, CARPHA, stated “The signing of this Pandemic Fund Technical Cooperation Agreement between CARPHA and the IDB represents a great milestone for this Region, as we prepare to successfully respond to public health emergencies”.

Mr. Cassanni Laville, Chairman of CARPHA’s Executive Board and the Council for Human and Social Development (COHSOD), and Honourable Minister of Health, Wellness and Social Services, Dominica, said “This signing  signifies the start of a new phase for CARPHA, IDB and Member States as it commemorates regional collaboration and partnership as the firm foundation for the successful implementation of the Pandemic Fund grant which will support a significant body of  work over a three-year period, toward the goal of reducing the public health impact of pandemics in the Caribbean region”.

Mr. Terrence Deyalsingh, Honourable Minister of Health, Trinidad and Tobago, stated “We must ensure that decisive plans are laid for future generations, which will assist in the strengthening of capacity to prevent, detect and respond to public health emergencies.  Today’s historic public signing ceremony for the Pandemic Fund Technical Cooperation Agreement, is a major and fundamental step toward the attainment of these goals, as the formalisation of this agreement will allow countries in the Americas to adopt the necessary technological systems needed for emergency and early response warning systems.”

Dr. Joy St. John, Executive Director, CARPHA, shared “This signing is solidifying the formal agreement between the IDB and CARPHA, but it is only the start to what this landmark investment can do to foster sustained and effective pandemic preparedness and response in the region.  CARPHA will maintain its proud legacy of implementation through engagement with its key stakeholders in such a way that we build trust within our Member States (MS).  To do this, CARPHA is building a robust monitoring and evaluation framework, enforcing accountability and practicing ethically sound principles in the transparent execution of this project along with our MS and the IDB”.

Dr. Lisa Indar, Director, Surveillance, Disease Prevention and Control and Project Lead remarked “This Project is especially needed in the region, as the Caribbean is uniquely characterised by small, under-resourced populations and varying surveillance, laboratory and human resource capacities. It is also highly interconnected with porous borders, heavily reliant on tourism, and susceptible to climatic change and disasters. This combination of factors significantly increases the region’s exposure and vulnerability to pandemic risks, enabling rapid spread of highly transmissible communicable diseases. A regional approach is key, as when a public health emergency affects one of us, it affects all of us, as diseases know no boundaries”.

Ms. Carina Cockburn, IDB Country Representative for Trinidad and Tobago, noted “The IDB Country Strategy for Trinidad & Tobago (2021-2025) focuses on digital transformation, and it is fitting to see that CARPHA has prioritised the use of digital tools and technology in advancing digital health in the region.”  She added, “In a few years we can expect to see some really amazing results from this operation: Laboratory networks will expand; national biosafety, biosecurity, and lab quality management will improve; and workforce capacity will be strengthened.  We also look forward to seeing enhanced national and regional coordination, collaboration and information flow for detecting and managing outbreaks and regional public health emergencies across sectors and borders”.

Dr. Priya Basu, Executive Head of the Pandemic Fund at the World Bank, shared that “The Pandemic Fund is pleased to partner with CARPHA and the Inter-American Development Bank to support this important project, which holds the promise of building the Region’s resilience to future pandemics. Today’s signing marks a crucial step in our shared commitment towards global health security. “

This project is expected to begin implementation in January 2024 kicking off with a CARPHA-IDB mission and the fulfilment of the key positions in the Project Execution Unit.

 CARPHA remains committed to working together with the IDB, CARPHA Member States and the Pandemic Fund to successfully implement the regional proposal geared toward reducing the public health impact of pandemics in the Caribbean.

Captions for Attached Photos:

Header: From Left to Right: Dr. Mark Sami-Corporate Services Director, CARPHA; Dr. Joy St. John, Executive Director, CARPHA; Ms. Carina Cockburn-IDB Country Representative for Trinidad and Tobago; The Honourable Minister of Health, Trinidad and Tobago-Mr. Terrence Deyalsingh and Dr. Lisa Indar-Pandemic Fund Project Director and Director, Surveillance, Disease Prevention and Control, CARPHA

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  1. Dr. Joy St. John, Executive Director, CARPHA (Seated Left) and Ms. Carina Cockburn (Seated Right), IDB Country Representative for Trinidad and Tobago, sign the Pandemic Fund Technical Cooperation Agreement while Dr. Lisa Indar and Dr. Mark Sami – CARPHA Directors look on.

 

  1. Minister of Health, Trinidad and Tobago, Mr. Terrence Deyalsingh attends (in person) the public signing ceremony of the Pandemic Fund Technical Cooperation Agreement between CARPHA and the IDB at the Hilton Trinidad and Conference Centre

 

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Caribbean News

The $3 Billion Handshake

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By Deandrea Hamilton | Editor

 

September 28, 2026 – Wall Street initially flinched at the $3-billion handshake. But in a matter of days, it was smoother sailing.

Perhaps the bigger Caribbean business story is not what Sandals Resorts International is getting from the deal. It is who is writing the cheque — and what that says about what Gordon “Butch” Stewart built.

As reports of Royal Caribbean Group’s Sandals deal circulated Tuesday, RCL shares plunged 6.14 percent from Monday’s $250.25 close to $234.89, on sharply elevated trading.

When the agreement became official Wednesday — approximately $3 billion for a 50 percent equity interest in Sandals and Beaches Resorts — shares slipped another 1.95 percent to $230.30 and touched $222.22 intraday. Investors were digesting both the size of the investment and committed debt financing secured through Morgan Stanley.

But by Thursday, RCL rebounded 3.77 percent, with shares continuing their recovery Friday to finish the week around $243. Analysts were also looking ahead: JPMorgan reportedly raised its RCL price target from $345 to $394, while Citi placed the company on a 90-day positive catalyst watch.

And just who is RCL?

Royal Caribbean Group is a global vacation giant, publicly traded on the New York Stock Exchange with a market value of roughly $65 billion. Its portfolio includes Royal Caribbean International, Celebrity Cruises and Silversea, alongside private destinations and an expanding vacation platform.

So when a company of that scale commits $3 billion for only half of Sandals and Beaches Resorts, the transaction puts a striking financial marker on one of the Caribbean’s greatest home-grown hospitality success stories.

The deal, expected to close in early 2027, creates a 50-50 partnership with the Stewart family and takes Royal Caribbean deeper into the all-inclusive resort business.

Butch Stewart started Sandals in Jamaica in 1981 believing a Caribbean company could compete with the world’s best.

Forty-five years later, one of the world’s biggest vacation companies is prepared to pay $3 billion just to own half of what he built.

Now that’s the handshake that does more than seal a deal — it cements a legacy.

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Caribbean News

Royal Caribbean Group and Sandals Resorts Announce Landmark Partnership to Accelerate Their Leading Vacation Experiences

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Royal Caribbean Group Investment to Advance Sandals and Beaches’ Growth and Broaden the Group’s Vacation Portfolio

Montego Bay, Jamaica and Miami, September 24, 2026 – Royal Caribbean Group (NYSE: RCL) and Sandals Resorts today announced the signing of an agreement to form a partnership in the all-inclusive resort space with a 50% investment from Royal Caribbean Group.  Building on Sandals and Beaches Resorts’ more than four decades of leadership in Caribbean hospitality, the joint venture will create new opportunities for continued resort growth while broadening the experiences across Royal Caribbean Group’s vacation platform.

The partnership brings together two of the travel industry’s most celebrated vacation companies, pairing Sandals and Beaches’ all-inclusive resort expertise with Royal Caribbean Group’s vacation platform, including industry-leading brands – Royal Caribbean, Celebrity Cruises and Silversea – a portfolio of private destinations, new river cruising offering, and an industry-first loyalty program. United in a shared history in the Caribbean and connected by a love for their communities, the companies will offer travelers an unparalleled collection of cruise, private destination and resort experiences, serving guests across more vacation occasions and establishing their undisputed leadership in Caribbean vacations.

The joint venture expands Royal Caribbean Group into an adjacent vacation category, growing its participation in the approximately $2 trillion global vacation market, and meets the growing global demand for Sandals and Beaches Resorts by accelerating their expansion. The partnership will include Sandals and Beaches’ collection of premier all-inclusive properties across the Caribbean, and the companies will explore opportunities to broaden distribution, deepen guest engagement, and make it easier for travelers to discover vacation experiences offered across both portfolios.

“For nearly 60 years, we’ve reimagined what a vacation can be, constantly expanding the ways we inspire our guests to explore, connect and create lifelong memories,” said Jason Liberty, Chairman and CEO, Royal Caribbean Group. “We have been building a vacation platform that brings joy to millions of people around the world and creates meaningful relationships that last with our guests. Our partnership with Sandals and Beaches Resorts is an important next step on that journey – bringing together two iconic leading vacation companies to further strengthen and grow one of the most admired resort portfolios in the world. The Stewart family has created powerful and beloved brands, and we are honored to build on that legacy. Together, we see tremendous opportunity to expand the reach of Sandals and Beaches Resorts and continue turning the vacation of a lifetime into a lifetime of vacations.”

“My father, Gordon ‘Butch’ Stewart, founded Sandals Resorts with the belief that a company built in the Caribbean could stand on the world stage alongside the most respected names in hospitality. Today is proof of how far that vision can go,” said Adam Stewart, Executive Chairman of Sandals Resorts and Beaches Resorts. “This partnership is the natural next step in building on that conviction. It gives us the ability to grow faster with a partner that shares our values of exceptional hospitality, long-term investment, and the power of enduring brands. Together, we will introduce more guests to Sandals and Beaches Resorts while creating even more extraordinary experiences for those who have made our resorts part of their lives for decades.” Stewart added, “As we continue to grow, we will remain true to what has always defined us: delivering authentic vacations that exceed expectations while creating opportunities for our team members, travel advisor partners and the communities we call home. The future has never been brighter, and I know this moment would make my father incredibly proud.”

The joint venture will be governed by a board under the shared leadership of Stewart and Liberty. Stewart will maintain a leadership role in guiding the company’s long-term strategic growth as Executive Chairman of Sandals and Beaches Resorts. Existing reservations, loyalty programs, resort operations and cruise operations will continue as usual, with the partnership bringing additional resources to support future opportunities.

Under the terms of the agreement, Royal Caribbean Group will acquire a 50% equity interest in Sandals and Beaches Resorts for approximately $3 billion, representing a forward EBITDA multiple of approximately 10x.  Royal Caribbean Group has secured committed debt financing from Morgan Stanley to fund the investment.  The transaction is expected to close in early 2027, subject to customary approvals and closing conditions, and is expected to be accretive to earnings next year.

BofA Securities and PJT Partners acted as financial advisors, and Latham & Watkins and Jones Day acted as legal advisors to the Sandals Group. Perella Weinberg Partners and Morgan Stanley acted as financial advisors and Kirkland & Ellis LLP acted as legal advisor to Royal Caribbean Group.

PHOTO CAPTION: Jason Liberty, Chairman and CEO of Royal Caribbean Group, and Adam Stewart, Executive Chairman of Sandals Resorts, mark the signing of an agreement to form a landmark partnership that expands Royal Caribbean Group into the all-inclusive resort space and supports the future growth of Sandals and Beaches Resorts. The signing took place at Royal Caribbean Group’s new headquarters in Miami, with the city’s skyline in the background.

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Caribbean News

Royal Caribbean Signs US$3-Billion Deal for Half of Sandals and Beaches

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The Caribbean tourism deal first reported as a possibility on Tuesday is now a signed agreement. Royal Caribbean Group plans to pay approximately US$3 billion for a 50% stake in Sandals and Beaches Resorts, putting the value of the business at about US$6 billion. The purchase is expected to close in early 2027, subject to approvals.

Founded in Jamaica by the late Gordon “Butch” Stewart in 1981, the resort business has a presence across nine Caribbean destinations, including Jamaica, The Bahamas and Turks and Caicos. Sandals has described its workforce as nearly 20,000 people, most of them Caribbean nationals.

“My father, Gordon ‘Butch’ Stewart, founded Sandals Resorts with the belief that a company built in the Caribbean could stand on the world stage alongside the most respected names in hospitality,” said Adam Stewart in the announcement carried by PR Newswire. He will remain executive chairman, while the Stewart family retains a stake. The companies say existing reservations and resort operations will continue as usual.

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