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House approves $1 Million more to support InvestTCI MSME program

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Deandrea Hamilton

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Turks and Caicos, November 22, 2024 – An increase in applications, particularly from small businesses operating within the fisheries sector has led to the need for a substantial hike in grant funding for the Invest Turks and Caicos Agency.

Washington Misick, TCI Premier and Minister of Finance, Investment and Trade in the House of Assembly on Monday announced that a second budget supplementary seeks to re-allocate $1 million dollars to Invest TCI and its MSME program to meet the demand.

“The uptick in grant applications has led us to a point where we have, at this juncture, in quarter three exhausted the grant allocation for the financial year, 2024-25,” explained Angela Musgrove, CEO of the government’s investment arm.

Musgrove appeared on Monday November 11 before the Appropriations Committee of the House of Assembly.

The boost in budget funding nearly doubles the original allocation of $1.2 million for this fiscal year for the Agency.  Musgrove shared that the MSME program, which was established eight years ago, has approved projects for dozens of micro, small and medium-sized businesses.

“We have more than 90 projects within the MSME pipeline at varying stages of assessment.  Those projects range across most of the priority sectors.”

Among those approved and funded are 16 tourism and 26 public transportation projects, however, the 21 applications Invest TCI has received from the fisheries sector are in limbo.

“We are unable to process those applications due to the unavailability of funding to cover them.  So the request being made this morning is for the consideration of a million dollars in cash grants that will allow us to process the fisheries applications that have already been vetted and considered eligible,” explained the CEO.

Government support in grant funding through the agency has also ballooned.  From $10,000 in cash which was the maximum award just a year ago, to there now being up to $50,000 available to MSME businesses.

“We have just completed an impact study for the MSME program which should be tabled at Cabinet shortly, it has already been prepared for submission.  The Impact Study has indicated that the program has made a very significant impact within the small business community,”  Musgrove shared anecdotally from the report, “about 74 percent of the applications or persons who have received benefits under the MSME programs noted that they would not have achieved similar results for their business growth, as it relates to revenue and employment if they had not accessed benefits through the MSME program.”

The report also noted that 62 percent of beneficiaries recorded an increase in customers.

The second budge supplementary was passed in the House of Assembly on Monday November 11, 2024.

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Government

TCI POST CABINET MEETING STATEMENT – 11 DECEMBER 2024

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Turks and Caicos, January 20, 2025 – Her Excellency the Governor Dileeni Daniel-Selvaratnam chaired the 41st meeting of Cabinet held on December 11th, 2024. All members of Cabinet were present with the exception of Hon. Rhondalee Knowles, Attorney General, with Ms. Khalila Astwood acting as Attorney General.

At this meeting Cabinet:

  • Considered proposals related to the 2022 Crown Land Review Report.
  • Approved the mutation of parcels 60603/57, 60610/316, 60700/107, and 20313/47, 58 & 59 and for the same to be vested with the TCI Airports Authority.
  • Received a presentation on proposals on the integration of Virtual and Augmented Reality (VR/AR) technologies into programs at the Turks and Caicos Community College.
  • Approved the management authority of parcel 60503/315 to the Turks & Caicos Islands Sports Commission for multi-purpose use for the development of a community park and recreational facility.
  • Received a presentation from the Turks and Caicos Islands Sports Commission on the establishment of a National Sports Training Centre.
  • Received a presentation from the Turks and Caicos Islands Sports Commission regarding the establishment of a Department of Parks and Recreation.
  • Received a presentation from the Ministry of Health on matters relating to the National Health Insurance Board.
  • Approved the re-appointment of Mrs. Angela Musgrove as the Chief Executive Officer of Invest Turks and Caicos for a three-year term.
  • Approved the appointment of Mr. Henry Wilson as a member to the Fisheries Advisory Committee.
  • Noted the award of the following contracts in line with the process according to the provisions of the Public Procurement Ordinance; Contract Award Notification:
  1. PN 005690, TR 24/09, Upgrading Bight Park
  2. PN 005729, TR 24/23, Vehicles for Immigration
  • PN 005730, TR 24/08, DDME Communication Equipment – Mobile Antenna
  1. PN 005765, TR 24/31, Redevelopment of Regatta Village
  2. TCINIB 01/2024, TR 24/26, Vehicles for NIB

Further information on these matters will be presented by Ministers in due course.

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Government

TCI POST CABINET MEETING STATEMENT – 4TH DECEMBER 2024

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Turks and Caicos – Her Excellency the Governor Dileeni Daniel-Selvaratnam chaired the 40th meeting of Cabinet held on December 4th, 2024.  All members of Cabinet were present, with the exception of Hon. Jamell Robinson, Deputy Premier and Hon. Rhondalee Braithwaite-Knowles, Attorney General, with Ms. Khalila Astwood, acting as Attorney General.

At this meeting Cabinet:

  • Approved the Turks and Caicos Islands Fiscal Strategic Policy Statement.
  • Approved the negotiation of a Development Agreement/Order with Retreat Development Ltd.
  • Approved the transfer of excess revenue from the Consolidated Fund into the National Wealth Fund for the Financial Year Ending 31 March 2024.
  • Approved Planning Application PR 17673 for a proposed watch tower and rest station on block and parcel 60000/345 for the TCI Regiment.
  • Approved the negotiation of a license agreement with the Proprietors of Balfour Salt Ltd. for a period of 10 years.
  • Approved the policy document for the use of Biometrics and Introducing an Electronic Travel Authority Requirement.
  • Approved the appointment of Mr. Lynden Hall Snr. as a member of the Turks and Caicos Islands Gaming Control Commission Board for a period of two years.
  • Approved the write-off of water charges and penalties in accordance with Section 52 of the Public Financial Management Ordinance 2012.

Further information on these matters will be presented by Ministers in due course.

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Bahamas News

BNT Releases 2023-2024 Impact Report Highlighting Conservation Achievements  

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January 20th, 2024 – Nassau, Bahamas – The Bahamas National Trust (BNT) proudly announces the release of its 2023-2024 Annual Impact Report, which documents key conservation milestones achieved from January 2023 to June 2024.

Highlights from the report include: completion of the BNT’s 2024-2029 Strategic Plan  – a comprehensive roadmap to guide the organization’s efforts over the next five years; the declaration of Seahorse National Park in Eleuthera as the country’s 33rd national park; advancements in critical scientific research and the creation of conservation plans aimed at protecting endangered species; major infrastructure improvements in national parks, enhancing visitor access and recreational opportunities; and new strategic partnerships with local and national organizations for collaborative national park management.

“The past 18 months have been a pivotal chapter for the BNT,” said Lakeshia Anderson-Rolle, Executive Director of The Bahamas National Trust. “With the unwavering support of our members, donors, and partners, we’ve expanded our national park system, advanced critical conservation efforts, made major infrastructure improvements in national parks, and connected thousands of Bahamians to their parks. These achievements underscore the power of collaboration and inspire us to continue building a future where people and nature thrive together.”

Looking to the future, the BNT’s 2024-2029 Strategic Plan prioritizes enhanced park management, tackling climate resilience, addressing invasive species, and strengthening community partnerships to ensure the sustainability of The Bahamas’ national parks.

The Bahamas National Trust extends heartfelt thanks to its supporters for making these achievements possible, and invites everyone to explore the full 2023-2024 Impact Report on its website at https://bnt.bs/2023-2024-impact-report/.

To learn more about the BNT’s role in managing national parks, protecting wildlife, and informing environmental policy, please visit its website: www.bnt.bs, and follow its various social media channels: Facebook, Instagram, Twitter, and YouTube.

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