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Invest TCI Drives Sustainable Growth for MSMEs

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Providenciales, Turks and Caicos Islands – December 3rd, 2024 – Invest Turks and Caicos Islands (Invest TCI) remains steadfast in its commitment to fostering sustainable economic growth through its Micro, Small, and Medium Enterprises (MSME) Programme. This flagship initiative has proven to be a cornerstone of local business development, providing critical financial support, technical assistance, and customs duty concessions to bolster entrepreneurship.

Programme Highlights

Since its inception in 2016, the MSME Programme has committed over $3.66 million, with $1.58 million disbursed as of March 2023, benefiting 180 MSMEs in priority sectors such as tourism, agriculture, fisheries, and public transportation. In the fiscal year 2023-2024, the programme supported over 50 projects, distributing $861,000 in cash grants, $159,180 in technical assistance, and $325,100 in customs duty concessions as highlighted in the MSME Annual Report 2023- 2024.

The MSME programme has recently expanded to include new priority sectors, increasing the total number of priority sectors to 16, thus enhancing its relevance and ability to address the evolving needs of the local economy. With a strong focus on inclusivity and accessibility, the program ensures that Turks and Caicos Islanders remain its sole beneficiaries.

While Providenciales continues to be the largest recipient of program funds, reflecting its role as a key economic hub, significant support has also been extended to other islands such as Grand Turk, North Caicos, and South Caicos. This underscores the programme’s far-reaching economic impact across the archipelago, fostering growth and development throughout the Turks and Caicos Islands.

Commitment to Governance and Transparency

Invest TCI continues to place transparency and governance at the forefront of its MSME Programme. A multi-sectoral committee meets monthly to evaluate proposals and make recommendations to the Minister of Finance, Investment, Trade, and Public Policy for approval.

In alignment with the MSME Development Ordinance 2015, the programme enforces strict monitoring and evaluation measures. Currently, 153 concession orders are actively monitored, with annual inspections conducted over a five-year period. These efforts ensure compliance and effective utilization of benefits, with over half of the supported projects remaining actively operational, underscoring the programme’s role in strengthening local businesses and economic resilience.

Streamlining the Application Process

Invest TCI has simplified the MSME application process to enhance accessibility and efficiency. Entrepreneurs can now complete a streamlined single-page online form, allowing applicants to submit their supporting documents digitally, and schedule consultations with MSME team members.

All approvals are published in the Government Gazette, and programme updates are shared across Invest TCI’s digital platforms, ensuring stakeholders are informed of progress and opportunities. Stakeholders are encouraged to follow Invest TCI on social media for timely updates and announcements.

Driving Results and Future Expansions

A recently concluded Impact Study, completed in July 2024 and based on the OECD DAC framework, evaluated the MSME Programme’s effectiveness. The study revealed that 74% of beneficiaries experienced enhanced sales, improved product development, and job creation, underscoring the programme’s transformative impact.

With 91.4% of allocated funds committed in the 2022-2023 fiscal year, the programme demonstrates strong resource allocation. Recommendations from the study will guide future operations, address disbursement bottlenecks, and enhance technical support.

Invest TCI’s proactive measures to expand programme capacity include increasing staffing to enhance monitoring and improve service delivery. The agency has also advocated for additional funding to support its growing roster of MSMEs.

Looking Ahead

Invest TCI is advancing its Business Linkages Policy to strengthen relationships between small businesses and larger enterprises, creating a cohesive ecosystem of shared success. By emphasizing governance, accessibility, and strategic growth, the MSME Programme continues to empower local entrepreneurs, bolster economic resilience, and ensure the benefits of development remain within the Turks and Caicos Islands. Entrepreneurs and businesses are encouraged to visit Invest TCI’s MSME webpage to learn more about the programme and follow Invest TCI on social media for regular updates and opportunities.

Bahamas News

CIBC Caribbean warns about ‘smishing’ scam

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Nassau, Bahamas, January 15, 2025 CIBC Caribbean has warned about an ongoing ‘smishing scam’ targeting clients in The Bahamas and Turks and Caicos Islands.

It noted that fraudsters have been sending text messages to persons stating that their accounts were placed on hold or that their cards were locked and requesting them to click on a link and to enter their banking credentials in order to regain access to their accounts.

The bank has reiterated that it does not send out texts or SMS messages with links for clients to click on.

Clients who receive any communication with links should check that they are from a bona fide source prior to attempting to click on them.

The latest fraud attempt is a smishing scam and we are taking the necessary steps to report the fraudulent sites, the bank said.

Smishing occurs when fraudsters attempt to steal customers’ data or money through a text message that tries to trick them into following a link and revealing personal details or login information.

If you believe that you have encountered a suspicious message, just follow these simple tips.

Firstly, don’t click on any links or attachments and don’t reply to the message. Try and establish the legitimacy of the message by getting in contact with the organisation through alternative means, for example, calling the phone number on your printed statements.

If the sender claims to represent CIBC Caribbean, then forward the email as an attachment to our dedicated fraud team (fraud@cibcfcib.com) and delete the message from your system.

It is also a good idea to regularly review all your financial accounts and if you spot any irregularities, contact the bank immediately. Additionally, email security should be reviewed and consider changing your password to a stronger one, using a combination of characters, letters and numbers. Never share your internet banking log-in credentials or One-Time Verification Codes (OTVC) with anyone!

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Bahamas News

Bahamas National Trust Announces New Executive Board Members

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Left to right: Janet Johnson, BNT Deputy President; Joanne Smith, BNT President; Philip Cumming, Hon. Treasurer; and Ashley Sturrup, Hon. Secretary

January 13th, 2025 – Nassau, Bahamas – The Bahamas National Trust (BNT) is excited to announce the appointment of new officers and members of the BNT Council 2024 -2025, elected at the organization’s Annual General Meeting (AGM) in October and later confirmed during a special meeting after the AGM.

Mrs. Joanne Smith has been elected as President of the Council. As President and Creative Director of Media Enterprises, she brings a wealth of experience to the role. A former President of the Rotary Club of East Nassau and a Lifetime Member of the BNT, Smith is a passionate advocate for environmental preservation. Her long-standing involvement in producing educational materials for the BNT and her expertise in public relations will be invaluable as the nonprofit strives to promote the national park system and expand its membership base.

Returning to the Council as Deputy President is Ms. Janet Johnson, a former BNT President. With more than 40 years of leadership experience in the tourism industry, both internationally and nationally, Johnson’s marketing expertise will be critical as the BNT implements its 2024-2029 Strategic Plan, targeting expanded infrastructure and visitation for 12 national parks.

Mr. Phillip Cumming has been appointed Honorary Treasurer. A chartered accountant and past President of the Rotary Club of East Nassau, Cumming is also an avid birder and nature photographer.

Elected members of the BNT Council include: Geoff Andrews (immediate past President); Marvin Arrington; Glenn Bannister; Kevin Cartwright; Hank Ferguson; Janet Johnson; Marcus Laing; Neil McKinney; Devin Peet; Naisha Roberts; Karin Sanchez; Gary Sands; Tanya Woodside; and Eddie Carter.

Appointed members are: Dr. Maria Woodside-Oriakhi, University of The Bahamas; Dr. Ana Luz Porzecanski, American Museum of Natural History; Dr. Karen Bjorndal, University of Florida; Christopher Hughes, US Parks Service; Meredith Ross, Leon Levy Foundation; Dr. Pamela Reid, University of Miami RSMAS; Dr. Barney Long, re:wild; and Aurelio Ramos, National Audubon Society.

Representing The Bahamas Government are: Christina Davis-Justin and Holly Peel, Governor General’s Representatives; Ashley Sturrup, Ministry of Education; Dr. Kenneth Romer, Ministry of Tourism; Dr. Rhianna Neeley-Murphy, Ministry of Environment and Natural Resources; and Gregory Bethel, Ministry of Agriculture and Marine Resources.

“We are thrilled to welcome such a talented and diverse group of leaders to our Executive Board,” said Lakeshia Anderson-Rolle, BNT’s Executive Director. “Their combined experience and dedication to The Bahamas’ national park system will be essential as we work to accomplish the goals outlined in our new five-year strategic plan.”

“It is indeed an honor to serve as the President of the BNT,” said Joanne Smith. “They have grown The Bahamas’ national park system to 33 national parks that protect marine resources, endangered species, and the habitats necessary for the survival of our island flora and fauna. I am looking forward to working with the BNT team and the Council to ensure we meet our strategic goals.

“One of my goals is to increase the membership of the organization and support sustainable finance mechanisms for the parks. I am especially grateful to past President Geoff Andrews, who has agreed to lead the Advancement Committee in successfully achieving our financial goals over the next five years. We hold our first full Council meeting at the end of January and look forward to working with the Council on initiatives that guide the BNT into its next chapter.”

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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News

Two Illegal Sloop Interceptions

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Turks and Caicos, January 13, 2025 – The Marine Branch of the Royal Turks and Caicos Islands Police Force successfully intercepted two illegal sloops within the last 24 hours.  In the first incident, at around 2:25 a.m. yesterday (January 12), the Maritime Operations Center tracked a suspicious target in the Bird Rock, Long Bay area.

Officers of the Marine Branch were informed, and at 2:35 a.m., they spotted a dark blue wooden vessel with two outboard engines carrying several individuals.

The illegal sloop was intercepted, and officers discovered TWENTY-SEVEN (27) illegal migrants- TWENTY-ONE (21) males, including two minors and SIX (6) females.  All individuals were handed over to the TCI Border Force for processing.

Shortly after 1 a.m. today, the Marine Branch, alongside the TCI Regiment, received information that a blue 38-foot wooden Haitian vessel with two outboard engines was in TCI waters.
The vessel was located and intercepted.

Onboard the vessel was ONE HUNDRED and TWENTY-ONE (121) persons – ONE HUNDRED and FOUR (104) males –including a minor and SEVENTEEN (17) females.

Assistant Commissioner (ag) Mat Newton said, “I am grateful to our partners—TCI Border Force and TCI Regiment—for their assistance and support in successfully processing the illegal migrants intercepted by the police. This shows that the layers of security in place are increasingly effective, and we continue to build our defensive measures to tackle this type of crime.”

The RTCIPF asks the public to notify the closest police station, contact 911, the Serious Crime Unit at 231-1842, Crime Stoppers at 1-800-8477, and anonymously give any information on illegal activity.

Additionally, persons are encouraged to download the CrimeStoppers P3 app and share information anonymously.

 

Photo Credit: RTCIP

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