COMING SOON: BORROWING TO MODERNISE

TCI Moves to Tap Capital Markets; Debt Advisor Sought as Government Pushes Ahead with Long-Delayed Fixes

The Turks and Caicos Islands is preparing to step decisively into the capital markets, with the government now moving beyond caution and into action — signaling that borrowing is no longer optional, but necessary to fix what has been left undone for far too long.

In a pre-budget communication delivered  in the House of Assembly just ahead of the Easter holiday weekend, Premier Washington Misick laid the groundwork for what amounts to a major policy shift: the country will use its strong credit position to raise financing and accelerate national development.

“We can’t have a platinum credit card… and have no debt,” the Premier said, pointing to the contradiction of holding an excellent credit rating while critical infrastructure, housing and public systems lag behind growing demand.

While measured in tone, the message was clear — the era of playing it safe is giving way to a more assertive approach, one that leverages financial strength to deliver results.

Crucially, that shift is already underway.

Government has begun the process of identifying a debt advisor, a specialist who will guide the country through borrowing on the capital markets and secure the most favourable terms. The move signals that this is no longer a conceptual discussion, but an active effort to unlock funding for large-scale national projects.

“I would’ve liked to have had a broader consultation but given where we are — and the government’s plan to escalate spending and raise the additional funding needed over the next three years — we had to bring the budget at this time to create the space to begin those negotiations. We have already started the process of recruiting a debt advisor to help structure the arrangements and secure the best possible deals.”

The borrowing is expected to support a range of priority areas, including infrastructure expansion, housing access, digitisation and essential public services — all areas the Premier acknowledged require urgent attention.

“So when we look at the need for infrastructure expansion, the need for digitalisation, including fibre network and the national ID, and when we consider solid waste management and improving access to proper housing, this government is going to the capital market to raise a substantial amount of money. That funding will be allocated across four or five priority areas, which I will outline fully when the budget is presented.”

At the same time, two long-promised institutions — a national credit union and a mortgage corporation — are now moving from concept to execution. According to the Premier’s State of the State Address, the credit union is expected to become operational by October 2026, backed by an initial $20 million, aimed at delivering lower-cost loans and expanding access to financing for working families and small businesses.

The mortgage corporation, meanwhile, has received Cabinet approval, with legislation now advancing — laying the groundwork to expand homeownership and remove long-standing barriers to affordable financing for Turks and Caicos Islanders.

Together, the plan outlines a clear direction:
borrow to build, create access, and close the gaps.

The Premier acknowledged that broader consultation would have been ideal, but made it clear that timing matters — and that the country cannot afford further delay if it is to keep pace with its own growth.

The full scope of the strategy is expected to be outlined in the upcoming budget presentation, but the signal has already been sent — Turks and Caicos is preparing to use its financial strength not just to maintain stability, but to drive transformation.

Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.