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TCI Premier Unveils $360 Million Borrowing Plan in London

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Territory to enter capital markets despite strong reserves and zero-debt reputation

 

Turks and Caicos, May 12, 2026 – The Turks and Caicos Islands is preparing to borrow approximately US$360 million through the global capital markets, a landmark financial move unveiled by Premier and Finance Minister Hon. Charles Washington Misick during a high-level investment address in London.

The borrowing programme — equal to more than half of the country’s recently approved roughly US$550 million national budget — signals one of the most consequential fiscal shifts in modern Turks and Caicos history.

The announcement came during the Caribbean Council Annual Reception at the House of Lords on May 6, where Misick addressed UK investors, diplomats and business leaders on the territory’s economic future and investment strategy.

The Premier described the borrowing as part of a “medium-term borrowing program – the first in over a decade” aimed at financing infrastructure, housing, healthcare, education and the digitisation of government services.

Importantly, this was not the first indication of government’s intentions.

In April, during debate in the House of Assembly ahead of the Easter holiday weekend, Misick unexpectedly signaled that the country was preparing to enter the capital markets and confirmed government had already begun seeking a debt advisor to structure the borrowing arrangements.

“We can’t have a platinum credit card… and have no debt,” the Premier told Parliament at the time, arguing that the country’s strong financial position should now be leveraged to address long-standing national needs.

That early disclosure came with little public consultation and immediately raised questions about the scale and timing of the proposed borrowing.

Now, in London, the Premier has put hard numbers behind the vision.

The US$360 million financing proposal comes despite Turks and Caicos continuing to boast one of the strongest fiscal positions in the Caribbean region, including no existing public debt, approximately US$430 million in reserves and an “A-minus” sovereign credit rating with a positive outlook.

“By selectively leveraging its stellar credit profile, TCI aims to optimize its balance sheet,” Misick said in the London address, while insisting the territory would remain within “strict fiscal guardrails.”

The Premier told the London audience the borrowing would help fund:

  • infrastructure expansion,
  • housing access,
  • healthcare,
  • education,
  • digitisation initiatives,
  • fibre connectivity,
  • national ID systems,
  • and other major public investments.

The speech strongly suggests government is now transitioning from a conservative savings model toward a more aggressive development financing strategy designed to accelerate modernization and economic diversification.

Misick also emphasized that Turks and Caicos is now seeking more selective investment partnerships, stating:
“We are no longer simply welcoming capital; we are curating it.”

While no lender or financing institution was publicly identified, the London presentation appears aimed at positioning the territory before international financial markets and institutional investors as government prepares to formally pursue the borrowing initiative.

The World Bank is headquartered in Washington DC, not London, though London remains one of the world’s largest global financial centres and a key hub for sovereign financing, institutional investors and international banking.

The proposed borrowing plan is expected to spark significant national discussion, particularly as residents continue raising concerns over infrastructure delays, digitisation setbacks, cost-of-living pressures and government execution capacity.

Still, the Premier argued the country can no longer afford delay.

The message from London was clear:

Turks and Caicos intends to use its financial strength not simply to preserve stability — but to finance transformation.

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

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Invest TCI Strengthens Regional Investment Connections at Caribbean Investment Forum 2026 in Barbados

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Providenciales, Turks and Caicos Islands – Monday, 19th October 2026: Invest Turks and Caicos Agency (Invest TCI) strengthened its regional presence at the Caribbean Investment Forum (CIF) 2026, held October 5 – 7, 2026, in Bridgetown, Barbados, participating as both a sponsor of the Forum and representative of the Turks and Caicos Islands’ investment landscape.

The Caribbean Investment Forum brought together regional and international investors, government representatives, business leaders, entrepreneurs, investment promotion agencies, and development partners to explore investment opportunities, strengthen partnerships, and advance sustainable economic development throughout the Caribbean.

The Agency’s sponsorship of CIF 2026 formed part of its continued commitment to strengthening the visibility of the Turks and Caicos Islands within the regional investment community and building relationships with investors, development partners, investment promotion agencies, and businesses across the Caribbean.

The opening of the Forum was attended by the Honourable Mia Amor Mottley, Prime Minister of Barbados, who emphasised the importance of scaling regional investment, strengthening economic cooperation, and transforming innovative ideas into commercially viable opportunities. Invest TCI was represented by Ms. Alexa Cooper, Domestic Investment Officer, and Mr. Hezron Henry, Marketing Support Officer. Throughout the Forum, the delegation engaged with stakeholders and promoted the Turks and Caicos Islands as a competitive investment destination while exploring opportunities for greater regional collaboration and knowledge exchange.

Speaking on her experience at the Forum, Ms. Alexa Cooper, Chief Domestic Investment Officer, said:

“CIF 2026 provided another valuable opportunity to engage with donor organisations, investors and Investment Promotion Agencies (IPAs) from across the Caribbean. A highlight for me was the introduction of an exclusive masterclass for fund managers, investors and support organisations, which offered practical insights into unlocking capital, strengthening investment ecosystems and supporting investment-ready businesses. I was equally impressed with the quality of projects pitched, which showcased the region’s innovation and investment potential. It was encouraging to see projects presented with a clearer understanding of investor expectations, reinforcing the importance of not simply developing projects, but ensuring they are well-structured, investment-ready and positioned to attract the right investment partners.”

Accompanying the Invest TCI delegation was Mr. Sean Penn, Chief Executive Officer of Sky Poultry Farm Ltd., the first commercial egg and poultry production facility in the Turks and Caicos Islands. Mr. Penn’s participation provided an opportunity to showcase the development of domestic enterprise within the Turks and Caicos Islands while highlighting the potential of agriculture and food production as part of the country’s broader economic diversification efforts.

Through his participation at CIF 2026, Mr. Penn had the opportunity to engage with regional stakeholders, gain exposure to developments within the Caribbean agricultural sector, and explore potential partnerships and opportunities related to agricultural investment, innovation, and enterprise development.

For Invest TCI, the combination of sponsorship, investment promotion and local business representation provided a multifaceted platform to advance the Agency’s mandate. It allowed Invest TCI not only to promote the Turks and Caicos Islands to prospective investors but also to facilitate greater exposure for a local enterprise operating within an emerging sector of the economy. The Forum also provided opportunities for the Invest TCI delegation to exchange knowledge with regional counterparts, strengthen institutional relationships, and gain insight into investment trends and opportunities affecting Caribbean economies.

As the Caribbean Investment Forum continues to expand its regional reach, Santo Domingo, Dominican Republic, was announced as the destination for the next edition of the Forum, providing another opportunity to bring together investors, policymakers, investment promotion agencies and businesses from across the Caribbean and beyond.

Invest TCI looks forward to the continued growth of the Caribbean Investment Forum and the opportunities it creates to deepen regional partnerships, promote investment, and connect Caribbean businesses with new markets and sources of capital. The Agency remains committed to attracting sustainable investment, supporting domestic enterprise, encouraging economic diversification, and developing partnerships that contribute to the long-term economic development of the Turks and Caicos Islands.

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Bahamas News

Energy Minister Delivers Electrifying Keynote Opening Address at CAREC 2026  

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NASSAU, The Bahamas – The Bahamas’ Minister of Energy, Utilities and Aviation, The Honourable JoBeth Coleby-Davis, delivered an electrifying address during the opening ceremony of the 2026 CARILEC Resilient/Renewable Energy Community (CAREC) Conference and Exhibition, being held October 18–22, 2026, at the British Colonial Hotel in Nassau, The Bahamas.

Under the theme “Empowering Progress: Strategic Policy and Planning for the Energy Transition,” the event draws more than 200 industry leaders, policymakers, regulators, and energy professionals committed to advancing practical strategies for sustainable and reliable Caribbean power systems through renewable energy and emerging technologies.

During her address, titled “The New Energy Era: Transforming Policy into Progress,” Minister Coleby-Davis reminded attendees that The Bahamas’ national motto, “Forward, Upward, Onward, Together,” aptly describes what the region’s energy transition demands.

“Empowering Progress speaks directly to our national motto. Not waiting for progress, but creating the conditions that allow progress to happen. Meaningful progress, however, does not occur by accident. It requires vision, sound policy, strategic planning, strong institutions, and the determination to turn decisions into results,” said Minister Coleby-Davis.

Participants acknowledged that small island developing states share similar pressures, compounded by geographical challenges, small electricity markets, ageing infrastructure, geopolitical influences, and the growing threat of severe weather.

Tasked with ushering in a new energy era across the islands while addressing the challenges posed by The Bahamas’ unique archipelagic composition, Minister Coleby-Davis said, “Every island needs a different answer, but the same logic. As an archipelagic nation, we must provide electricity across many islands, each with its own demand and infrastructure needs. Our strategy, therefore, must be national in direction, but responsive to individual communities.”

Restating her Ministry’s three core messages—that energy is an economic and security priority, technology must be viewed as a tool to support strong institutional leadership, and natural gas should be considered a bridge, not a destination—Minister Coleby-Davis reiterated that “progress must now be reflected in functioning infrastructure, effective institutions, and better electricity services: from policy commitments to coordinated implementation, and from fragmented investment decisions to long-term planning.”

Organised by CARILEC and co-hosted by Bahamas Power and Light (BPL) and Grand Bahama Power Company (GBPC), the annual Conference and Exhibition brings together the Caribbean energy community to advance practical solutions to the region’s most pressing energy challenges and accelerate progress towards more resilient, reliable, and sustainable power systems.

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Bahamas News

Monument Supports Hands for Hunger With Paradise Plates Debut  

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NASSAU, Bahamas — Caribbean Wines & Spirits (CWS), The Bahamas’ leading wine and spirits distributor, proudly supported Paradise Plates, Hands for Hunger annual fundraiser with a flavorful offering of its newest product, Monument Beverage Co.

Monument, which launched this July and is available across six major islands, made its Paradise Plates debut. Guests enjoyed three bold flavors: Peach Passion, Ginger-Lime and Melon Fizz as they socialized throughout the evening.

Monument brand ambassadors engaged guests with knowledge on the ready-to-drink beverage’s unique taste and look. Many attendees were delighted to learn that Monument is 100% Bahamian-made and owned and enjoyed seeing the various national landmarks on the packaging.

The booth was adorned with vibrant brand colors, striped arches, tropical florals and a photo worthy backdrop featuring Monument cans filled with florals cascading down the wall.

At the end of the event, the entire Monument inventory had finished, making Monument’s Paradise Plates debut a huge success.

For more details on Caribbean Wines & Spirits, new products and specials, visit www.cwsbahamas.com today.

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