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TCI Premier Unveils $360 Million Borrowing Plan in London
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
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
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.