Business Economic Politics 

Antigua & Barbuda, United Arab Emirates Sign Green Barbuda Energy Project

The governments of Antigua and Barbuda and the United Arab Emirates have signed an agreement aimed at enabling Barbuda’s transition to green energy. The agreement, was signed today by the Honorable Asot Michael, Minister of Tourism, Economic Development, Investment and Energy. The project will see the installation of a modern 800kw hybrid solar photovoltaic battery system. Energy from the plant will be fed into the grid and will interface with other renewable and conventional power facilities providing electricity in Barbuda. In signing the agreement, Minister Michael commended the continuing interest…

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Economic Regional News 

Caribbean Development Bank Announces Support for Countries Affected by Hurricane Irma

The Caribbean Development Bank (CDB) has announced support for its Borrowing Member Countries (BMCs) affected by Hurricane Irma, and for the Caribbean Disaster Emergency Management Agency (CDEMA), which is coordinating the Region’s response to the affected states. The Bank is in the process of providing Emergency Relief Grants to Anguilla, Antigua and Barbuda, The Bahamas, the British Virgin Islands and the Turks and Caicos Islands. These Grants, totalling USD200,000 each, will assist with costs associated with damage assessments and the provision and transportation of emergency relief supplies, water and sanitation…

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Disaster Management Economic 

Global Bank of Commerce Makes US$200,000 Donation to Barbuda Relief Fund

The Global Bank of Commerce on Thursday was the first to make a contribution to the Barbuda Relief Fund established at the Caribbean Union Bank to assist in the re-building of Barbuda following the passage of Hurricane Irma on 6th September. Chief Executive Officer of Global Bank of Commerce, Mr. Brian Stuart-Young on Thursdayinformed Prime Minister the Honourable Gaston Browne that his bank contributed US$200, 000 to the Government’s account established to receive funds for the rebuilding of Barbuda. “The Board, Management and Staff of Global Bank of Commerce joins…

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Development Economic 

Tank Expansion Project Augers Well for the Continued Economic Development of the Country – Asot

Thursday August 31st has been heralded as a “great day in the Energy Sector of Antigua and Barbuda”. So says Minister of Tourism, Economic Development, Investment and Energy, The Hon. Asot A. Michael on the occasion of the tank hand-over ceremony at the West Indies Oil Company Ltd. It was in January 2016 that the sod was turned at the location where now stands the completed 3 new tanks which have increased the petroleum storage capacity of WIOC by 40%. According to the Hon. Minister of Tourism and Energy, today’s…

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CIP - Citizenship by Investment Economic Politics 

UPP Says Lower CIP Fees Weaken the ‘Brand’ and Eliminate The Chance Of Restoring Visa-Free Access

The decision by the ABLP government to lower the processing fees for the CIP will ignite a price war among OECS countries and is likely to jeopardize and accelerate the decline of the program throughout the region. This price discount strategy, cited by the UPP as merely a desperate, “knee jerk” reaction that is likely to backfire, is aimed at increasing market share and maintaining the administration’s “cash grab” posture. With significant negative fall out associated with the recent elimination of Antigua and Barbuda’s visa-free access to Canada, the UPP maintains the position that the country’s CIP…

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Business Economic Legal 

Gov. Welcomes “Vindication” of Calvin Ayre as Part of “the failure by US to Comply with WTO Ruling on Internet Gaming”

The Government of Antigua and Barbuda congratulates Mr. Calvin Ayre on the resolution of the criminal case brought against him in the United States. The dismissal of all felony charges against Mr. Ayre, in a matter that dragged on for over 5 years, vindicates him entirely. Mr. Ayre took up permanent residence in Antigua and Barbuda in 2007 after acquiring an existing gaming company. At all material times, his company was licensed by the Financial Services Regulatory Commission (FSRC) to carry on gaming activities and complied with the stringent laws…

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Business Development Economic 

DCA Permission Granted For Enabling Works Callaloo Cay Prepares For Phase One

Principals of Callaloo Cay will host an intimate event to signal the commencement of work on their project at Morris Bay, Old Road on Tuesday 28th February.  Pre-construction work will begin on the first phase of the multi-phase project. Callaloo Cay’s Senior Vice President of Business Development Mr. Dawood Shah says the milestone moment is one that is anticipated with extreme joy. “For the last two years, we have done everything required to fulfil the law of the land, to work with the community, and to ensure that the environment…

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Business CDB Economic 

CDB Urges Region to Act Now to Create Environment for Economic Growth

The Caribbean Development Bank (CDB) is projecting that the Region will experience economic growth of approximately 1.7 percent in 2017. However, CDB Director of Economics, Dr. Justin Ram, warns that this will not be enough to stimulate employment, particularly among youth, and reduce high regional debt levels. He points to the need for a long-term action plan that will allow the Region to participate in global supply chains, and drive sustainable economic growth. In a presentation at the Bank’s Annual News Conference, Dr. Ram urged regional policymakers to create an…

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CDB Economic 

CDB Approves US$306m in Loans, Grants in 2016 – Bank highlights Partnerships, Resources for Infrastructure, Sustainable Energy, Climate Action

In 2016, the Caribbean Development Bank (CDB) approved USD306 million (mn) in loans and grants, the highest approval total during the past five years. And of the countries for which funding was approved, Belize, Saint Lucia and Suriname were the three largest beneficiaries of loans. Dr. William Warren Smith, CDB President, made this announcement during the Bank’s Annual News Conference today in Barbados. Dr. Smith pointed out that, in addition to the grants approved in 2016, the Bank began implementing the United Kingdom Caribbean Infrastructure Partnership Fund (UK CIF). UK…

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Business Economic 

FSRC Removes Three Meinl ‘Offshore’ Bank Directors, Appoints New Administrator

(STATEMENT) The Antigua and Barbuda Financial Services Regulatory Commission (“the Commission”) by the powers conferred on it by the International Banking Act 2016, No 6 of 2016 has taken the following regulatory actions on Meinl Bank (Antigua) Ltd (“the Bank”): 1. Pursuant to Section 62(g) and Section 62(h) of the International Banking Act 2016, No 6 of 2016, the Commission removed three of the directors from the board of the Bank. 2. Pursuant to Section 104(c) of the International Banking Act 2016, No 6 of 2016, Mr Cleveland Seaforth, Managing…

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